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The market managed to grind out a gain today, helped along by the miners, with particularly strong showings from gold, iron ore and uranium as all three surged on different drivers – we’re taking a breather on gold and took a profit on our Evolution Mining position. Not a lot happening on the macro side to move markets today as all eyes await the Fed rate decision on Thursday, though bits and pieces on the stock front kept things interesting across the retail and resources space.
- The ASX200 rose +24pts / +0.28% to close at 8877.
- Energy (+0.94%), Consumer discretionary (+0.79%) and Materials (+0.68%) led the line.
- Healthcare (-0.33%), Consumer Staples (-0.32%) and Real Estate (-0.02%) weighed.
- BHP (BHP) +0.47%, Rio Tinto (RIO) +1.89% and Fortescue (FMG) +1.11% lifted on firmer iron ore prices overnight.
- New Hope (NHC) +5.05% reported a $439.4m FY profit and a 15c dividend, with Whitehaven (WHC) +1.93% piggybacking off the move.
- Deep Yellow (DYL) +9.19% and Boss Energy (BOE) +7.05% surged on uranium stockpiling reports.
- Paladin (PDN) didn’t trade after announcing its $300m equity raise to fast track development of it’s PLS asset acquired through the purchase of Fission.
- CSL (CSL) -1.26% slipped after unveiling a $760m investment in Dutch biotech VarmX with the option to fully fund their phase III trials of their anti-bleeding drug and path to commercialisation aiming for 2029 launch.
- Super Retail (SUL) -4.29% fell after the sudden dismissal of CEO Anthony Heraghty after failing to fully disclose a personal relationship within the business.
- Sigma (SIG) +0.33% edged up after naming ex-JB-HiFi boss Richard Murray as CFO.
- Gold Road (GOR) +0.58% announced its special dividend, conditional on takeover by Gold Fields, of 43c per share.
- Asian markets were mixed, with Hong Kong up +0.2%, China was flat and Japan was up +0.4%.
- Gold traded up $11 during the session to $3690 around the close.
- Iron Ore in Singapore up +0.6%, now trading $106/mt at our close.
- US futures are trading mildly higher up around ~0.2%
