Stock Market - Australia - WE May 10, 2024

The S&P/ASX 200 closed 27.4 points higher, up 0.36%.

It was a relatively quiet end to what will go down as a very good week for Aussie investors. Look at a chart of the S&P/ASX 200 and you'll see this week's gain couldn't have come at a better time, as the price of the benchmark was teetering in the wake of April's sharp correction.

Resources stocks were again in focus today, as increases in the prices of crude oil, natural gas, gold, and silver stoked big gains in each of those areas of the market. Uranium stocks bounced back nicely after their pullback yesterday.

The S&P/ASX 200 (XJO) finished 27.4 points higher at 7,749.0, 0.35% from its session low and 0.25% from its high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by 174 to 100.

For the week, the XJO finished up 120 points or 1.6% higher. It closed 1.6% above the week's low and 0.84% below the week's high.

The Energy (XEJ) (+1.9%) sector was the best performing sector today, likely in response to a modest bounce in crude oil and natural gas prices. Uranium stocks bounced back from yesterday's pullback, and so it was perhaps the coordinated efforts of both carbon-based and nuclear-based energy sources that gave the sector its extra zip!

Trading higher

+14.6% St Barbara Limited a (SBM) - 10 Year Plus Outlook for Simberi $ bounced off short term uptrend ribbon, long term trend is transitioning from down to up ????

+13.0% Kingsgate Consolidated Limited (KCN) - Green Light for Plant 1 at the Chatree Gold Mine, rise is consistent with prevailing short and long term uptrends ????

+11.9% Jupiter Mines (JMS) - No news, rise is consistent with prevailing short and long term uptrends ????

+10.0% Sayona Mining Limited (SYA) - No news, lithium prices down for second day, yet mystery SYA rally continues!

+8.7% APPEN LTD (APX) - No news ??

+8.2% Resolute Mining Limited (RSG) - No news, generally stronger ASX gold sector today on rebound in the gold price, rise is consistent with prevailing short and long term uptrends ????

+8.1% 4DMedical (4DX) - Market update on recent developments

+7.5% Calix Limited (CXL) - No news, a bit like APX, and some of those beaten down lithium stocks, perhaps some short covering is afoot!? ??

+7.3% Nuix Ltd (NXL) - No news, rise is consistent with prevailing short and long term uptrends ????

+6.9% Spartan Resources Ltd (SPR) - No news, rise is consistent with prevailing short and long term uptrends ????

+6.1% DroneShield (DRO) - No news, rise is consistent with prevailing short and long term uptrends ????

+5.4% Syrah Resources Ltd (SYR) - No news, a bit like APX, and some of those beaten down lithium stocks, perhaps some short covering is afoot!? ??

+5.4% Silver Mines Limited (ASX:SVL) (SVL) - No news, big rally in silver price Thursday

+4.8% Lake Resources (LKE) - LKE is rallying also? ??

Trading lower

-8.7% Galan Lithium Ltd (GLN) - No news, fall in lithium prices hurting several ASX lithium stocks today, fall is consistent with prevailing short and long term downtrends ????

-6.0% Light & Wonder (LNW) - Quarterly Report

-4.8% Credit Corp Group (CCP) - Continued negative response to yesterday's news, fall is consistent with prevailing short and long term downtrends ????

-3.4% Cettire (CTT) - No news, fall is consistent with prevailing short term downtrend, long term trend is transitioning from up to down ????

Trading lower

-8.7% Galan Lithium Ltd (GLN) - No news, fall in lithium prices hurting several ASX lithium stocks today, fall is consistent with prevailing short and long term downtrends ????

-6.0% Light & Wonder (LNW) - Quarterly Report

-4.8% Credit Corp Group (CCP) - Continued negative response to yesterday's news, fall is consistent with prevailing short and long term downtrends ????

-3.4% Cettire (CTT) - No news, fall is consistent with prevailing short term downtrend, long term trend is transitioning from up to down ????

-2.9% Judo Capital Holdings limited (JDO) - Continued negative response to yesterday's news

-2.8% GWA Group Limited (GWA) - Change in substantial holding from PPT (JDO) - Continued negative response to yesterday's news

Source - https://www.marketindex.com.au/news/evening-wrap-asx-200-closes-out-solid-recovery-week-with-another-gain-as

Here is a bit more color:

1. Lithium - https://www.australianmining.com.au/sqm-hancock-complete-1-7b-takeover-of-azure-minerals/ SQM Hancock Prospecting or https://www.fool.com.au/2024/05/10/liontown-shares-charge-higher-on-lithium-project-update/ Liontown Resources Limited
2. Iron-ore - Iron-ore continues to be the diamond as compared to nickel and lithium - https://stockhead.com.au/resources/was-nickel-and-lithium-earnings-crater-as-mining-state-continues-to-milk-iron-ore-cash-cow/
3. Green Hydrogen - https://www.dcceew.gov.au/about/news/aust-made-h2-electrolysers Hysata
4. LNG - https://www.lngindustry.com/liquid-natural-gas/10052024/australian-government-declares-gas-to-be-essential-until-2050-and-beyond/
5. Green transition - https://www.worldoil.com/news/2024/5/9/australia-backs-47-billion-natural-gas-sector-s-role-in-energy-transition/
6. GDP / Australia - https://kpmg.com/au/en/home/insights/2024/05/economic-outlook-australia-q1-2024.html Amazing work by KPMG Australia
7. R&D spending - https://www.aumanufacturing.com.au/towards-3-rd-australias-goal-is-not-realistic-by-dr-matthew-young
8. Fiscal gap - https://www.bnnbloomberg.ca/australia-seen-posting-back-to-back-surpluses-in-global-rarity-1.2071342
9. Housing - https://www.brokernews.com.au/news/breaking-news/australias-residential-real-estate-value-hits-new-high-284676.aspx
10. Retail - https://mumbrella.com.au/growing-fears-aussies-will-stop-spending-as-retail-stocks-drop-830806
11. ESG - https://insightplus.bakermckenzie.com/bm/environment-climate-change_1/australia-mandatory-climate-reporting-and-directors-liability-for-life-sciences-companies 贝克?麦坚时 or https://www.bendigobank.com.au/blog/business/a-story-for-good-how-to-tell-your-esg-story/ Bendigo Bank
12. Inflation - https://www.bloomberg.com/news/articles/2024-05-09/australia-will-only-cut-rates-in-late-2025-ex-rba-official-says?srnd=homepage-americas
13. Productivity - https://www.theaustralian.com.au/subscribe/news/1/?sourceCode=TAWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.theaustralian.com.au%2Fnation%2Fbosses-bemoan-skill-gaps-hurting-nations-productivity%2Fnews-story%2F17176b6eaefb0e671ceb631bcd81cdde&memtype=anonymous&mode=premium&v21=GROUPA-Segment-2-NOSCORE&V21spcbehaviour=append

Paul Young CPA CGA

Paul is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across industry and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME on working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.

[email protected]

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