Good Afternoon and welcome to HotCopper’s Market Close for Wednesday 10th of September, I’m Jon Davidson. Halfway through Week 37 of the year and the XJO is inching back to 9000 but we aren’t there yet.
On a one week basis, the top 200 stocks are down an eighth of a percent, but looking at the last twelve months, we’re up 10% – so it’s maybe not surprising we’re finally seeing a September breather, which does correlate with history.
In the final hour of hump day trade, US futures are flattish green once again, suggesting another slow crawl back towards 9000 for the foreseeable future. But with Russia flying drones into Poland, Israel bombing Qatar, and a massive downward revision of the US jobs market, anything could happen.
Looking at sectors, nearly everything in the green except for Materials leading laggards, at the top in the final hour, financials up +1.4% – even as some balk at mass job cuts.
Looking at stocks in the green,
Clarity Pharma up on no news but sustained support this week as the stock climbs 7% Week on Week; that said, it remains far off last year’s highs and with a lot of pump and dump type behaviour visible on the market right now, it’s not really clear what’s driving gains. You’d need to be in the right discord chat, perhaps.
Talking about that kind of thing, Dateline Resources in the green once more intraday as that stock has another intraday rally, earlier this year its keystone project was mentioned by Trump on his version of Twitter, to date, no more love from Donny.
Finally, Australia small bank competitor Judo in the green intraday as financials enjoys a strong run on Wednesday, perhaps helping matters, it hasn’t announced any job cuts,
Looking at the reds,
Botanix Pharma sunk firmly red intraday based on no news but an apparent exhaustion of momentum that made the stock a former biotech darling, to remind, the company is making a drug that treats excessive sweating.
In lithium, Pilbara Minerals and a basket of other battery metal stocks sunk on Wednesday after Chinese lithium goliath CATL restarted production from a key mine only 30 days after telling the market there could be a three month delay.
Finally, Iluka Resources down in the red as it mothballed a key mineral sands mine in WA due to low commodity prices, despite some exposure to rare earths.
That’s Market Close, I’m Jon Davidson, keep it easy and we’ll see you on Thursday.