Good Afternoon and welcome to HotCopper’s Market Close for Monday 22nd of September, I’m Jon Davidson. A strong start to the week for the XJO but still significantly off relatively recent levels above 9,000pts. With the US Fed cut behind us, the way this week could go is anybody’s guess – especially with Albanese in the US and going against Trump policy at the UN.
At any rate, materials in the lead intraday well ahead of the pack up around 2.5%, most sectors green with real estate leading laggards in the final hour down eight tenths of a percent.
LTR Pharma gained modestly on Monday after the erectile dysfunction nasal spray biotech player announced its acquisition of 33% of an omega-3 fish oil company, which was registered 6 days ago in NSW, to the confusion but apparent enthusiasm of at least some investors.
Elsewhere, Vection Technologies surged 30% to 7 cents per share on Monday after the first responder and military training VR headset software player won a key contract with an un-named NATO partner, a revival of the defence thematic flaring up amidst a hard run for rare earths, gold, and critical minerals speccies.
Finally, small but producing iron ore company Fenix Resources up 17% in the final hour based on no news but after reports across the weekend from Bloomberg and elsewhere citing a Chinese government call for steel mills to boycott certain key WA iron ore products from BHP; Fenix resources is WA-based and the thinking goes the company could soon see more sales. Time will tell.
As for the reds,
Regis Healthcare sunk more than -25% when it revealed it’s going to have to raise the cost of direct aged care services after lacklustre increases to funding from Canberra; the company blamed wages as the main downside risk after recent fair work rulings for the sector.
4D Medical meanwhile sunk -12% below $1.50 a share in the final hour as that biotech darling of a fortnight ago now sees gains selling off, presumably as traders profit take from target levels for the lung imaging stock, and or, investors realise the price just might have run too hard too fast.
Finally, Viva Energy sunk in the final hour after the company’s CEO in charge of service stations abruptly left the company after what the company described as a critical consolidation and integration; in the background, lower oil prices as compared to COVID have hurt the company’s books.
That’s Market Close for the Week 39 Monday session, I’m Jon Davidson, have a great night and we’ll see you tomorrow.