ASX update – It’s a green day Down Under, with Australian shares as much as +2.1% stronger on slowing CPI (and therefore a lower chance the RBA hikes again in May), as well as slowdowns in the Iran war.
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The Week 12 dumps seem to be behind us for the time being, with today’s 170-point burst carrying us back over 8,550 at lunchtime. Nine from eleven sectors trending; only Energy (-3%) and Staples (-0.1%) have been weaker. On the other side, Materials has been the biggest winner, +4% stronger.
That has mainly been thanks to our leading precious metal, gold, which barrelled back to $4,570/ounce Wednesday. Talk about a glimmering comeback.
Now, onto trending stocks. With more than seven million daily users on the HotCopper forums, every discussion can move markets – which is why getting in front of those red-hot trends is key for every trader worth their salt.
In this daily HotCopper Trends column, we always break down the top Oz stocks through each trading day, and why they’ve drawn a focus intraday.
Today, Clarity Pharmaceuticals (ASX:CU6) is the biggest topic on the HotCopper forums and one to watch closely through up-and-down Week 13.
The why? Well, it’s up over +15% after signing a large-scale manufacturing supply agreement for copper-64 with Theragenics. With the deal, Clarity now commands a 134,000 square foot production facility, complete with as many as 14 cyclotrons capable of producing copper 64 at scale.
Pretty nifty, all up, and it seems like the market agrees. So too HotCopper users, who began suggesting “the finish line is in sight” and that these results could be enough for Clarity to “sweep the market” in the short-term.
CU6 shares have been $3.55 a piece after their intraday jump.
Elsewhere, Amplitude Energy (ASX:AEL) has crashed more than -35% after telling shareholders it would be walking away from its Isabella gas discovery in the Otway Basin. The call came after the gas producer decided the well was “non-commercial” and wouldn’t really be making any money.
Between the wider sector dump and those poor flow tests leading into a plug-and-abandon decision, Amplitude has been battered to 1PM Sydney time.
It wouldn’t surprise me if this was shareholders losing patience, either. Remember, the company suffered a similar -20% nosedive in January when it found its Waarre A reservoir was found to be water-bearing (not gas-bearing).
Through to time of writing, AEL shares are at ~$1.71/ea.
And finally, 4DMedical (ASX:4DX) has headed exactly the other way through Wednesday, earning its spot among our trending stocks with +31% intraday.
The biotech company, which has long been a favourite among HotCopper users (and so pops up as a topic on the HotCopper Wire regularly), secured the deployment of its CT:VQ ventilation and perfusion imaging tech at Mayo Clinic, giving it a stronger foothold when it comes to U.S. academic medical centres.
To mid-arvo, 4DX shares have been fetching $6.07.
That’s Wednesday’s HotCopper Market Trends, I’m Isaac McIntyre – see you for close.
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