Good Afternoon and welcome to HotCopper’s Market Close for Thursday 10th of July, I’m Jon Davidson.
It was a green day at least, but still below 8,600 points, we’re yet to return to recent glories. The big thing to note in my view is that the iron ore price is nearing $100 a tonne in Sinagpore, hovering around $98 a tonne.
Unsurprising, then, materials was in the lead in the final hour of trades up around 1.2% as it escaped its recent perdition; Health Care led laggards in the final forty minutes as blood plasma giant CSL sunk again with investors shook by recent claims from Trump around healthcare tariffs.
Looking at stocks in the green,
BHP was up over 1% in the final forty minutes of trade in response to higher iron ore prices, a fairly predictable share price action.
At the same time, Commonwealth Bank was also up over a percent at the same time heading into the final half hour, following the RBA pause decision, throwing into question the roadmap for a widely expected rotation into materials. Also consider that China’s latest econ data shows deflation hasn’t gone anywhere.
Finally for the greens, biotech player Orthocell, developing a nerve repair product for surgery, was also up over a percent on a revenue announcement – though, in the disclosure, one is hard pressed to find any direct mention of actual revenue.
Turning to the reds,
HotCopper favourite MTM Critical Metals was down more than 5% in the final hour as a no news day appears to have sucked some momentum out of the stock.
Elsewhere, Domino’s was down -3.5% in the final forty minutes as the troubled pizza chain lost yet another slice of investor enthusiasm.
Finally, Bannerman Energy was down just shy of -5% in the final hour as uranium prices continue to fall on the NYMEX, coming off recent hype spurred by Trump’s enthusiasm for a nuclear energy sector. Trump’s enthusiasm, of course, never stays for too long on one thing.
That’s HotCopper’s Market Close, I’m Jon Davidson, have a great night and we’ll see you tomorrow for Friday.
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