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 28 November, 2023

Is it almost December or July? 

We’re yet to see any signs of Summer weather yet here in Melbourne!

Market highlights
ASX futures up 6 points or 0.1% to 7014 near 8am AEDT

  • AUD +0.3% to 66.06 US cents
  • Bitcoin -1.4% to $US36,953 at 8.18am AEDT
  • On Wall St at 4pm: Dow -0.2% S&P -0.2% Nasdaq -0.07%
  • In New York: BHP -1.1% Rio -1% Atlassian -0.7%
  • Tesla +0.3% Apple -0.1% Amazon +0.7%
  • VIX +2.2% QQQ +0.00% TLT +1.5%
  • Stoxx 50 -0.4% FTSE -0.4% DAX -0.4% CAC -0.4%
  • Spot gold +0.6% to $US2012.86 /oz at 2.18pm in New York
  • Brent crude -0.3% to $US80.34 a barrel
  • Iron ore -0.9% to $US132.65 a tonne
  • 10-year yield: US 4.38% Australia 4.56% Germany 2.55%
  • US prices as of 4.15pm in New York

Across markets

Australian shares are poised to edge higher at the open with global bond yields easing as well as oil. Gold topped the $US2000 an ounce mark. Bitcoin is holding above $US37,000. The US 10-year yield fell below 4.40 per cent.

The local focus will be on October retail sales, though investors will be watching for updates on Black Friday and Cyber Monday sales too.

Online shopping deals as part of Cyber Monday are expected to entice American shoppers to spend a record $US12 billion, according to a Reuters report citing Adobe Analytics.

In a note, NAB said it expects weaker retail sales: “… we pencil in a – 0.4 per cent decline (consensus +0.2 per cent). October was strong, up 0.9 per cent m/m, and our internal data points to some payback in October.

“The pulse of retail will be difficult to read into year-end given shifting spending patterns due to the rise of Black Friday/Cyber Monday shopping. We warn not to extrapolate what is likely to be a soft October print.”

Source: AFR

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Closer to Home
HARANGA RESOURCES (ASX:HAR)

With the uranium spot price sailing through US$80/lb for the first time in 12 years last week, investors are closely monitoring which slice of yellowcake will rise above the pack.

Today’s appetite appears to lie with Haranga which is advancing the Saraya uranium project in Senegal where a major auger drilling program is currently under way.

It has been a busy few months for the relative newcomer to the niche pod of ASX-listed uranium players with an inferred resource of 12.5Mt @ 587ppm eU3O8 for 16.1Mlb defined over Saraya, $2.86 million raised for the next phase of exploration and experienced uranium executive Peter Batten joined the company as managing director, all since the beginning of September.

Speaking to Stockhead recently about his appointment, Batten suggested his return to the yellowcake sector – he was previously managing director of Namibian uranium hopeful Bannerman Energy (ASX: BMN) in the mid-to-late 2000s – could not have be better timed, if market forecasts are to be believed.

“This next bull run in uranium has been coming since 2010,” Batten said.

“The fundamentals were building up, there was an 8-10Mlbpa shortfall, everybody was talking about the uranium cliff before Fukushima happened and all of a sudden there was 10Mlb of uranium floating in the system with no home to go to.

“There’s currently 458 operating reactors, there’s 58 under construction at the moment and there’s another 104 that are planned. So it does seem that this interest in uranium can be sustained.”
Source:Stockhead

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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 Dayton Way Securities 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
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