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    7 September, 2023

If you’re wondering what the sharemarket and Melbourne had in common today…

The answer is headwinds!

Gusts of up to 68 km/h here while weak Chinese economic data dampens iron ore and oil.

What’s your prediction for the Chinese economy?

Across Markets…

The sharemarket fell 1.2 per cent at the closing bell, in line with Asian bourses, on worries about higher US interest rates and a slowing Chinese economy. 

Exacerbating losses were a raft of companies, including BHP, Super Retail Group and Perpetual, trading ex-dividends.

All 11 sectors ended in the red, with mining companies in the lead. Rio Tinto fell 2.5 per cent, Fortescue retreated 2.2 per cent and BHP Group tumbled 5.2 per cent, the worst drop in a year.

Further undermining the sector was a sharp drop in iron ore futures.

Shares in Qantas skidded 2.3 per cent and hit intraday their lowest level since October last year.

Lithium miner and takeover target Liontown, however, soared 9 per cent on speculation that Australia’s richest person, Gina Rinehart, was behind the buying. US lithium heavyweight Albemarle lobbed a non-binding $3 a share bid for Liontown, valuing the company at $6.6 billion.

Shares in shipbuilder Austal jumped 3.2 per cent after it won a $143 million contract with the US Navy.

Bendigo Adelaide Bank rose 0.7 per cent. The regional lender plans to redeem all of its $275 million subordinated notes maturing in November 2028.

All the major banks, however, retreated with ANZ the hardest-hit with a 0.7 per cent loss.

Source: AFR


Pic of the day

Local Equity News

Terra Uranium (ASX: T92) has been buoyed by positive geochemical test results from its inaugural diamond drill hole at the Parker Lake project in the world class Athabasca Basin in Canada.

The company’s executive chairman Andrew Vigar said the successful confirmation of the uranium potential at Parker Lake now sets the company up for an extensive, upcoming work program.

“The presence of anomalous uranium and pathfinders in our first drill hole at Parker is very encouraging and bears similarities to that recently reported from IsoEnergy’s Hawk Project on the Cable Bay shear zone 40km to the north east,” Mr Vigar said.

“We have only just begun to orientate ourselves on this fertile structure, having brought all the scientific data up to modern standards suitable for targeting of a major uranium discovery in this new domain.”

Diamond drill hole PK23-DD-01A intersected 1.5m of elevated radioactivity with a downhole gamma probe survey obtaining readings of approximately 400 counts per second.

Further assessment found the readings averaged 1,050 counts per second over a 1.5m section enveloping the identified unconformity deposit, with readings as high as 2,000 counts per second at the unconformity.

Notably, the unconformity was confirmed at 956m down-hole, some 80m deeper than expected.

CLICK HERE TO READ MORE

Source: Small Caps

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Recent Peak Deals

Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.099 -34.00%

Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.15 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: $0.007 Unchanged

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: $0.025 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: $0.008 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 Unchanged

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: $0.009 -10.00%

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: $0.045 -4.26%

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: $0.225 +4.65%

Company: Tymlez Ltd (ASX:TYM)
Sector: Blockchain
Deal Type: IPO/On-market purchase
Raise Amount: $13.3M
Latest Entry Price: $0.004 with a 1:1 option
Today’s Price Change: $0.004 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: $0.036 -2.70%

Company: Fatfish Group (ASX:FFG)
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: $0.68 +4.62%

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: $0.035 -2.78%

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 -19.05%

Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD

Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.005 -16.67%

Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.024 -4.00%

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).
 
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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