How was your weekend?
The team are back at PeakHQ after what was an excellent week in Perth.
Across markets
After opening decisively higher on a surge in Amazon, as well as Intel, news that Israel is moving ever closer to a ground invasion of Gaza knocked the wind out of Wall Street.
The Dow tumbled more than 360 points; the S&P 500 losses extended its drop from its July peak to 10.3 per cent. All three major US benchmarks shed at least 2 per cent this week.
As of Friday, the reporting season had essentially reached the halfway point, with 245 of the companies in the S&P 500 having reported. Of those, 78 per cent have delivered consensus-beating earnings, Reuters said.
Analysts now expect aggregate annual S&P earnings growth of 4.3 per cent, a sharp improvement over the 1.6 per cent growth seen at the beginning of the month.
Israel Defence Forces (IDF) spokesperson Daniel Hagari announced that Israel’s ground forces are expanding their ground operations tonight (Saturday AEDT).
“We are prepared on all fronts to preserve Israel’s security,” Hagari said during a televised statement, according to The Guardian.
Oil rebounded to trade above $US90 a barrel, gold moved through the $US2000 an ounce mark.
Market highlights
ASX futures down 67 points or 0.98% to 6772 near 7am AEDT
- AUD +0.2% to 63.35 US cents
- Bitcoin -1.2% to $US33,779 at 7.30am AEDT
- On Wall St: Dow -1.1% S&P -0.5% Nasdaq +0.4%
- In New York: BHP +0.8% Rio +1.1% Atlassian +0.3%
- Tesla +0.8% Apple +0.8% Amazon +6.8% Intel +9.3%
- Stoxx 50 -0.9% FTSE -0.9% DAX -0.3% CAC -1.4%
- Spot gold +1.1% to $US2006.37/oz at 4.59pm in New York
- Brent crude +2.9% to $US90.44 a barrel
- Iron ore +2.3% to $US119.75 a tonne
- 10-year yield: US 4.83% Australia 4.81% Germany 2.83%
- US prices as of 4.59pm in New York
Source: AFR
- Beaten graphite stocks see glimmer of hope as Chinese export restrictions raise hope for higher prices
- Shaw and Partners analyst Peter Kormendy says prices will have to rise to incentivise new mines
- Under business as usual, China will own more than 90% of the anode market until at least 2035
Graphite stocks have been down on the canvas throughout 2023, threatening to become the never was of the first wave EV investment boom.
While lithium miners have seen astonishing runs as prices hit record highs in 2022 and since depressed nickel, cobalt and copper have all seen Syrah Resources -SYR their day in the sun, graphite has struggled to fire.
It’s confusing given graphite — used in the anode in EV and other lithium ion batteries — makes up more of the metal content of a battery than any other commodity.
A complicated material, natural graphite is not only sold in a variety of different products and grades for different end markets, it also faces competition from synthetic sources of the material made from carbonaceous products like petroleum and coal.
The type of graphite commonly quoted as a bellwether for the graphite heading into batteries is 94-95% carbon -100 mesh flake graphite. That rose steadily in 2022 but has fallen sharply in 2023, fetching US$563/t at the start of October according to Benchmark Mineral Intelligence, down around 31% this year.
Benchmark’s graphite index is down 29.3% YTD, and that’s without experiencing the extraordinary highs other battery metals saw last year.
To top it off, the supply chain is so heavily concentrated in China that the world’s biggest producer has extraordinary control over the key EV metal, and rising supply of natural and synthetic graphite for anode materials has been a big driver of price suppression this year.
But, lo and behold, those same fears had graphite miners, developers and explorers surging last week after reports emerged China planned to place export controls on graphite products used in EV batteries.
That has the potential to see anode material and flake graphite prices catch a break as non-Chinese battery producers stockpile material ahead of a December 1 deadline for restrictions to begin, BMI says.
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.012 +9%
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.14 Unchanged
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.14 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: $0.006 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: $0.02 -4.35%
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 +14.29%
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: $0.010 -9.26%
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: $0.013 +8.3%
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: $0.046 -6.19%
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: $0.185 +2.70%
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: $0.035 Unchanged
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: $0.01 -9.09%
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.62 +3.80%
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: $0.025 -3.69%
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: $0.015 Unchanged
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: $0.004 Unchanged
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: $0.023 +4.3%
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
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