The ASX fell only 0.07% today, losing just 4.90 points to 6,642.60.
Only two of 11 sectors were higher - Financials up1.39% and Consumer Discretionary lifting just 0.07%.
Real Estate was the poor performer today, shedding 1.87% as the other sectors dropped between 1.04% and 0.01%.
The bottom-performing stocks were Nib Holdings Ltd down 12.38% and Graincorp Ltd down 5.94%.
As has been the trend recently, the ASX outperformed the other indexes, managing to maintain a slight lead over the Nasdaq, which shed 0.09%, and a greater if still marginal advantage over the S&P500, which fell 0.33%.
The Hang Seng took the most damage, dropping 1.00%, while the Nikkei 225 shed 0.49% and the FTSE100 fell 0.86%.
Commodities were mostly down, with another strong performance by lead – up 1.76% today and 3.05% over the last month – with minor rallies from gold (+0.22%), palladium (+0.28%), aluminium (+0.23%) and copper (+0.38%).
In the news today
Aussie traders take advantage of strong USD
The strength of the US dollar has been making waves these last few weeks, depressing global trade growth and putting increased pressure on other nations’ buying power.
According to Capital.com Australia’s head of trading Brian Gould, a strong US dollar is a boon for Aussie crypto investors.
“The Bitcoin price remains suspiciously reluctant to drop below its floor of US$18,000,” Gould said.
“Presently trading just above US$19,000, the price of the world’s largest cryptocurrency has moved between US$18,000 and US$25,000 for the last four months.
“However, each time it moves to the lower end of that range, buying support appears and prevents it from taking another leg lower.
“While on the face of it this seems like a dull trade, US dollar strength has meant that Australian dollar traders who entered Bitcoin at current levels in mid-June have actually made a 10% return in four months, should they choose to cash in their coins and convert the US dollar proceeds back to Australian dollars.
“Those Australian traders interested in the dual diversification of cryptocurrency returns that have low correlation with equity and commodity markets, as well as the US dollar diversification inherent in cryptocurrencies during uncertain times for inflation and risk assets, are now benefiting by simply holding onto their positions.”
Young Australians voting with their dollars
Research from trade platform Tiger Brokers has revealed that 20% of 18-45-year-old Australian investors put their money where their mouth is and invest specifically in companies they want to support.
The numbers go up to 24% in the 18-29 bracket but fall to 16% in the 40-45 bracket, indicating this may be a growing theme among young people.
“The rising ethical standard among investors, shown by those who invest in companies they support, continues to demonstrate a new investing trend,” said Tiger Brokers Australia chief investment officer Brett Reynolds.
This kind of activism-based investment isn’t contained to Australian shores, either; some 28.5% of those surveyed are investing directly in US shares and a further 23.5% are interested in doing so.
By the same token, 17.5% of respondents are investing in Asian markets as well.
“The opportunities to invest overseas have never been better or easier. Overseas investing opens the door to more industry-leading companies globally and provides investors with a growth exposure,” Reynolds continued.
“Investing overseas can also help diversify risks in portfolio, leaving stock holdings less impacted if there’s a financial downturn.”
Five at five
Riversgold engages contractor for maiden Tambourah lithium drilling
Riversgold Ltd (ASX:RGL) has mobilised an earthmoving contractor to the project site to upgrade access roads, prepare tracks and drill pads with the 2,500-metre RC program expected to begin as soon as this work is completed.
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Emperor Energy higher as review reveals increase in gas resource at Judith Gas Field permit
An independent review by geological consultants 3D-GEO Pty Ltd has increased Emperor Energy Ltd (ASX:EMP)’s contingent gas resource by 48 billion cubic feet to198 billion cubic feet while the P50 Prospective Gas Resource increased by 401 billion cubic feet to 2.249 trillion cubic feet.
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AuKing Mining delivers up to 90% copper recovery in Onedin tests
"This latest program appears to provide AuKing with a sound basis to move into the more substantial test-work activities with a pretty clear processing pathway in mind," AuKing Mining Ltd (ASX:AKN) CEO Paul Williams said.
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Taruga Minerals surges on uncovering clay-hosted REEs from surface at Morgans Creek
Taruga Minerals Ltd (ASX:TAR) identified mineralisation with a maximum grade of 6,068ppm total rare-earth oxide (TREO), including the highest dysprosium, terbium, neodymium and praseodymium values intersected to date.
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Yandal Resources launches $5 million placement and rights issue to fund resource expansion drilling at Mt McClure
Yandal Resources Ltd (ASX:YRL) has been strongly supported in its $2.3 million placement, while also enjoying firm commitments from existing shareholders and MST Financial Services Pty Ltd, the lead manager, for a further $2.7 million in a non-renounceable rights issue.
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On your six
Google (NASDAQ:GOOGL) and Coinbase (NASDAQ:COIN) advance Web3 synergies in new strategic partnership
This collaboration entails Coinbase building its global data platform on Google Cloud and Google Cloud leveraging Coinbase commerce to enable crypto payments for its solutions.
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