Good Afternoon and Welcome to HotCopper’s Market Close for Tuesday 16 September, I’m Jon Davidson.
The index came back to life on Tuesday after Wall Street notched fresh records overnight, US futures just in the green once more in the final hour of trade. The next big economic catalyst will come from America when the US decides on a rate cut later this week.
Looking at sectors back home, discretionary jostled with materials for top gainer in the final leg of trades, health care led laggards for the second day in a row.
Let’s turn to companies in the green.
Peak Rare Earths jumped modestly intraday after majority shareholder and takeover partner Shenghe effectively used its 20% stake in the company to reject a superior takeover bid from a US-based firm, which led to some investor confusion.
Peninsula Energy meanwhile jumped as high as 14% intraday after producing its first batch of yellowcake uranium at its project in Wyoming after a series of delays and hiccups, including one period where the ASX forcibly suspended the stock earlier this year. Uranium stocks broadly had a good day as the US moved to increase strategic reserves.
Finally, Orthocell popped after it reported its nerve repair product may be useful in prostate cancer surgeries in mitigating post-surgical complications common for the operation.
And looking at the reds,
Falcon Metals slammed on Tuesday as the company’s latest gold drill hits failed to excite; despite flagging grades of 185 grams per tonne, that was based on an intercept some 30 centimetres wide.
Elsewhere, New Murchison Gold took a breather intraday after YTD gains hit 220%, a lot of gold miners are being hit by profit takers this week, perhaps part of visibly cautious Asian region markets ahead of the Fed decision.
Finally, Tamboran Resources dipped into the red on Tuesday one day after releasing information around a US Roadshow, the NT-based gas explorer was rumoured earlier this year to be attempting to establish a relationship with Donald Trump.
That’s Market Close for Tuesday, I’m Jon Davidson, have a great night and we’ll see you on Wednesday.