Good Afternoon and welcome to Market Close for Monday 15 September, I’m Jon Davidson. September sell-off season continues, and that was evident today across gold miners as investors take the downturn to scrape profits. After gold prices have jumped 10% in the last month, it’s not surprising.
Later this week we get the US Fed decision, widely expected to be a cut, in the final hour of Aussie trades, US futures green but only just. I’m getting tired of saying that. Looking at sectors, energy leading in the final hour, health care the biggest laggard.
Turning to companies in the green,
Dateline Resources making the top gainer intraday as the still-hot microcap recently announced an expansion to its rare earths drilling project in the US, the stock traded at 30cps today, a fresh milestone. Just don’t expect it to last, given it’s a volatility trader favourite right now.
Race Oncology meanwhile shining out of healthcare peers slogging through a red day, that was on no news but worth noting is that liquidity was fairly low – suggesting some investors might just be trying to see what sticks.
Finally, Pilbara Minerals bounced back to the tune of 8% in the final hour based on no news though some reports over the weekend suggested that un-named Middle Eastern wealth funds may be eyeing off Australian lithium mines.
And so what about the reds?
ANZ was in the red on Monday though not by much after the company’s agreed to pay ASIC around $250M in penalties for a range of issues, perhaps most consequential, allowing dodgy bonds futures trades that at one point sunk the price of Australia’s bonds, hurting Canberra’s coffers. They also got stung for charging dead customers, but that’s not really unusual for the finance sector; the market largely shrugged it off.
Elsewhere, Ora Banda Mining slogged intraday as profit takers moved in to scalp gold stocks that have run hard in recent memory, right now, it’s all about being cheaply priced with good grades, or at least, the potential for good grades.
Finally, metals recycling player Neometals received some shareholder ire on the forums today as it sold off its lithium battery recycling business for less than $10M after years of promising big things for critical metals reclamation, maybe not surprising anybody, the company’s recently started searching for gold too.
That’s Market Close for Monday, I’m Jon Davidson, have a peaceful evening and we’ll see you on Tuesday.