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Greetings and welcome to HotCopper’s The ASX Today for Wednesday, Week 29, I’m Jon Davidson, and the local bourse has had a pretty ripper hump day after strong U.S. bank earnings overnight and cooler than thought U.S. inflation eased tensions, and, a big day for BHP dragged the ASX200 well into the green.
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Although gains were paring off as we crossed past lunch. Chinese GDP data missing expectations may explain part of that, though I’m not sure to what extent. As for BHP, the company jumped +4% in one hit earlier, bringing it back to above $61 a share, not far off its recent record highs in the mid-60s.
The price of copper has increased by over 4% in the last week, helping BHP along with improved U.S. sentiment, but intense weather is also threatening to hamper multiple producing mines in major producer Chile; so speculators are betting copper prices might have further to run. Rio Tinto also climbed on results today after claiming it cut its copper mining costs by over 40%, thanks to gold.
Elsewhere, the Aussie tech sector was up 1% heading into mid-arvo, but the XTX tech index was still -3% across the week at that same time.
Looking further around the traps, gold miner Kingsgate hit top gainer status up over 15% on news it’s restarted operations at the Chatree Gold Mine’s Plant 1, meaning the company’s now back to a 4M tonnes per annum nameplate.
Elsewhere, Zip Co jumped nearly +10% in mid-arvo trades following a strong night for bank earnings in the U.S. And finally, Southern Cross Electrical continued to cement its status as something of a dark horse, with the industrial ASX stock climbing nearly 6% through Wednesday; one-year returns are up 175%.
That’s The ASX Today for Wednesday, I’m Jon Davidson, have a great night.
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