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Hello, hello, and welcome to HotCopper‘s The ASX Today for Tuesday, Week 18, I’m Isaac McIntyre. The Australian share market has today locked in a half-dozen red days in a row, closing just over -0.6% down after a 50-plus point loss that now leaves the Oz bourse floating around the 8,700 marker.
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Looking globally, the U.S. has been considering a key proposal from Iran to reopen the crucial Strait of Hormuz and get trade moving again.
With that not yet tied up, Australian traders have been turning equities into cash to avoid the drops; as many as 10 of the 11 ASX sectors were weaker today, with Energy (up +0.75%) the only positive in a wide sea of retreats.
It’s basically the exact opposite for Brent crude, which is above $109/Bbl due to the uncertainty. For every session Oz has fallen, oil has gained.
Things don’t get much better when you look in close, either, with Origin Energy (ASX:ORG) and AGL Energy (ASX:AGL) both falling to set Utilities as the worst of the day. Beach Energy (ASX:BPT) fell, too, though that was more because the company revised its production guidance to 19.4M to 20.3M barrels.
Elsewhere, long-followed HotCopper forums darling Invictus Energy (ASX:IVZ) dove -15.6% to end around 6.5cps. Invictus has been -59% YTD.
There were some winners, though: European Lithium (ASX:EUR) boomed over +50% after tying up a $1.2B deal to merge with Nasdaq-listed Critical Metals Corp. That union values the Aussie miner at 58cps (a 137% premium).
1414 Degrees (ASX:14D) had a mega-gaining day, too, topping the ADVFN.com board with a +133.3% change and some major trading volume to boot.
And there were some winning standouts intraday across Energy – the one sector up, remember – ranging from leaders like Santos (ASX:STO) and Viva Energy (ASX:VEA) to Whitehaven Coal (ASX:WHC), which reported stronger coal prices in the quarter; thermal coal rose 11%, metallurgical coal up 18%.
That’s the ASX Today, and I’m Isaac McIntyre. See you in the morning.
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