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    24 November, 2023

Happy Friday!

It’s certainly all happening in the uranium sector.

  • Uranium spot price cracked US$80/lb this week, its highest level since the Fukushima incident in 2011
  • Industry leaders confident a new uranium bull cycle has commenced, and there is plenty of upside still to come
  • Some 160Mlb of yellowcake has been contracted this year alone despite no new uranium mines coming online in the past decade
  • Australia tipped to embrace nuclear power in the near term, but there’s less optimism WA will overturn its ban on uranium mining

Across Markets…

  • ASX recovered on Friday, but was flattish for the week
  • Energy stocks led, while Origin Energy climbed 3pc
  • Star Casino down after an update on Queensland operations

The ASX gained back some losses on Friday, closing up by +0.2%. For the week, the benchmark ASX200 index finished flattish.

Traders lost a bit of direction as Wall Street shuttered for Thanksgiving last night.
Energy stocks led the ASX today, tracking its counterparts in Europe, as traders await the OPEC+ meeting which has been postponed to next week (November 30th).

“Uncertainty is never good for financial markets, which now have to wait longer to get clarity what OPEC+ will do next year,” said UBS analyst, Giovanni Staunovo.
The Utilities sector was also higher today after a 3% rally in Origin Energy (ASX:ORG) shares.

The takeover target remains in the spotlight after its top shareholders rejected Brookfield’s revised $10.6 billion bid yesterday.

Geopolitical relations also remain in focus with Israel-Hamas conflict mediators reportedly anticipating a temporary truce enabling hostage exchanges to take place today.

Across the region, Asian stocks were mixed as eyes turn to the Chinese property market after the government announced measures to support the ailing sector.
But overall, sentiment in equities remain muted after the European Central Bank (ECB) minutes from its October meeting suggested that ECB policy makers thought it was too early for the central bank to close the door to further rate hikes entirely.
Looking ahead to tonight, the US markets will close early, due to Thanksgiving season.

Source: Stockhead

Pic of the day

Local Equity News

Sunshine Metals (ASX: SHN) has confirmed a potential gold-rich feeder zone with the drilling of multiple high-grade gold intersections at the Liontown prospect within its Ravenswood Consolidated project in North Queensland.

Assays received from the initial 12 reverse circulation (RC) hole zones at Liontown are considered to have intersected gold and copper rich feeder zones overlying the historic project.

Highlight hits include 17m at 22.1 grams per tonne gold.

New geological model

Sunshine undertook the Liontown drilling as part of its development of a new geological model that has identified this feeder zone over the 2.3 million tonnes of zinc, gold, copper, lead and silver volcanogenic massive sulphide (VMS) resource.

Sunshine managing director Dr Damien Keys said the exceptional gold results will be included in the resource update due in December 2023.

“The stunning intercepts at Liontown are a great reward for the solid geological work completed by the team,” Dr Keys said.

Click here to read more.

Source: Small Caps

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If you would like more information on future Peak deals, please don’t hesitate to get in touch.

The trustee for Peak Asset Management Unit Trust (“Peak”) is a corporate authorised representative (#1295491) of Brava Capital Pty Ltd (AFSL #382585).
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