The ASX had a shocker of a session today — its worst day in months with the benchmark index losing 1.7% to 8,168 points and all 11 GICS sectors finishing in the red.
The local market followed a sell-off on Wall Street overnight, along with a steep drop in gold and iron ore prices.
The US Federal Reserve opted to cut its benchmark policy rate by 25 basis points to a target range of 4.25%–4.50%.
While this met market expectations, updated economic projections from the Federal Open Market Committee (FOMC) pointed to an expected economic slowdown next year, with the suggestion of a slower pace of cuts in 2025. It now expects only two rate reductions expected next year, down from the four previously forecast.
The losses on Wall Street appear to have triggered profit-taking by local investors in some of the ASX’s best-performing companies in the past 12 months. The day’s worst performers, in the ASX 200, included Hub24, James Hardie, Block, Pro Medicus, HMC Capital, Pinnacle, Zip (ASX:ZIP), Westgold Resources, Megaport and Deep Yellow.
Local Tech stocks were particularly hard hit today, with the sector down more than 2.5% as it followed the tech-heavy Nasdaq index, which tumbled 3.6%.
Lower commodity prices were felt in the resources space — the Materials sector fell 2%.
Peninsula Energy higher
Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) was as much as 10.8% higher today to $1.18 on announcing the restart of uranium production from its Lance Project in the US while Ora Banda Mining Ltd (ASX:OBM) rose 3.11% to a daily high of $$0.665 after intersecting the first ore at the Sand King Underground Mine.
Other small caps to rise today were Anteris Technologies Global Corp (ASX:AVR, OTC:AMEUF), which was as much as 6.52% higher to $9.15, Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA) hit $0.29, an increase of 5.46% on the previous close, Olympio Metals Ltd (ASX:OLY, OTC:COPGF) moved up by 5.41% to $0.039, Arovella Therapeutics Ltd (ASX:ALA) reached $0.195, a rise of 2.94% and Tolu Minerals Ltd (ASX:TOK) lifted 1.91% to $0.80.
Shareholders reject executive pay packages
Nearly 40% of shareholders opposed ANZ’s executive pay scheme at the company’s annual general meeting today — exceeding the 25% threshold needed to reject the resolution.
Almost 50% voted against the long-term pay package for CEO Shayne Elliot. ANZ Chair Paul O'Sullivan acknowledged the strong investor sentiment, confirming that Elliot has decided to forfeit a long-term performance bonus worth A$3.2 million. ANZ ended 2.73% lower at $28.56 per share.
Shareholders in agribusiness Elders (-1.80% to $7.09) have also voted against its executive pay package — for a second year running — at the company’s AGM today. Shareholders hit back at news CEO Mark Allison was re-hired after the company had signalled that he would be stepping down.
Five at Five
Ora Banda Mining passes major Sand King Underground Mine milestone with first ore intersected
Ora Banda Mining Ltd (ASX:OBM) has passed a major milestone with first ore intersected at the Sand King Underground Mine which forms part of the Davyhurst Gold Project in Western Australia and the company’s ‘DRIVE TO 150 Project’.
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Peninsula Energy presses the button on restart of uranium production at Lance
Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) has officially commenced uranium production at its flagship Lance Projects in Wyoming USA, establishing its position as North America's newest fully independent uranium producer.
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Orthocell submits FDA application for Remplir™ with eye on “largest healthcare market in the world”
With the US$1.6 billion nerve repair market now firmly in its sights, Orthocell Ltd (ASX:OCC, OTC:ORHHF) has submitted an application to the US FDA for clearance to commercially distribute its nerve repair product, Remplir™ in that market.
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Terra Metals continues to confirm continuity and scale of Dante Reefs discovery
Terra Metals Ltd (ASX:TM1, OTC:PNGZF) has fielded further strong assay results from its Dante Reefs discovery in Western Australia, confirming consistent Bushveld-style mineralisation of copper, gold, platinum group metals (PGMs), titanium and vanadium from surface.
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10-bagger Mesoblast secures FDA approval for RYONCIL® as first MSC therapy in the US
Mesoblast Ltd (NASDAQ:MESO) (ASX:MSB) (Mesoblast Ltd (ASX:MSB)), the leader in allogeneic cellular medicines for inflammatory diseases, has received US Food and Drug Administration (FDA) approval for RYONCIL® (remestemcel-L) as the first mesenchymal stromal cell (MSC) therapy in the country.
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On your six
Honda (NYSE:HMC) and Nissan discuss potential merger as Japanese car market contracts
Japan’s second and third largest car makers Honda and Nissan have acknowledged they’re in discussions regarding a potential merger, at a time when the industry is facing several headwinds.
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One to watch
Peninsula Energy achieves key milestone with restart of uranium production at Lance Project
Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) CEO Wayne Heili joined Steve Darling from Proactive to announce significant progress at the company’s Lance Project, marking a major milestone: the successful restart of uranium production.
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