Join our daily newsletter At The Bell to receive exclusive market insights
Greetings and welcome to HotCopper’s The ASX Today for Tuesday of Week 32, I’m Jon Davidson and taking stock in mid-arvo trades, the ASX was having a ripper day, up 1.2% as Brent crude prices fall back towards the $80 a barrel mark USD, and U.S. earnings season reinjects optimism into an uncertain market.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
In a perhaps rare turn of events, we’re doing better than Korea’s sensational KOSPI index on Tuesday, the latter flattish red. After coming back down to earth to where it was six months ago, it’s also worth noting the Chinese chip giant CXMT listing in Shanghai last week helped to put a dent in the KOSPI.
If you remember the Trump trade that defined Japan’s NIKKEI earlier this year, we’ve basically seen the same thing happen in Korea – but for now, it looks like the U.S. might be reclaiming its crown as the key public markets to get AI exposure. Thank big tech earnings for that, as ever.
Turning back home, IT stocks leading sectors up towards 3.5%, the embattled Wisetech Ltd has gained over +15% this last week; Megaport flat on a weekly horizon but posting returns over +60% year to date. Xero has gained over +12% across the last week while Life360 has returned +14% in the same window.
But we’re a mining country after all, so what’s gold doing? Well, not much; it’s still hovering around $4,060 an ounce in the greenback, but with copper prices 6% higher over the last month, perhaps not surprising that the decline in gold prices on BHP hasn’t been too damaging.
Commonwealth Bank was flashing green up over 1% on Tuesday, which I’m taking as a broad indication the ASX community might be feeling more risk-on. CBA continues to hover just above A$180/sh, not too far off record levels widely considered overvalued by many market commentators. Still, for now, it looks as safe as houses.
Joining the leaderboards on Tuesday were Droneshield once again, the nation not ready to give up that love affair; Star Entertainment Group continues trying to get itself out of the mud, but at 14.5cps as of mid-arvo it’s a long way to go yet, and PYC Therapeutics jumped +10% back to $2 a pop.
The laggards on Tuesday were mostly made up of miners who don’t have the rocks to impress the market; Meeka, one former darling of note, struggling.
That’s The ASX Today for Tuesday, I’m Jon Davidson. We’ll see you on Wednesday.
Join the discussion: See what’s trending right now on HotCopper, Australia’s largest stock forum, and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
