Welcome to HotCopper’s Market Close for Tuesday 22 April, I’m Jonathon Davidson.
Tuesday ended almost completely flat around 7,815 points, where the market spent most of the day. This reflects an Australian market pretty much 50/50 divided on where to go from here, but the fact we closed flat after another Wall Street shock suggests headline fatigue could be kicking in.
That could only be a good thing. Looking at sectors, Financials led gainers up over 1.2% as Commonwealth Bank climbed up like gold with that stock being seen as a safe haven too. IT fell the most over 2.2% as investors mimicked what they saw on the NASDAQ last night.
Looking at companies in the green,
Perenti clocked a fractional gain according to CBOE live pricing data just after close even after the company revealed it’s walking away from a copper mine in Botswana. An underground zone on-site has apparently been enough of an issue to turn the driller off, shares closed just under $1.33 each.
In other surprise green days, Lindian Resources ended up over 4% even after it confirmed two Chinese nationals had been caught on-site its Malawi based rare earth projects apparently stealing samples. The case echoes that of Cassius Mining a few years ago where Chinese miners were accused of stealing gold via a system of underground tunnels, Lindian ended up at 12 and a half cents.
Finally, Saint Barbara Mining jumped over 16% on Tuesday as gold prices continued to climb and investors hunted for affordable gold stocks to gain on. Shares ended around 30cps.
As for companies in the red,
Paladin Energy sunk just over -12% to $4 each even as uranium prices clocked a small gain on the NYMEX. The company recently got hit by floods in Namibia, but it looks like Deep Yellow’s Tuesday news uranium prices aren’t high enough yet might have caused contagion panic. Both companies are in Namibia.
Zip Co, meanwhile, fell just over -9% as the fintech favourite appears to be caught in between bullishness and bearishness around where global finance broadly goes from here. Shares ended at $1.51 each.
Finally Cettire fell a further 6.5% to 65cps as the embattled luxury retailer continues to turn investors off in the face of a US government deadset on tariffs and a high exposure to EU trade flows.
That’s Market Close for Tuesday, I’m Jonathon Davidson, have a great night and we’ll see you on Wednesday for this short week.