The benchmark index has ended pretty flat on Friday, but up +1.7% for the week<\/p>\n
Energy, Mining sectors offset losses in Utilities, Industrials<\/p>\n
Small caps led by takeover duo AGR, MIL<\/p>\n
The Australian sharemarket has not covered itself in glory on the final trading day before Christmas, despite another Wall Street rebound and a generally upbeat outlook heading into the New Year.<\/p>\n
Via MarketIndex<\/em><\/p>\n At 4.15m on Friday December 22, the S&P\/ASX200 was down two and a half points, or -0.033%, which we\u2019re calling a win anyway \u2013 to 7501 points.<\/strong><\/em><\/p>\n Via Google<\/p>\n The ASX will be closed on Monday and Tuesday for Christmas Day and Boxing Day. I\u2019ll be in bed. Trading will resume on Wednesday. I may still be in bed.<\/p>\n In company news, shipbuilder Austal (ASX:ASB)<\/strong><\/a> is up around +4.9% after its US business secured a US$867mn contract with the ever-expanding US Navy, this time for three medical ships.<\/p>\n Closer to home, Lynas (ASX:LYC)<\/strong><\/a> and its rare earths have recovered much of this week\u2019s losses \u2013 adding some +4.5% even though they\u2019ll possibly get hit by China\u2019s recent refusal to share key rare-earth processing tech.<\/p>\n Pilbara Minerals (ASX:PLS)<\/strong><\/a>\u00a0 and Whitehaven Coal (ASX:WHC)<\/strong><\/a> have also helped the Materials sector lead the winners out of the gate on Friday.<\/p>\n But, not enjoying the silly season at all is Core Lithium (ASX:CXO)<\/strong><\/a>\u00a0stock which has been shot down by more than fifth.<\/p>\n CXO is reviewing its operations near Darwin as the lithium price continues to age investors prematurely.<\/p>\n Core owns the NT\u2019s only lithium mine, but with the price of spodumene concentrate\u00a0 down some -82% this year,\u00a0 the company is considering its options in the NT, including \u201cpossible temporary curtailment of mining operations\u201d.<\/p>\n Meanwhile, it\u2019s three mumbled cheers for Twiggy et al, as Fortescue (ASX:FMG)<\/strong><\/a> broke through its all time high as expectations of stronger iron ore demand out of China for the winter restocking lifted prices more than +2.6% overnight.<\/p>\n Demand for next year remained underpinned by bets of ample infrastructure spending by Beijing. That\u2019s yet to be materialised.<\/p>\n Nevertheless officials in Beijing have promised an additional CNY 1 trillion of debt for infrastructure and manufacturing ideas\u2026 that\u2019s on top of the other vague but promising signals that infrastructure spend in China could be a short-term cure for the current debt crisis within which the property sector remains fettered to its own hubris.<\/p>\n Via MarketIndex<\/em><\/p>\n And speaking of China\u2026<\/strong><\/p>\n The Hang Seng has made gains into lunchtime in Hong Kong adding almost +0.5% for a decent half day\u2019s work by recent standards.<\/p>\n On the flip side, both China\u2019s mainland indices \u2013 the Shanghai Composite and the tech-heavy Shenzhen exchange \u2013 are down around -0.35% with Beijing\u2019s mixed signals on economic policy weighing on sentiment.<\/p>\n Hong Kong will end the week lower, however, as will the mainland indexes \u2013 marking a fifth straight losing week into Christmas and ensuring both Shanghai and Shenzhen finish 2023 below<\/em> where they started it.<\/p>\n And remember, this time last year everyone was loopy about China\u2019s world-changing economic reopening.<\/p>\n On Wednesday, the People\u2019s Bank of China (PBoC) held benchmark lending rates unchanged, a disappointing finale to a disappointing year on the stimulative policy front.<\/p>\n \u00a0<\/p>\n Overnight in the states, nine out of every 10 companies on the S&P500 gained something \u2013 the benchmark itself added another +0.95% to be within reach of its all-time high with a session to spare before Christmas \u2013 and this, a day after its biggest intraday losses since late September.<\/p>\n The Dow Jones Industrial Average rose 322 points, or +0.9%, and came close to setting a record for the sixth time in the last seven days.<\/p>\n The tech-driven Nasdaq Composite casually added a further +1.3%.<\/p>\n Over the past 12 months the Americans have made a good fist of a what seemed a bad hand:<\/p>\n Via Google<\/em><\/p>\n \u00a0<\/p>\n But for now, Wall Street is back in inflation-stasis as traders await the next hurdle, with US PCE (personal consumption expenditures) data \u2013the last one of the year \u2013 dropping on Saturday morning (Sydenham time).<\/p>\n Traders are salivating for a sudden spate of rate cuts in early in 2024.<\/p>\n According to the CME FedWatch Tool, the Americans are circa 70% odds-on that Chair J. Powell and friends at the Fed will begin cutting the cost of borrowing money as soon as March.<\/p>\n \u00a0<\/p>\n On Friday morning in New York, US Futures are however\u2026 anxious:<\/strong><\/em><\/p>\n Via Fox News<\/em><\/p>\n \u00a0<\/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 WordPress Table Plugin<\/a><\/p>\n First up on Friday, is surprise takeover target Millennium Services Group (ASX:MIL)<\/strong><\/a>.<\/p>\n MIL says it has entered into a scheme implementation agreement with an entity run by SoftBank Robotics Singapore for the acquisition of 100% of the shares in Millennium by way of scheme of arrangement.<\/p>\n In brief:<\/p>\n Millennium shareholders have been giventhe option to receive $1.15 cash per Millennium share, unlisted scrip consideration or a combination of cash and unlisted scrip consideration.<\/p>\n The $1.15 cash per Millennium share consideration represents an 85% premium to Millennium\u2019s closing share price of $0.62 per share on 21 December 20231 and a 105% premium to the 3-month volume weighted average price up to and including 21 December 2023.<\/p>\n And an enthused Millennium board \u2018unanimously recommends that shareholders vote in favour of the scheme, in the absence of a Superior Proposal\u2019<\/p>\n \u2026 and OFC, subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Millennium shareholders.<\/p>\n Nice Xmas pressie there \u2013 up +70%.<\/p>\n Still on the takeover theme, Aguia Resources (ASX:AGR)<\/strong><\/a> is hoping to be bed down the South American gold hunter Andean Mining.<\/p>\n AGR wants to acquire Andean and its pre-Xmas sexy Santa Barbara gold mine as well as the Atocha silver-gold exploration project in an all-share, everyone in the same bed offer.<\/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 WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Orion Equities (ASX:OEQ)<\/strong><\/a> \u2013 In relation to the company\u2019s listed shares pending the release of a market announcement in respect of the company\u2019s entitlement to a royalty on production from the Paulsens East Iron Ore Project owned by Strike Resources (ASX:SRK)<\/strong><\/a><\/p>\n Strike Resources (ASX:SRK)<\/strong><\/a> \u2013 Also in relation to the company\u2019s Paulsens East Iron Ore Project and Apurimac Iron Ore Project<\/p>\n European Lithium (ASX:EUR)<\/strong><\/a> \u2013 Pending an announcement in connection with the effectiveness of the NASDAQ merger transaction<\/p>\n Novatti (ASX:NOV)<\/strong><\/a> \u2013 Pending an announcement by the company regarding a capital raising<\/p>\n Aurumin (ASX:AUN)<\/strong><\/a> \u2013 Pending the release of an announcement (\u201cAnnouncement\u201d) in relation to the transaction with Beacon Minerals involving the sale Mt Dimer mining tenements, and transactions associated with the Convertible Note<\/p>\n Black Mountain Energy (ASX:BME)<\/strong><\/a> \u2013 In relation to an announcement concerning an application to be removed from the official list of the ASX<\/p>\n A2B Australia (ASX:A2B)<\/strong><\/a> \u2013 With respect to its ordinary shares, pending the release of an announcement in relation to the status of the settlement of the O\u2019Riordan Street property<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Closing Bell: Benchmark fails to fire on Friday, but ends only a few points lower in a lovely Christmas red<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX Sectors on Friday<\/h2>\n
Wall Street, 2023<\/h2>\n
TODAY\u2019S ASX SMALL CAP LEADERS<\/h2>\n
TODAY\u2019S ASX SMALL CAP LAGGARDS<\/h2>\n
TRADING HALTS<\/h2>\n