ASX 200 adds about 60 points after intraday record<\/p>\n
Nine of 11 sectors higher, IT weighed by US megatech losses<\/p>\n
Pearl Gull Iron pops on REE in Chile<\/p>\n
\u00a0<\/p>\n
Local markets surged on Friday following positivity overnight on Wall Street after softening June CPI data.<\/p>\n
Before lunch the ASX200 hit a new record peak before easing off a little in the arvo.<\/p>\n
By 4pm on Friday the benchmark was 64 points or 0.82% higher at\u00a0 7,954.40.<\/p>\n
Via Google<\/p>\n
The benchmark clocked its new record high on Friday before lunch as overnight CPI data showed US inflation was weaker than expected in June, suggesting the US Federal Reserve will soon cut rates.<\/p>\n
The upshot in Sydney was all sectors but for IT traded most of the session in the green.<\/p>\n
The signs of a US rate cut also lifted the AUD vs the greenback which dropped on the easier-than-expected US CPI read and the firming bets of a Fed rate cut by September.<\/p>\n
At home it was again the plucky Commonwealth Bank (ASX:CBA)<\/strong><\/a> which has defied critics to clock a new record high as one of many local beneficiaries when the local currency finds support.<\/p>\n CBA has added more than 1%, while in a massive blow to the mining industry BHP (ASX:BHP)<\/strong><\/a> suspended its WA nickel business. (Read > here<\/strong><\/a> for more on that.)<\/p>\n BHP stock is about 1% lower, allowing CBA to snatch BHP\u2019s throne as the largest ($220bn) market cap business in Australia.<\/p>\n The AUD on Friday has held around $0.67.67, near its best this year.<\/p>\n Above, via Google<\/em><\/p>\n Our currency (as per Google) looks pretty good since the Reserve Bank of Australia came in way, way late on the rate-cutting cycle, especially since our inflation looks a lot stickier right now, too.<\/p>\n Local markets still reckon there\u2019s a halfway decent (20%) chance the RBA could hike again, yet they\u2019ve all but priced out a chance of a rate cut this year.<\/p>\n Rate sensitive stocks outside the IT sector made the early running. Property and the Real Estate investment trusts (REITs), were early advancers.<\/p>\n By mid arvo Charter Hall (ASX:CHC)<\/strong><\/a> was ahead by almost 5.7%. Domain Holdings Australia (ASX:DHG)<\/strong><\/a> added 6.6%<\/p>\n Other uptown winners were Healthcare\u2019s ResMed (ASX:RMD)<\/strong><\/a>, while the All Ords Gold (XGD) Index added 3.3% with top goldies including Northern Star Resources (ASX:NST)<\/strong><\/a> and Newmont Corporation (ASX:NEM)<\/strong><\/a> rallying alongside both almost 3% stronger.<\/p>\n Likewise, local IT stocks followed the Nasdaq lower after the US megatech names \u2013 esp. the Magnificent Seven \u2013 all took an overnight hit as US traders rotated out of the big earners, back into short-term US Treasuries.<\/p>\n Our major IT stocks like WiseTech Global (ASX:WTC)<\/strong><\/a> (down 3.5% at lunchtime), Computershare (ASX:CPU)<\/strong><\/a> (down 3%) and the software accounting firm Xero (ASX:XRO)<\/strong><\/a> (down 1%) the major drags.<\/p>\n Elsewhere on Friday, it\u2019s \u2018au revoir\u2019 to the Maggie Beer Holdings (ASX:MBH)<\/strong><\/a> CEO Kinda Grange who\u2019s quit the kitchen,\u201cto progress her career externally\u201d.<\/p>\n Maggie B says Kinda has agreed to hang around to \u201cassist in transitioning\u201d to the new boss. MBH Chair Sue Thomas says the Board has started a transition process to a new CEO and will update the market.<\/p>\n Finally, we love a good Tungsten story here at Stockhead<\/em>.<\/p>\n This one features the Toronto-based, triple-listed Almonty Industries (ASX:AII)<\/strong><\/a>, which is going the Full Wolfram*<\/em> in South Korea.<\/p>\n AII says its Korean subsidiary \u2013 the Almonty Korea Tungsten Corporation \u2013 just signed an MOU with Yeongwol County for a Downstream Tungsten Oxide Plant at Sangdong, not far from the Sangdong Tungsten Mine. AII proposes to invest about US$150 million all up.<\/p>\n *Wolfram is, OFC, the cooler name for tungsten.<\/em><\/p>\n Nine of the 11 ASX sectors were in the green at 3.35pm AEST on Friday. The A-REIT sector the best \u2013 gaining +2.1% and some 3.4% over the past five days.<\/p>\n ASX Small Ordinaries (XSO) index has climbed about 1.4% while the ASX Emerging Companies (XEC) index rose about 1.7%.<\/p>\n The XSO and XEC are up 2.7% and 2.4% for the week.<\/p>\n Over the last five days, the ASX200 (XJO)\u00a0benchmark has gained about 1.7%.<\/p>\n \u00a0<\/p>\n\n Via Market Index<\/em><\/p>\n Briefly, some decent news out of China, where the trade surplus surged to US$99.05 bn in June, well up on the $69.8 bn of June a year earlier, and well beyond market expectations of $85bn.<\/p>\n It was the largest trade surplus since July 2022, as exports jumped and imports fell.<\/p>\n Overnight on Wall Street, US equities were mixed, with significant falls in the tech megacaps dragging the nasdaq and S&P500 lower. The tech heavy gave away 2%.<\/p>\n US Futures were mixed at 4pm in Sydney.<\/p>\n Via Fox Business<\/em><\/p>\n \u00a0<\/p>\n Here are the best-performing ASX small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n Code Company Price % Volume Market Cap MSG Mcs Services Limited 0.002 100% 611,513 $198,100 WML Woomera Mining Ltd 0.003 50% 1,438,263 $2,436,278 NSM Northstaw 0.016 45% 30,000 $1,538,634 3DP Pointerra Limited 0.064 36% 13,647,340 $37,838,609 EXL Elixinol Wellness 0.004 33% 151,926 $3,963,547 JNO Juno 0.03 30% 191,465 $4,184,741 EXT Excite Technology 0.009 29% 8,675,485 $10,179,692 AHN Athena Resources 0.0025 25% 1,000,000 $2,140,935 ALR Altairminerals 0.005 25% 9,795,134 $17,186,310 ME1 Melodiol Glb Health 0.0025 25% 418,122 $612,527 INV Investsmart Group 0.13 24% 73,000 $14,980,401 MLM Metallica Minerals 0.027 23% 3,790,762 $21,118,326 MDI Middle Island Res 0.017 21% 2,174,403 $3,049,956 OD6 Od6Metalsltd 0.052 21% 157,843 $5,533,677 RWD Reward Minerals Ltd 0.054 20% 154,235 $10,253,391 M2M Mtmalcolmminesnl 0.036 20% 1,624,704 $6,749,269 EVR Ev Resources Ltd 0.006 20% 2,273,464 $6,606,357 RNX Renegade Exploration 0.012 20% 5,193,934 $12,800,534 IMM Immutep Ltd 0.35 19% 16,236,423 $428,520,626 SKS SKS Tech Group Ltd 1.355 18% 719,050 $128,010,261 SNX Sierra Nevada Gold 0.039 18% 234,370 $3,150,029 DTI DTI Group Ltd 0.013 18% 250,000 $4,934,066 LYN Lycaonresources 0.36 18% 1,382,371 $16,160,371 NGX Ngxlimited 0.165 18% 104,545 $12,685,658 ZLD Zelira Therapeutics 0.71 17% 20,583 $6,865,029 <\/p>\n WordPress Table Plugin<\/a><\/p>\n A late mover on Friday is Pearl Gull, which has found a circutious route to securing some Ionic Absorption Clays (IAC) and Rare earths (REEs) farm-in agreement \u2013 potentially tapping into some tasty REEs out of the emerging IAC REE province on the coastal belt of Chile.<\/p>\n Pearl Gull Iron (ASX:PLG)<\/strong><\/a> says it\u2019s struck a deal to acquire a company called Huemul and it says Huemul has just struck a deal (and is negotiating a further deal) to earn up to an 80% interest in a company called NeoRe SpA.<\/p>\n This NeoRe SpA holds tenements and tenement applications in Chile, \u201chighly prospective\u201d for IACs and REEs \u2013 known as the La Marigen.<\/p>\n PLG says Project La Marigen has 5 tenement and tenement application covering a combined area of ~22,800ha along the prospective coastal belt.<\/p>\n Up about 23% is the Aussie biotech Immutep (ASX:IMM)<\/strong><\/a>, which has dropped some positive results from its Efti drug combination study with Merck & Co\u2019s anti-PD-1 therapy KEYTRUDA, as a first-line treatment for head and neck cancers.\u00a0 IMM says its Efti combination got the highest recorded positive response for a treatment approach not containing chemotherapy.<\/p>\n IMM says that based on the \u201cencouraging results and high unmet medical need,\u201d\u00a0 it will discuss the next step forward with regulators.<\/p>\n A surprise winner among the Aussie mid caps is fashion web retailer Cettire (ASX:CTT)<\/strong><\/a>.<\/p>\n CTT\u00a0 has shaken off some of the recent short-selling interest it\u2019s been attracting, up a chunky 25% after earlier this week welcoming investment banker Jon Gidney to the Board.<\/p>\n The stock is still down about 40% year-to-date.<\/p>\n Investsmart (ASX:INV)<\/strong><\/a> is having a great Friday, the wealth platform dropping some encouraging numbers in a business update despite tricky conditions.<\/p>\n The company delivered an operating profit for the fourth quarter after rationalising it\u2019s cost base. Shares have kicked about 25% higher.<\/p>\n SKS Technologies (ASX:SKS)<\/strong><\/a>\u00a0 has lifted forward guidance for FY25, expecting total annual revenue at circa $200+ million.<\/p>\n CEO Matthew Jinks says the boost is based on \u201ccontinually accelerating level of work on hand and the recently announced $90+ million project for an international hyperscale data centre project in Melbourne.\u201d<\/p>\n \u00a0<\/p>\n Here are the least performing ASX small cap stocks:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n [ssupsystic-tables id=15024]<\/p>\n \u00a0<\/p>\n Althea Group (ASX:AGH)<\/strong><\/a> \u2013 pending the release of an announcement regarding a capital raise.<\/p>\n Argent Biopharma (ASX:RGT)<\/strong><\/a> \u2013 pending the release of an announcement regarding a capital raising.<\/p>\n Norwest Minerals (ASX:NWM)<\/strong><\/a> \u2013 pending the release of an announcement regarding a capital raise.<\/p>\n Investigator Resources (ASX:IVR)<\/strong><\/a> \u2013 pending exploration drilling results under the Stuart Shelf Joint Venture.<\/p>\n Freehill Mining (ASX:FHS)<\/strong><\/a> \u2013 pending an announcement to ASX in connection with capital raising activities.<\/p>\n Augustus Minerals (ASX:AUG)<\/strong><\/a> \u2013 pending the release of an announcement regarding a capital raise.<\/p>\n \u00a0<\/p>\n Althea Group (ASX:AGH)<\/a> has launched its new medicinal cannabis dried flower range<\/a>, Atmos by Althea, in partnership with Canadian licensed producer Rocket Factory, in Australia and the UK.<\/p>\n Galan Lithium (ASX:GLN)<\/a> continues to progress its Hombre Muerto West (HMW) lithium-brine project in Argentina\u00a0towards Phase 1 production of 5,400tpa LCE with overall project completion now close to 40%<\/a>.<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While Althea Group and Galan Lithium, are Stockhead advertisers, they did not sponsor this article.<\/p>\n \u00a0<\/p>\n The post Closing Bell: ASX hits scary new highs as CBA becomes the new BHP<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX 200 sectors on Friday<\/h2>\n\n
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Not the ASX<\/h2>\n
ASX SMALL CAP LEADERS<\/h2>\n
ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n
ICYMI \u2013 PM EDITION<\/h2>\n