Another day, another rate hike…
The US Fed has bumped rates by a further 25 bps.
Policymakers see rates at 5.1 per cent by year-end, according to the median estimate in the Fed’s latest quarterly summary of economic projections.
Bond markets say the Fed will be cutting rates within months, but Jerome Powell is determined to keep hiking into a slowing economy.
Is a soft landing still possible?
Click here to read more.
Across Markets…
Australian shares dropped 0.7 per cent by 47 points to 6968.6 as nine of the 11 ASX sectors were in the red at market close.
The materials sector was the worst performing, it fell 1.3 per cent. Polynovo shares decreased 12.3 per cent. Megaport shares plunged 8.5 per cent.
Consumer staples was one of the two sectors that were in the green, it rose 0.2 per cent. United Malt Group shares surged 5.5 per cent. Life360 shares jumped 3.3 per cent. Brickworks shares rose 3.1 per cent.
BHP Group fell 0.8 per cent to $43.51 per share.
Iron ore prices traded higher on the Singapore exchange, up 0.5 per cent to $US126.80 per tonne.
Papua New Guinea’s national oil company is in early talks with potential partners to build its own LNG processing unit at an existing LNG complex near Port Moresby as it seeks to unlock rich supplies of gas and help spur economic and industrial growth.
Source: AFR
Iron ore billionaire and green energy crusader Andrew Forrest has just fired the starter’s gun on what’s likely to be a wave of merger and acquisition (M&A) activity among small miners.
Forrest’s $760 million bid for nickel miner Mincor (ASX: MCR) is set to succeed, not because it’s a particularly generous offer, it’s more case of him having liquid cash firepower at a time when financial markets are in turmoil.
The offer was pitched at $1.40 and there is a new valuation of $1.95 on Mincor from Royal Bank of Canada (RBC) which described Forrest’s proposal as “opportunistic”.
It clearly is because Mincor was trading at $1.85 just two months ago.
But whether anybody has the time (and money) to become entangled in a bidding duel with Forrest is unlikely given his capacity to outbid most rivals with his personal $32 billion fortune.
Forrest demonstrated his capacity to outbid rivals in his hunt for nickel assets when he blasted BHP (ASX: BHP) out of the way in a race for Canadian nickel explorer Noront Resources.
His vehicle Wyloo Metals successfully completed the acquisition of Noront in April last year.
Source: SmallCaps
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.23 -9.80%
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: $0.028 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: $0.01 -9.09%
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.03 with a 1:3 CDTOA
Today’s Price Change: $0.018 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 Listed Option
Today’s Price Change: $0.014 +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: $0.062 -1.59%
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: $0.44 -12.00%
Company: Tymlez Ltd (ASX:TYM)
Sector: Blockchain
Deal Type: IPO/On-market purchase
Raise Amount: $13.3M
Latest Entry Price: $0.01
Today’s Price Change: $0.012 -7.69%
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: $0.046 -2.13%
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.015 Unchanged
Company: Lobe Sciences (CSE:LOBE)
Sector: Medtech
Deal Type: Pre-IPO
Raise Amount: $1.5M
Latest Entry Price: $0.05 with a 1:1 Warrants
Today’s Price Change: $0.04 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $1.29 -2.27%
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: $0.051 +2.00%
Company: Cipherpoint Limited (ASX:CPT)
Sector: Cybersecurity
Deal Type: Placement
Raise Amount: $2.9M
Latest Entry Price: $0.005 with a 1:1 Listed Option
Today’s Price Change: $0.007 Unchanged
Company: Metals Australia Limited (ASX:MLS)
Sector: Lithium/Graphite
Deal Type: Placement
Raise Amount: $7.8M
Latest Entry Price: $0.078 with 1:1 MLSOD
Today’s Price Change: $0.037 Unchanged
Company: BBX Minerals Ltd (ASX:BBX)
Sector: Mining
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.082 with a 1:1 BBXOA
Today’s Price Change: $0.115 Unchanged
Sector: CBD
Raise Amount: $5M
Latest Entry Price: $0.022 with a 1:2 AVEO
Today’s Price Change: $0.009 Unchanged
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.02 -4.76%
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
