Good Afternoon and welcome to HotCopper’s Market Close for Thursday 11th of September, I’m Jon Davidson.
We’ve truly diverted from Wall Street at the start of September with the local bourse retreating once again this week, showing an Australian investor curiously divorced from what is usually a reliable holding pattern in step with the US.
Looking at sectors, real estate in the lead in the final hour, health care leading the laggards. It was roughly a 50/50 split, and IT was flat in the final hour. US futures were flattish green once again as of 3.10pm Sydney time, but that apparently doesn’t mean much right now.
Looking at companies in the green,
4D Medical popped another 20% on Thursday heading back towards $1.90 a share as that stock retained its status as biotech darling of the moment, in the lack of bigger catalysts, one could probably expect sustained volatility.
Service Stream meanwhile, a stock that has somewhat come out of nowhere recently, jumped 15% to $2.30 a share intraday as it inked an eight figure contract with Australian Defence.
Finally, strong gold prices continue to lift all boats, or that’s what it feels like at least, Resolute Mining in the top gainers on Thursday as a basket of gold stocks continue to enjoy support.
Looking at the reds,
Afterpay owner Block fell on Thursday after US competitor Klarna listed on Wall Street overnight to marked success, that’s because Klarna is a blockbuster threat to Afterpay’s gains in the US, where Klarna is basically doing the same thing but calling it “pay-in-4.”
Elsewhere, Boss Energy slumped again on Thursday after telling shareholders that it will have a better idea of how much uranium it will actually produce in the December quarter, but clearly, that isn’t enough clarity for some.
Finally, hydrogen and gas player Top End Energy hit red intraday though on low volumes as it declared it will now commence trading on the US Over The Counter (OTC) markets with listed depositary receipts; of course, the company isn’t in rare earths, it’s in gas, which the US already has a lot of.
That’s Market Close for Thursday, I’m Jon Davidson, have a great night and we’ll see you on Friday.