How was your week?
It’s been a productive one @PeakHQ.
And now…
It’s a balmy afternoon here in Melb and we are ready to crack open a cold one.
Enjoy the weekend.
Across Markets…
Australian shares slid on Friday following hawkish comments overnight from US Federal Reserve chairman Jerome Powell, undoing three sessions of gains this week to reset the Australian sharemarket back to where it stood a week ago.
On Friday, the S&P/ASX 200 closed 38.4 points, or 0.6 per cent, lower at 6976.5. The All Ordinaries dropped 0.5 per cent.
The benchmark ended the week less than 2 points lower than its close a week earlier.
Over the five days, energy stocks were the worst performing, down around 4 per cent, tracking declines in price of oil amid signs of oversupply and easing fears surrounding the Israel-Hamas war.
Falls in energy were partly offset by strong gains across healthcare stocks. Sector heavyweights CSL gained 3.6 per cent to $252.55 over the five days of trading, as falls in bond yields sent investors back to the typically defensive sector.
The fall on Friday’s followed a late sell-off across US equity benchmarks after chairman Powell said the central bank would not hesitate to raise rates again if it became “appropriate to tighten policy further”.
On the ASX, banks fell: Commonwealth Bank dropped 0.9 per cent to $101.32, ANZ fell 1.3 per cent lower at $25.47, Westpac dipped 1.3 per cent lower at $20.86 and NAB dropped 1.7 per cent lower at $28.46. The utilities and energy sectors also ended lower.
Inflation fears were sustained on Friday by the Reserve Bank of Australia’s statement on monetary policy, released on Friday, which showed Australia’s central bank had nudged up its inflation forecast over the next two years. The updated forecast arrives days after the Reserve Bank chose to increase the cash rate to 4.35 per cent.
In company news, Mineral Resources fell 2.6 per cent to $58.35 after paying up to $60 million plus royalties to secure lithium, nickel, copper and cobalt rights to Pantoro Limited’s Norseman gold project in Western Australia.
Source: AFR
Latrobe Magnesium (ASX: LMG) is accelerating development of its magnesium oxide (MgO) producing pilot plant in Victoria with a recent significant boost to its workforce.
Despite the ongoing pressure on labour availability being felt around Australia, the project’s site team has been increased to more than 40 local trade workers.
The additions to the development team include fitters, welders, riggers, scaffolders, electricians, instrument technicians, supervisors, technical assistants, completions work pack engineers, and quality assurance / quality control inspectors from two major local contractors.
Latrobe Magnesium is developing a unique magnesium production plant in the Latrobe Valley which will utilise a world-first patented extraction process.
The plant will feature the extraction and sale of magnesium metal and cementitious material created from an industrial fly-ash waste resource obtained from the nearby Yallourn brown coal power-generation facility.
Source: Smallcaps
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.014 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.115 -4.17%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.13 Unchanged
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.0055 +10.00%
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.02 Unchanged
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.011
Today’s Price Change: $0.0065 Unchanged
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.011 +10.00%
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.012 -7.69%
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.10 with a 1:4 LMGO
Today’s Price Change: $0.048 +2.13%
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.17 Unchanged
Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.031 -6.06%
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.012 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.385 Unchanged
Company: ReNu Energy Limited (ASX:RNE)
Sector: Energy
Deal Type: Placement
Raise Amount: $1.46M
Latest Entry Price: $0.06 with a 1:1 RNEO
Today’s Price Change: $0.02 -4.76%
Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.017 Unchanged
Sector: CBD
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.004 Unchanged
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.023 +9.52%
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak accepts no responsibility for any views expressed and marketing material contained in this email except where the message specifically states otherwise and the sender is authorised to state them to be the views of Peak. Information provided in this email is general advise only and does take account your objectives, financial situation or needs. Before acting on any advice in this email, Peak recommends that you consider whether it is appropriate for your circumstances. If this email contains reference to any financial products, you should obtain the current Product Disclosure Statement (PDS) or other disclosure documents for the particular products and consider this information before making any decisions regarding the products. The Financial Services Guide (FSG) can be found at www.peakassetmanagement.com.au or by telephoning Peak on 1300 304 460
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