Good Afternoon and welcome to HotCopper’s Market Close for Monday 7th of July, I’m Jon Davidson.
The big news is that Trump’s tariff pause has been extended until August 1; last week it looked like Washington might slap 40% tariffs on China, given that’s by how much it wants to hit Chinese companies manufacturing in Vietnam.
We’ll now need to wait a bit longer to find out.
Looking at sectors, Utilities was in the lead in the final half hour of trade as heavyweight Origin Energy’s UK business appears to be preparing for cost cutting. At the same time, materials led the laggards.
Looking at stocks in the green,
Nanocap Haranga Resources, formerly a uranium explorer but now a gold play, jumped around 9% in the final half hour as the market digested news of historical gold assays on-site a recently acquired gold project.
Elsewhere, 3D printing specialists AML3D spent the day in the green as the company received a Letter of Intent from the US Navy essentially offering the company a foot in the door for potentially meaningful future contracts.
Finally, class action financer Omni Bridgeway closed out intraday trades in the green as the company declared that Trump’s new tax bill will not hit the sector with any red tape or higher taxes in the US.
As for stocks in the red,
Northern Star helped tanked the materials sector down around 10% at some points intraday as the company declared end of year Kalgoorlie gold production would be lower than thought, also pointing to a soft September quarter later this year.
Elsewhere, CBA shares were in the red, though only just, as the company dipped below a $300B market cap, perhaps to the satisfaction of nearly every broker in Australia currently rating the stock a sell.
Finally, hydrogen ship tanker builder Provaris Energy dipped over 20% in the final half hour, ableit on low volumes, on no news but not long after the company announced it needed to raise more capital to fund EU operations. The company isn’t far off having 1B shares on issue.
That’s Market Close for Monday, I’m Jon Davidson, have a great night and we’ll see you tomorrow.