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    7 December, 2023

Here’s an interesting fact for you.

India’s stock market value reached more than $4 trillion for the first time, marking a key milestone for world’s fifth-biggest equity market as it rapidly narrows the gap with slumping Hong Kong.

Across Markets…

  • ASX down on Thursday, mainly on the back of plunging oil stocks
  • Energy related stocks down, lithium stocks higher
  • Chemist Warehouse to list on the ASX in a reverse takeover deal with Sigma Healthcare

Local shares shed -0.3% on Thursday, weighed down by the Energy sector after a plunge in crude prices overnight.

Oil prices fell by over -4% to a five-month low, with WTI crude trading below US$70 at US$69.24 a barrel.

Oil prices have been looking bearish since Moody’s downgraded its outlook for China’s government credit to negative from stable earlier this week.

Lithium stocks meanwhile rallied as China’s two biggest lithium producers, Tianqi Lithium and Ganfeng Lithium, closed up 6.5% and 7% respectively in Hong Kong yesterday.

Both stocks have extended their gains today, in a signal the market might be starting to get bullish again on lithium prices.

Iron ore miners also did well today, with giants Fortescue (ASX:FMG) and Rio Tinto (ASX:RIO) up around 1% each as iron ore futures in Singapore held last night’s price of above $US130 per tonne.

Meanwhile, Bloomberg reports that Elon Musk’s Space X has started discussions about selling insiders’ shares at a valuation of around US$175 billion. According to Bloomberg estimates, SpaceX is on track to book revenues of about US$9 billion this year across its rocket launch and Starlink businesses.

Across the region, stocks in Asia mainly dropped on concerns that lower oil prices might point to China’s economic health.

There are renewed worries about China’s debt burden after Moody’s Investors Service downgrade.

Source: Stockhead

Pic of the day

Local Equity News

On target to commence imminent maiden uranium production at the Honeymoon mine in South Australia, Boss Energy (ASX: BOE) has added another string to its bow with the signing of an agreement to acquire an interest in the rich Alta Mesa in-situ recovery (ISR) project in South Texas.

Boss will pay approximately $91.3 million in cash to enCore Energy (TSX-V: EU) and its wholly-owned subsidiary enCore Energy US to acquire a 30% stake in the high-grade uranium ISR mine.

To help fund the deal, Boss is raising $205 million via a single tranche share placement and up to a further $10 million via a share purchase plan SPP.

Proceeds from the placement will be used to fund the transaction, an Alta Mesa project restart, exploration activities and working capital, along with enCore equity investment and spend on prompt fission neutron technology as well as production and resource growth initiatives for the Honeymoon project.

Significant strategic acquisition

Boss Energy’s managing director Duncan Craib said the strategic acquisition has the company well-placed to be a global uranium producer of some significance.

“Given the location, grade, scale, growth potential and historic production, the Alta Mesa project is one of the best ISR projects globally with a near-term pathway to production. It is a project that we have always wanted to be involved in,” he said.

“The deal provides Boss Energy an initial low-risk foothold in the pivotal US uranium industry. The US is determined to become more self-sufficient in uranium and Alta Mesa will play a role in that process.”

“As a minority interest with a highly credentialed operator like enCore, the acquisition allows us to learn and grow in the US whilst still maintaining focus on the continued ramp-up at the Honeymoon project.”

Click here to read more.

Source: Small Caps

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Recent Peak Deals

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Today’s Price Change: $0.13 -3.7%

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Company: Sabre Resources (ASX:SBR)
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Company: Carly Holdings Ltd (ASX:CL8)
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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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