FIVE at FIVE AU: Australian shares up as US focus turns to earnings and, in Australia, jobs By Proactive Investors

by Admin
October 14, 2024

Australian shares were buoyant today, gaining 32.70 points or 0.40% to 8,247.20..

The biggest winners were Regis Resources Ltd and Bellevue Gold Ltd, up 5.56% and 5.15% respectively.

Over the last five days, the index has gained 1.19% and is currently 0.46% off its 52-week high.

Across the sectors, Materials was the standout performer, up 1.34%, while Health Care (0.80%) and Financials (0.56%) also fared well in the afternoon’s trade.

There were some stragglers though, including Information Technology (-0.64%) and Consumer Discretionary (-0.58%).

Focus on earnings reports; jobs

The week ahead holds some key pointers for investors. IG senior analyst Tony Sycamore enumerates them:

“This week, the market will focus on earnings reports from Bank of America (NYSE:), Goldman Sachs (NYSE:), Morgan Stanley (NYSE:NYSE:), Citigroup and Netflix (NASDAQ:).

“Additionally, there will be interest in speeches from several Fed officials and retail sales data for September. Ahead of the November FOMC meeting, the rates market is pricing in 22bp of cuts, down from 40bp a few weeks ago.

“Provided the remains above a critical layer of support at 19,600/500, we look for a test and break of the mid-July 20,690 high before a push towards 21,500.

“Aware that if the Nasdaq100 were to see a sustained break of support at 19,600/500, it would warn that a deeper decline is underway towards support at 18,400.”

For locals, the Australian Labour Force Report, out on Thursday, will deliver insights into the health of our economy.

“Last month (August), the Australian economy added 47.5k jobs, stronger than the 25k gain the market had expected and the unemployment rate remained at 4.2%.

“This month, the preliminary expectation is that the Australian economy will create 25k jobs, and the unemployment rate will remain at 4.2%.

“The Australian interest rate market starts the week pricing in 10bp of RBA rate cuts for December and 45bp of RBA rate cuts by May 2025.”

The five at five

Andromeda Metals takes capital raising efforts to $3.82 million

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Sunstone Metals prepares for maiden copper-gold resource at El Palmar following $4 million SPP

Sunstone Metals Ltd (ASX:STM) is gearing up to produce a maiden mineral resource estimate for the El Palmar Copper-Gold Project in northern Ecuador after raising $4 million in a share purchase plan (SPP) in addition to a recent $2.5 million placement.

Triangle Energy welcomes settlement timeframe with Pilot for Cliff Head Joint Venture

Triangle Energy (Global) Ltd welcomes the negotiation of an updated settlement timeframe for the sale of the Arrowsmith land and facilities as part of the Cliff Head Sale and Purchase (S&P) Deed with Pilot Energy (ASX:PGY) Ltd.

Forrestania Resources eyes $950,000 in capital raise to fund Bonnie Vale drilling

Forrestania Resources Ltd (ASX:FRS) is poised to kick-off a combined placement and share purchase plan (SPP) for up to $950,000 with proceeds to go to gold exploration programs, particularly at the Bonnie Vale Project near Coolgardie in Western Australia.

Arovella Therapeutics establishes Clinical Advisory Board ahead of key US FDA meeting

Australian biotech Arovella Therapeutics Ltd has assembled a Clinical Advisory Board (CAB) boasting three key opinion leaders and clinical oncologists in preparation for a key US Food and Drug Administration (FDA) meeting.

On your six

International e-waste day: Australia falls short on extracting valuable commodities from electronics

E-waste is the fastest growing waste stream globally yet Australia’s largest companies are neglecting it, according to Sircel chief executive Anthony Karam.

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