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Trending stories and market-moving news from the ASX small-cap sector
Wrap: Four months of gains wiped out in $37 billion rout
A combination of increasing doubts about interest rate cuts, worries about AI overvaluation and a share crunch on Wall Street combined to strip four months of growth off the Australian share market.
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Weekly Wrap: Is this the end of rate cuts? ASX tumbles as banks slide
Some heavy losses in the banking sector saw the Australian share market record its second consecutive weekly loss as the prospect of no further interest rate falls began to sink in. With the Reserve Bank deciding to hold the cash rate steady during the week the ASX 200 index dropped 58.6 points, or 0.7% on Friday to 8769.7 points. It was an uneven and concentrated fall with six out of the 11 sectors remaining in positive territory but the index still fell 1% for the week.
Market Wrap: Gold miners lose the tug of war with Consumer Stocks
A tug of war between rising gold miners and a souring consumer sector saw the Australian share market end the week basically flat on Friday. By the close the ASX 200 had fallen just 3.6 points or less than 0.1% to 8881.9 points, although the index had fallen 1.7% for the week. A fairly negative lead in from Wall Street didn’t help with shares in Facebook parent Meta falling, dragging down the rest of the magnificent seven mega-cap technology stocks and causing all three major US indices to drop.
Anglo American sells nickel assets to MMG as part of strategic refocus
Anglo American has sold its nickel arm for US$500m to a Singapore-based subsidiary of MMG as part of a plan to tighten its business. The company’s nickel business comprises two ferronickel operations in Brazil – Barro Alto and Codemin – and two large greenfield growth projects, Jacaré and Morro Sem Boné. The Barro Alto mine, […]
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Copper prices climb to 11-month high on the back of supply setbacks and rising demand
While the price of copper may not be filling the headlines that gold is creating, the red metal is tipped to be one of the best investments in commodity markets this year. Copper is sitting around $6.05 per pound this week. That’s up 3.77% since the beginning of the year and new market activity and […]
Experts forecast record high prices and robust global demand for silver
While silver is being overshadowed by the current price surge for gold, it is also being tipped as a commodity to follow. Global experts are predicting silver may hit a high of US$48 this year, up from its current US$24.53, as its market also reacts to geopolitical issues and a year featuring a number of […]
Platinum shortfall to continue as global demand soars in the face of shrinking supply
A new report is forecasting a continuing slide in platinum production as demand for the precious metal continues to surge. The World Platinum Investment Council’s latest quarterly report found that the market for the metal is set for consecutive periods of market deficits, with an undersupply of 418,000 ounces expected in 2024 following a shortfall […]
Mining survey reveals top 20 global jurisdictions for companies to operate in
Three countries dominate the latest Fraser Institute global mining survey with Nevada, Western Australia and Saskatchewan taking out the top most favoured places to be exploring or mining. The Toronto-based think tank’s annual ratings are closely watched for who’s up, who’s down — and who’s out the back door (this year that includes New Zealand […]
Tesla considers buying Sigma Lithium to secure EV battery metal supply
Electric vehicle powerhouse Tesla (NASDAQ: TSLA) is considering buying Canadian miner Sigma Lithium (TSX-V: SGML), according to news reports circulating over the weekend. The Elon Musk-led automotive giant has been eyeing multiple mining options as it considers its own refining. Sources close to the matter claim Tesla has been in talks with potential advisers about […]
Saudi Arabia to spend US$3b acquiring global mining assets in 2023
In an effort to diversify its economy away from oil and secure access to strategic minerals, Saudi Arabia has established a new company that will invest in global mining assets. According to a statement released on Wednesday, the sovereign wealth fund (PIF – Public Investment Fund) and state miner Ma’aden have signed an agreement to […]
Europe poised to enter rare earths race after major discovery in Sweden
With no internal supply, vast numbers of European industries have been reliant on China for rare earths, until now. That may now be on the way to changing with the announcement by the Swedish state-owned mining company LKAB that it has identified more than 1 million tonnes of rare earth oxides in the Kiruna area […]
Ghana to buy oil with gold instead of US dollars
Ghana is putting together a proposal to acquire oil products in exchange for its gold, with the strategy being to reduce the expenditure of its US currency reserves. Vice president of the African nation Dr Mahamudu Bawumia announced the proposal on 24 November via his Facebook platform. If it moves ahead, the policy is set […]
