Good Afternoon and welcome to HotCopper’s Market Close for Wednesday 9th of July, I’m Jon Davidson.
Tariff talk is back in favour, and while copper miners slipped today, Trump’s proposed 50% tariffs on copper saw prices soar to record highs for the orange metal.
Looking at sectors, utilities led the charge once again this week in the last twenty minutes of trade while real estate led the laggards after yesterday’s RBA pause.
Turning to companies in the green,
A highly volatile Botanix rebounded on Wednesday up nearly 19% in the last half hour of trades as some investors saw Tuesday’s sell-off as a good way to back up the truck for cheaper shares.
Elsewhere, Vulcan Energy has bounced back, up over 8% in the final half hour, as a slight rebound in lithium prices fuelled optimism, though, one could perhaps expect that to be short lived.
Finally, SkyCity jumped up more than 5% in the final half hour, in a rare reprieve for the heavily bashed casino stock; SkyCity’s one week returns were up 10%.
And so what about the reds?
Lifestyle Communities fell close to -40% in the final twenty minutes of trade as the way it charges customers upon exiting its gated communities was found to effectively be illegal.
Paladin Energy, meanwhile, was down more than -8% in the downhill run of the day as that uranium miner suffered from a -2% drop in uranium futures on the NYMEX.
Finally, alloy powder producer Amaero fell -7% in the final moments as that defence-focused stock appeared to fall out of favour, with investors swarming back into Electro Optic on Wednesday.
That’s Market Close, I’m Jon Davidson, have a great night and we’ll see you tomorrow.