ASX today – Australian shares are continuing their rally from yesterday, with plunging oil prices weighing more than a U.S. stock slide. Heading into open, ASX 200 futures are hovering around +0.7% stronger right now.
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That oil price dump comes on several countries coordinating the release of their global crude stockpiles (a pretty lucky break for us Aussies, considering the highly-publicised small pile that we carry at any given time).
Things could still sour somewhat there, considering Iran has started laying mines in the Strait of Hormuz; right now, traders are predicting stability.
The same could be said of the Reserve Bank narrative that’s been bubbling away Down Under as well. We’re heading into a meeting week, with the board sitting down on Monday in Week 12 for a Tuesday 2.30PM decision, and it’s looking like the “hike” call many are predicting is now being priced in.
That has only been further confirmed by hawkish comments made by RBA deputy governor Andrew Hauser on Michelle Gratten’s podcast, where he firmly stated “inflation is too high” and has to be wrangled properly.
JD and I will speak about both Iran and that likely RBA “hike” on the HotCopper Wire podcast tomorrow, too, if you want more there.
Today, though, we’ll get to wading through all the company news.
ASX stocks to watch
First up, Black Horse Mining (ASX:BHL) is hovering around a +3% jump in indicative pricing Wednesday morning after first drill results showed high-grade, near-surface gold rating up to 17 grams per tonne in one hole.
In similar news, Ora Banda (ASX:OBM) has managed to hike its Round Dam resource estimate “tenfold,” to 3.3 million ounces. The Western Australian company’s now mulling an open-pit mine at the resource.
Antares Metals (ASX:AM5) has successfully intersected high-grade uranium at its Queens Gift project in QLD after targeting down-dip extensions.
And, Macquarie has cut AGL Energy (ASX:AGL) to “neutral” this morning.
Buck and ore
Now – in forex, the Oz dollar is buying US 71.1c.
Looking at commodities, all in the greenback,
Iron Ore is +0.8% stronger, selling at $103.90 a tonne in Singapore today,
Brent Crude is down -8.2%, at $90.84/Bbl,
Gold is selling at $5,209/ounce,
US natgas futures are down -1.9%, to $3.06 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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