Australian Stock Market for WE May 3, 2024

Commodities:

The S&P/ASX 200 closed 42.0 points higher, up 0.55%.

It was a solid close to a topsy-turvy week of trading on the S&P/ASX200. The day's gain and the week's gain – as unlikely at that might have seemed a few times during the week – will be warmly welcomed by Aussie investors.

It could have been far, far worse.

The pressure that had been applied by ratcheting higher market interest rates finally boiled over Thursday and Friday, helping interest rate sensitive sectors like Discretionary, Property, and Technology.

There were even greater highlights, though, particularly in lithium and uranium stocks which logged stellar gains.

This could not be said for gold stocks, which like the price of the commodity itself this week, experienced an abrupt about face in fortunes.

The S&P/ASX 200 (XJO) finished 42.0 points higher at 7,629, 0.55% from its session low and just 0.15% from its high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by an impressive 212 to 70.

For the week, the XJO finished up 53.1 points or 0.7% higher. This was 0.96% above the week’s low of 7,556.5 and 0.46% below the week’s high of 7664.1.

It was all about “interest rate sensitives” today. Key benchmark bond yields fell for a second day, and this put the most interest rate sensitive sectors of Consumer Discretionary (XDJ) (+2.0%), Real Estate Investment Trusts (XPJ) (+1.6%), and Information Technology (XIJ) (+1.2%) at the top of the sector performance table.

Guess which sector was the worst – go on! Yep, the Gold (XGD) (-1.7%) sub-index made it three out of five for worst sector of the day this week. No major for reason today's drop, but gold prices have been sharply lower through the week.

Now, given gold isn't one of the 11 official ASX sectors, I get to type this line again: All 11 of the major ASX sectors were up today. It has been a topsy-turvy week!

Trading Higher

+11.6% Clarity Pharmaceuticals (CU6) - Continued positive response to Tuesday's Quarterly Activities/Appendix 4C Cash Flow Report plus Complete response with Cu-67 SAR-bisPSMA, rise is consistent with prevailing short and long term uptrends

+9.8% Block (SQ2) - Quarterly Report quarterly period ended March 31, bounced off long term uptrend ribbon

+7.3% Vulcan Energy es (VUL) - No news, generally stronger ASX lithium sector today, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up, closed above long term trend ribbon

+7.2% Silex Systems Limited (SLX) - No news, generally stronger ASX uranium sector today, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up, closed +10 year high

+6.5% Omni Bridgeway (OBL) - Change of Auditor

+6.1% The Star Entertainment Group Group (SGR) - Suitability Investigation - The Star Brisbane

+5.5% GQG Partners s (GQG) - Quarterly Dividend, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up, closed all-time high

+5.5% Audinate Group (AD8) - No news, generally strong ASX tech sector today, rise is consistent with prevailing long term uptrend, bouncing above long term uptrend ribbon, today's close resumes rising peaks and rising troughs

+5.1% Mayne Pharma Group (MYX) - No news, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up, closed +3 year high

Trading lower

-5.6% Evolution Energy Minerals ing (EVN) - Analyst Roundtable Presentation, generally weaker ASX gold sector today, closed below short term uptrend ribbon ????

-4.6% Resolute Mining Limited (RSG) - No news, generally weaker ASX gold sector today

-4.3% Peninsula Energy Limited (PEN) - No news, rare loser in the ASX uranium sector foday - unlucky - or supply > demand fro a reason!? ??

-4.3% Strike Energy (STX) - No news, fall is consistent with prevailing short and long term downtrends ????

-3.9% Collins Foods Limited (CKF) - No news, notable loser in stronger Discretionary sector today, fall is consistent with prevailing short term downtrend, long term trend is transitioning from up to down, today's close resumes falling peaks and falling troughs ????

-3.5% Imugene Limited (IMU) - No news, fall is consistent with prevailing short and long term downtrends ????

-3.5% Nanosonics (NAN) - No news, fall is consistent with prevailing short and long term downtrends ????

Source - https://www.marketindex.com.au/news/evening-wrap-asx-200-closes-tough-week-on-firmer-footing-lithium-and-uranium

Here is a bit more color:

1. Australia LNG - https://www.upstreamonline.com/lng/norwegian-player-temporarily-deploys-australia-bound-fsru-to-egypt/2-1-1637350
2. Australia uranium - https://resourcesrisingstars.com.au/boss-energy-emerges-as-global-uranium-supplier-amid-soaring-market-demand/ Congrats to Boss Energy Ltd or https://www.fool.com.au/2024/05/03/is-asx-uranium-the-new-lithium/
3. Australia lithium - https://www.australianresourcesandinvestment.com.au/2024/05/03/rio-targets-first-lithium-by-end-of-2024/ Rio Tinto
4. Australia iron-ore - https://reneweconomy.com.au/australia-has-huge-global-green-iron-potential-but-if-we-blink-well-miss-it/ or The reality is that companies in Australia are already stepping up to the challenge. Real green steel prospects for Australia include Green Steel WA; OneSteel – Smart@UNSW; Fortescue ; POSCO ; CWP Global and CQ-H2 – Central Queensland Hydrogen Hub.
5. Australia agriculture - https://www.thecattlesite.com/news/world-food-prices-rise-in-april-for-second-month-fao or https://www.asianinvestor.net/article/global-pension-funds-flock-to-australian-farmland/495814
6. Housing - https://www.sbs.com.au/news/article/far-from-healthy-the-bleak-projections-for-australias-housing-market/r1qrwhd9k
7. Construction - https://hia.com.au/our-industry/newsroom/economic-research-and-forecasting/2024/05/interest-rate-uncertainty-means-other-policy-levers-need-to-be-pulled
8. Manufacturing - https://www.smh.com.au/business/the-economy/is-a-future-made-in-australia-a-good-idea-or-a-bad-one-maybe-a-bit-of-both-20240502-p5fojc.html
9. ESG - https://www.southpole.com/sustainability-solutions/australia-mandatory-climate-disclosure
10. Green transition - https://australiainstitute.org.au/post/funding-australias-renewable-transition-isnt-picking-winners/

Paul Young CPA CGA is a former Senior IBM Customer Success Manager that has deployed over 300 data and AI solutions across geographies for the past 8 years. Paul is also FPA SME on how best to integrate macro and micro indicators as part of the data journey for the operational, management, and regulatory reporting cycles.

[email protected]

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Blog – Trade – Merchandise – Australia – February 2024 - https://www.dhirubhai.net/pulse/trade-merchandise-australia-paul-young-470ac/

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Blog?—?How to select the best ESG solution for your /Organization?—? https://www.dhirubhai.net/pulse/how-select-right-environmental-social-governance-solution-paul-young-83mzc/

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Courses?—? https://www.dhirubhai.net/posts/paul-young-055632b_activity-7163302861974519809-ryf3?utm_source=share&utm_medium=member_desktop

Innovation - https://medium.com/@paulyoung_81567/why-has-canada-failed-support-innovation-2d1178ef62f7

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Blog – Stock Market – United States -? April 26, 2024 - https://www.dhirubhai.net/pulse/stock-market-united-states-week-ending-april-26-2024-paul-young-3vcyc/

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Blog – Stock Market Close – Australia – WE April 26 2024 - https://www.dhirubhai.net/pulse/australia-stock-market-close-we-april-26-2024-paul-young-qgejc/

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USA and Canada

Medium - Stock Market Analysis and Commentary?—?WE?—?April 19,?2024 - https://medium.com/@paulyoung_81567/stock-market-analysis-and-commentary-we-april-19-2024-b71da6fc2a98

Linked in - https://www.dhirubhai.net/posts/paul-young-055632b_stock-market-analysis-and-commentarywe-activity-7187435713758478336-2Ckv?utm_source=share&utm_medium=member_desktop

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ASX WE April 19, 2024

Medium?—?https://medium.com/@paulyoung_81567/stock-market-australia-we-april-19-2024-e2cb00ae6fdd

Linked in?—?https://www.dhirubhai.net/posts/paul-young-055632b_stock-marketaustraliaweapril-19-activity-7187013623024648192-QjJj?utm_source=share&utm_medium=member_desktop

Blog?—?Stock Market?—?Australia for WE April 12 2024?—?https://medium.com/@paulyoung_81567/stock-market-australia-for-the-w-e-april-12-2024-b7e2c0ef400d

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