ASX 200 poised for a +0.5pc gain despite Wall Street’s mixed performance
Nvidia’s stock dropped nearly -7pc, prompting concerns about peak valuation
And tips to avoid scams when completing tax returns
The ASX 200 is poised to edge slightly higher when the market opens on Tuesday, despite losses on Wall Street. At 8am AEST, the ASX 200 futures contract was pointing up by +0.5%.
Overnight the S&P 500 fell by -0.31%, the blue chips Dow Jones index was up by +0.67%, and the tech-heavy Nasdaq tumbled by -1.09%.
Nvidia fell close to -7% or -13% in the last three sessions, sparking concerns that its stock price may have peaked.
“We remain concerned about a near-term unwind of many year-to-date leaders,” Jonathan Krinsky at BTIG told Bloomberg.
Trump Media & Technology surged by more than +20% following news that it anticipated receiving over US$69.4 million from the cash exercise of warrants last week.
Airbus rose modestly despite lowering its earnings and aircraft delivery targets for the year due to ongoing supply-chain problems.
Alnylam Pharmaceuticals was the best stock overnight, rising by +35% after its drug successfully treated severe and fatal heart disease, possibly paving the way for significant growth in its leading flagship drug.
Bitcoin temporarily dipped below US$60,000 amid increasing losses in the crypto market. The downturn reflects uncertainty surrounding monetary policies.
Oil prices meanwhile climbed around 1%, buoyed by expectations of robust summer travel demand and heightened concerns over supply disruptions stemming from tensions in the Middle East and drone strikes on Russian refineries.
Tips for avoiding tax return scams
Australians need to be cautious about online scams targeting them when completing tax returns.
CPA Australia says it’s important to stay vigilant as cybercriminals employ both familiar and new tactics to defraud taxpayers.
According to Joda Walter, Assistant Commissioner of Cyber Governance at the ATO, scams involving ATO-branded SMS and emails directing to fake myGov websites remain prevalent.
Walter also warns about the proliferation of fake social media accounts impersonating the ATO and myGov. These accounts, often found on platforms like Facebook and X, interact with users to lure them into clicking malicious links.
Here are some essential tips to recognise and avoid tax time scams:
1. Look for grammatical mistakes or unusual language in emails and SMS messages.
2. Beware of Links and QR Codes: The ATO has removed hyperlinks from unsolicited SMS messages to help people identify genuine messages.
3. Verify and examine the sender’s email address closely.
4. Avoid requests for personal information. The ATO never asks for sensitive information like passwords or account details via email or SMS.
5. Verify the authenticity of social media accounts claiming to represent the ATO or myGov.
6. The ATO does not discuss personal tax matters via private messages on social media. If you receive such messages, report the account immediately to [email protected].
7. If in doubt, verify the legitimacy of any communication by contacting the ATO directly at 1-800-008-540 or visiting their official website’s verify or report scams page.
Back to markets …
Gold price rose by +0.5% to US$2,333.82 an ounce.
Oil prices were up around +1%, with Brent crude now trading at US$86.12 a barrel.
The benchmark 10-year US Treasury yield fell around 2 basis points to 4.24%.
The Aussie dollar climbed by +0,2% to 66.59 cents.
The iron ore price retreated by -2.4% to US$102.60 a tonne.
Bitcoin meanwhile slipped by -6% in the last 24 hours to US$60,028 while Ethereum tumbled a further -2% to US$3,348.50
5 ASX small caps to watch today
Everest Metals (ASX:EMC)
EMC has acquired the Mukinbudin Uranium Project (MUP) in WA, which includes a historical Inferred Resource. It haw also signed a term sheet with Cobold Metals for Cobold to acquire the Mukinbudin project along with EMC’s Northern Territory Uranium Projects, Amadeus and Georgina. Cobold plans to list on the ASX in Q4 2024, with Henslow Advisers as lead manager. After the IPO, EMC will retain about 22.8% equity in Cobold, valued at approximately $2.6 million.
Argosy Minerals (ASX:AGY)
Argosy, through its local JV company Puna Mining, has expanded the Rincon Lithium Project by registering an additional 5,812 hectares of tenement area. This brings the total project area to 8,606 hectares, enhancing infrastructure and mining capabilities for the planned 10,000 tonnes per annum expansion. The new landholdings improve access to water, energy sources, and infrastructure needed for commercial and industrial development. Some of these tenements overlap with areas used for recent drilling, allowing Argosy to potentially upgrade the current Mineral Resource Estimate.
Cosmos Exploration (ASX:C1X)
Cosmos has acquired full ownership of the Angilak West and Nut Lake South Uranium Projects, significantly bolstering its uranium exploration assets in Nunavut’s Thelon Basin. This region is poised to become a prominent high-grade uranium mining area, akin to Saskatchewan’s Athabasca Basin. The acquisitions expand Cosmos’ land portfolio by 193.72km2, encompassing multiple uranium pitchblende occurrences that complement its existing Fenix Uranium Project.
Pinnacle Minerals (ASX:PIM)
Infill and extension drilling at the Capel Mineral Sands Project have revealed broad and shallow zones of heavy mineral (HM) mineralization across a potential trend spanning up to three kilometres, building upon historical wide-spaced drilling by Iluka. Initial heavy mineral assays from 26 holes have shown promising results, including highlights such as 3.4% HM over 7 meters, 3.0% HM over 5 meters in CAP011, and 2.9% HM over 6 meters in CAP002. Mineralization has been intersected from surface in all assayed holes so far.
Patriot Battery Metals (ASX:PMT)
Continued strong lithium mineralization have been discovered wide intervals from infill drilling at the CV5 Deposit, within the district scale Corvette Property. Highlights include:
o124.9 m at 1.72% Li2O and 135.7 m at 1.02% Li2O. Results for 4,538 m (16 holes) remain to be reported from the 2024 winter drill program – all from CV13 and including multiple step-out drill holes targeting the recently discovered/announced high-grade Vega Zone.
At Stockhead we tell it like it is. While Everest Metals is a Stockhead advertiser, it did not sponsor this article.
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