It’s been a battle between mining and banking stocks today on the ASX. Early wins in the mining sector perked the ASX200 up in early morning trading but the resource stocks were unable to hold the bourse up as bank and tech stocks fell.
The ASX, therefore, finished just about flat, adding 3.6 points or just 0.05% to settle at 7,518.50 points for the day.
Top-performing stocks for the day were, as stated, mining companies - Sayona Mining gained 11.25% and Iluka Resources added 8.90% to its share price.
Over the last five days, the ASX200 has gained 1.70% but is essentially unchanged over the last 52 weeks, a clear indicator of how uncertain the economic environment has been this past year.
Materials took the cake with a 1.38% gain today, with Real Estate (+0.92%) and Utilities (+0.93%) not too far behind. Info Tech was the deepest in the red with a 1.37% loss, with the remaining sectors either flat or in the red.
Only tin and West Texas crude made any gains on the commodity front today, with West Texas gaining 1/76% and tin 1.19%. The rest fell, none more so than silver with a 2.27% drop.
Wall Street sets new record highs
Capital.com senior analyst Kyle Rodda discusses Wall Street’s new record highs and Netflix’s share surge.
“Wall Steet added to its record highs overnight,” Rodda wrote.
“It’s challenging to pinpoint what’s driving the dynamic. It could be purely technical, with above that milestone level attracting buyers. It certainly sends a bullish signal.
“However, if you crudely break down the three typical drivers of stock market valuations – earnings expectations, interest rate expectations and implied volatility - it’s only a drop in implied volatility that can be said to be a tailwind for the market, while, at the margins, interest rate and earnings expectations are moving against it.
“Nevertheless, equities are higher despite the markets pricing out rate cuts and revising lower earnings expectations.”
US500:
“Netflix (NASDAQ:NFLX) shares surged in post-market trade following the release of its Q4 results,” Rodda continued.
“EPS came in a fraction below expectations at $2.11 (Est. $2.19), but subscriber growth smashed it out of the park at 13.12 million net additions, and earnings guidance for Q1 beat the street at $4.49 (Est. 4.09).
“The result was the strongest since the stay-at-home boom at the start of the pandemic and shows the company’s successful execution of its new pricing and product segmentation strategy.”
Netflix:
Five at Five
Surefire Resources develops breakthrough process for vanadium extraction; shares up
In a significant development, Surefire Resources NL (ASX:SRN) has achieved a breakthrough process in extracting vanadium directly from magnetite concentrate from its flagship Victory Bore Vanadium Project in Western Australia.
Read more
Aeris Resources progresses Stockman feasibility study; "excited with potential"
Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) is making strong and encouraging progress with a definitive feasibility study on its 100%-owned Stockman Project in Victoria, Australia, with consideration to the recently upgraded Currawong mineral resource estimate (MRE) and the addition of Albion Process technology to the processing flowsheet.
Read more
Caspin Resources targets 11 massive sulphide conductors with EM survey at Yarawindah Brook
Caspin Resources Ltd (ASX:CPN) has kicked off a moving loop electromagnetic (MLEM) survey at the Yarawindah Brook Project in WA, targeting 11 new electromagnetic (EM) conductors with high-grade nickel-copper-PGE massive sulphide potential at the Brassica Prospect.
Read more
Radiopharm Theranostics completes entitlement offer shortfall for $1.7 million
Cancer-focused Australian biotech company Radiopharm Theranostics Ltd (ASX:RAD, OTC:RDPTF) has successfully navigated the shortfall of its recent entitlement offer.
Read more
Lightning Minerals drills down into high-priority lithium targets at Dundas
Lightning Minerals Ltd (ASX:L1M) has kicked off a 7,500-metre aircore drilling campaign at the E63/2000 tenement in the Dundas region of Western Australia, targeting multiple sample areas that returned greater than 100 parts per million (ppm) lithium.
Read more
On your six
Cobalt Blue set to play key role in critical metals strategy in Western Australia and nationally
Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) is positioning to play an important role in Australia’s critical minerals future with its cobalt supply strategy that incorporates a Cobalt Nickel Refinery Project it plans to establish in Western Australia.
Read more
One to watch
Dynamic Metals discovers two new lithium trends as it prepares to drill later this year
Dynamic Metals Ltd (ASX:DYM) managing director Karen Wellman sits down with Proactive’s Jonathan Jackson to talk about the highlights of the December quarter as well as two new lithium trends at the Franks Far Southeast and Spargos East prospects, part of the larger Widgiemooltha Project in the Goldfields of Western Australia.
Watch more
Read more on Proactive Investors AU
