Join our daily newsletter At The Bell to receive exclusive market insights
Good Afternoon and welcome to HotCopper’s Market Close for Wednesday 1st of October, I’m Jon Davidson. There’s a lot to make of the current moment: high local inflation, an RBA pause, record gold prices, China’s apparent iron ore ban for BHP products, and now a US government shutdown.
On the latter, it’s worth noting that most shutdowns last on average for around 8 days and that the S&P 500 can easily rally through them; so this mightn’t be too much of an issue. And of course, more uncertainty means more record prices for gold. Add that in with Russia’s drone incursions into multiple European nation states, and it’s no wonder that guns and gold remain hot.
Looking at the ASX, utilities in the lead in the final hour; discretionary leading laggards down nearly one percent as we hit 3.15pm Sydney time.
But what about companies in the green?
Elsight the latest defence stock to pop as investors presumably start looking for options cheaper than Droneshield and Electro Optic, Elsight jumped over 20% to just north of $2/sh in the final hour. Although, Droneshield continued to defy gravity today too.
Tamboran Resources meanwhile also surging over 20% after it acquired nearby peer Falcon Oil and Gas after hitting a positive FID for its much-touted Beetaloo Basin project in the Northern Territory.
Finally, Bravura Solutions ran hard on Wednesday after the software company boosted earnings guidance for the foreseeable future.
So what about the reds?
Invictus Energy had fallen just over -8% in the final hour as investors continue to digest what recent updates from the company around its deal with the Qatari royal family mean for the future of the stock.
Elsewhere, Pilbara Minerals falling steeply red on Wednesday after more news from Chinese lithium mammoth CATL around the restarting of operations at a key mine in China shut down some 45 days ago, ish.
Finally, while it didn’t necessarily decline because shares are suspended, Metallium Limited – formerly MTM Critical Metals – attracted some ire on the HotCopper forums on Wednesday after failing to issue a key report on time, leading to the stocks being frozen by the ASX.
That’s Market Close for Wednesday, I’m Jon Davidson, have a great night and we’ll see you Thursday – that said, I’m off til Tuesday.
