Good Afternoon and welcome to Market Close for Monday 1st September, I’m Jon Davidson.
Spring is finally upon us and so too is a widely anticipated breather for markets both at home and abroad after smashing record after record throughout the year. Makes sense seeing as we’re heading into September and October, typically the months for selling more than buying, but it remains to be seen if pre-COVID truisms still matter.
Not helping matters will be that Wall Street stays shut tonight, meaning the Aussie market has nowhere to look until Wednesday when it comes to taking the cue of investors in the US.
Looking at sectors, Staples and Utilities led the gainers in the last half hour as almost every other sector in the red, including IT, which led laggards and informed the sour mood on Monday.
For those playing at home, NVIDIA released earnings last week and despite expectation beats, the market actually sold shares off at first. Right now, data centre growth has slowed, investors are wary on the AI superthematic, and even Meta has stopped hiring AI heavyweights. Interesting times, though, Australia’s data centre crown jewel NextDC last week pleased markets.
Anyway, turning to companies in the green:
Redcastle Resources notched minor gains intraday after that company added over 70 square kilometres to its WA acreage prospective for gold with a recent placement to underpin near term drilling;
Amaero green in the final half hour of trades after it inked a deal with ASX defence-facing cold weld spray specialist Titomic to supply the latter with refractory powders for the next five years, and,
4D Medical shot to top gainer status in the final half hour as it recently won an FDA approval to market and sell its radioisotope-free lung imaging tech in the United States.
Now turning to the reds,
Mesoblast down in the red in the final half hour as the company’s earnings update last week failed to spur long-term conviction in the stock with some dumping seen on Monday,
Sayona Mining fell in the final half hour even after finalising its merger with US-based Piedmont Lithium on Monday, take that as a dissipation of recent excitement kicked up by spodumene futures around a fortnight ago, and finally,
Metallium, formerly MTM Critical Metals, down on Monday as momentum appears to have been sucked out from underneath that stock during this current period of malaise.
That’s Market Close for Monday, I’m Jon Davidson, have a splendid evening and we’ll see you tomorrow.
NOTE: Values presented in this segment may change following market settlement after 1400 AEST.