Good Afternoon and welcome to HotCopper’s Market Close for Thursday 4th of September, I’m Jon Davidson. Sweet relief today with the market in the green once more back over 8,800pts for much of intraday trade after tech investors in the US felt a little better overnight.
Household spending data down under suggests a resilient consumer spending significantly more than this time last year; that’s not great for rate cut implications but the market wasn’t bothered.
Looking at sectors, financials and IT in the lead in the final hour of trade, energy the laggard down half a percent. Note that could change once the market closes. As at 3.30pm Eastern, US futures in the green, but not by much.
Looking at companies in the green,
4D Medical continues to soar notching top gainer status after an FDA approval for its skin graft tech earlier this week, that’s about the third day in a row this stock has shook off overall bad vibes, offering those investors holding respite from what’s been a pretty boring Week 36.
Electro Optic meanwhile staged yet another climb to over $7 a share intraday as that defence stock recently won a key counter drone contract over Droneshield; investors are betting it’s a safe place to put cash while military spending remains on the radar.
Deep Yellow finally in the green up 6% in the final hour as the uranium thematic sees a piecemeal revival; fresh recent production issues from Kazakhstan have put some companies in good stead.
Looking at the reds,
That wasn’t the same story for uranium player Lotus Resources which sunk nearly -20% intraday because it’s offered a placement at 19cps, shares fell to reflect that price. Given it already had decent cash on hand wrapping up June, not all shareholders were pleased.
Black Cat Syndicate meanwhile fell intraday presumably as investors rotate into other gold stocks with further to run, earlier this week the company kicked off underground mining at its Majestic asset to a fairly lacklustre response.
Finally, industrials microcap Boom Logistics was in the red intraday after it revealed the reason why it abruptly fired the CEO in late August: it turns out, per the company’s Thursday disclosure, he’d been misusing company funds.
That’s Market Close for Thursday, I’m Jon Davidson, have a great night and we’ll see you on Friday.
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