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Breaking news and real-time updates from the ASX small-cap market
Weekly wrap: A modest rise to end the week
The Australian share market enjoyed a modest rise to end the week on Friday after a Wall Street rally caused by optimism of more interest rate cuts in the future. The ASX 200 index closed up 0.5%, or 40 points, to close on 8628.2 points after eight of the 11 sectors rose.
Weekly Wrap: ASX Climbs on Santa Rally as Miners and Gold Stocks Lead Gains
The Santa rally arrived in earnest on the Australian stock exchange as the share market rose the most in almost three weeks on Friday. A continuing rise in gold stocks and strong gains in miners happened as investors jumped aboard the US interest cuts train, hoping that it was creating a rising market tide that would lift all boats.
Weekly Wrap: Market Higher For A Second Week
Australian shares were up slightly for a second week on Friday with investors hoping for an interest rate cut in the US, even as the chances of a local cut have evaporated. With the US Fed and the local Reserve Bank both meeting this week to decide on official interest rates, there are still strong hopes the US will cut rate even though still strong Australian inflation have greatly reduced the chances of any cut here.
Weekly Wrap: Australia and the US diverge over interest rates
The past week has been quite a significant one as it became clear that the US and Australia were diverging in a significant way. Here in Australia the ongoing upward trend in inflation made it clear that there is now little hope of an interest rate cut.
Weekly wrap: Harsh day on ASX wipes off $40 billion
Another bruising day on the Australian share market on Friday saw it shed almost $40 billion and sink to a six-month low as hopes for US rate cuts once again diminished. The ASX 200 dropped by 136.20 points, or 1.6%, to 8416.50 points as AI worries in the US transferred directly to our market.
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.
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, […]
Cornish Metals secures £28.6 million government investment to restart historic South Crofty tin mine
The UK’s National Wealth Fund (NWF) has announced a £28.6 million direct equity investment into Cornish Metals (TSX-V: CUSN) to help finance and de-risk the re-opening of the South Crofty tin mine in Cornwall. The fully-permitted underground development hosts one of the world’s highest-grade tin resources and racked up more than 400 years of recorded […]
Cameco and Kazatomprom suspend Inkai operations amid regulatory delays, boosting uranium prices
The global uranium price improved after the giant Inkai joint venture operations in Kazakhstan were suspended due to a delay in receiving key government approvals. Canada’s Cameco (40%) confirmed the shutdown of production activity at the JV operation after being informed by partner Kazatomprom (60%) that the in-situ recovery JV failed to receive an extension […]
Base Resources receives $375m takeover bid from Energy Fuels to create global critical minerals group
US-based critical minerals producer Energy Fuels has made a takeover bid for Australian company Base Resources (ASX: BSE) to create a billion-dollar global business with a focus on rare earth elements, uranium and mineral sands production. Under the terms of the proposal, Base shareholders will receive 0.026 Energy Fuels shares for each Base share held […]