Good Afternoon and welcome to HotCopper’s The ASX Today for Monday of Week 29, I’m Jon Davidson and the market’s uncertain heading into mid-July as a fresh flare up in the Iran war puts some on edge and the ASX continues to suffer as a bourse without any AI giants to talk about.
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Brent Crude oil’s back near US$80 a barrel and as higher inflation in the US drives investors back to the US dollar, Gold is back down below $4,100 an ounce again, which means a dull day for our mining heavy stock market.
Iron Ore remains above US$98 a tonne in Singapore; Copper and Lithium prices also continued to pull back with copper prices down-5% over the last month.
Both of the big supermarkets stocks were down along with BHP, but Commonwealth Bank shares were in the green in mid-arvo trades up over half a percent.
Still, despite a bad day for miners, that didn’t stop a resources company from becoming the biggest gainer. Dateline Resources, once namedropped by Trump, has had an apparent win in a lawsuit filed against it by an American environmental NGO that Trump’s Department of Justice has gotten involved with.
The US DOJ have told a court ASX-listed Dateline’s project approval is valid, which caused shares to run hard. Investors don’t appear curious as to why the Department of Justice has gotten involved in what’s ultimately a planning lawsuit.
Elsewhere, we saw investors continue to poke around the healthcare stocks; both stem cell player Mesoblast Limited and Chemist Warehouse owner Sigma Healthcare ended up in the top gainers boards as of mid-afternoon.
Inghams Group stocks continue to recover from a recent sell-off when H5 bird flu hit Australian shores but the stock remains down -12% year to date at $2.20 a share.
Trying to divine the night ahead, as of mid-arvo trades, Wall Street futures are in the red with the NASDAQ tipped to lose -1.3% as concerns around the sustainability of AI growth momentum continue to define the current moment.
Worth noting: after launching on the NASDAQ last week, South Korean computer memory giant SK Hynix saw its shares fall 8% in Korean markets on Monday.
That’s the ASX Today for Monday, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
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