Hedge fund Totus Capital hit by Santos short and CBA rally
In the Sydney-based short seller's latest update to investors, portfolio manager Ben McGarry said not owning index heavyweights including Telstra – which has accounted for most of the ASX's rally this year – had hit performance.
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Perth Now
9 hours ago
- Perth Now
ASX soars on shock jobs figures
Australia's sharemarket closed at a record high for the second time in four trading days after weaker than expected jobs figures renewed hopes of an August rate cut. The benchmark ASX 200 jumped 77.20 points or 0.90 per cent to 8,639. The broader All Ordinaries also had a strong day up 74.40 points or 0.84 per cent to close Thursday's trading at 8,890.80. The Aussie dollar slumped 0.87 per cent and is now buying 64.64 US cents at the time of writing. Australia's markets immediately responded to the ABS announcement of a jump in the unemployment rate, with bond traders pricing in a 98 per cent chance of a rate cut. ASX soars after weaker than expected job figures. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia The unemployment rate rose to 4.3 per cent last month against expectations of holding flat at 4.1 per cent. With expectations of lower rates, the Australian dollar slumped back below 65 US cents, while Australia's sharemarket jumped on the news. AMP economist My Bui told NewsWire the fall in the Australian dollar followed the market pricing in a more definite rate cut by the RBA. It was a sea of green on the markets, with all 11 sectors finishing higher, led by industrials, financials and technology stocks. 'We continue to see the jobs market as being weaker than the (figures suggests),' Ms Bui said. 'Yes the unemployment rate seems quite low but this month we've seen weakening in multiple measures, including leading indicators in the job market which I think the RBA will pay attention to.' Betashares chief economist David Bassanese said the weaker than expected job figures were a 'slum dunk' for rate cuts in June. 'We'll need more consistent signs of weakness in both employment and hiring indicators before we can conclude the labour market is turning,' he said. 'That said, today's result clearly adds to the case for a RBA rate cut at the August policy meeting provided next week's Q2 CPI report is not a shocker.' Market heavyweight CBA jumped 1.82 per cent to $180.80, while NAB gained 1.12 per cent to $38.70, Westpac finished 1.20 per cent higher at $33.70 and ANZ climbed 1.10 per cent to $30.45. Despite the ASX overall soaring, it was mixed news for the miners. NewsWire / Jeremy Piper Credit: News Corp Australia Tech stocks also rose with Xero jumping 1.71 per cent to $179.13, Life360 finished 1.10 per cent higher to $35.80 and Codan jumped 3.13 per cent to $19.75. Iron ore miners had a mixed day despite the price of the commodity rising to a two-month high, surpassing $US100 a tonne during the day's trading. BHP closed flat at $39.11, Fortescue gained 0.30 per cent to $16.91 and Rio Tinto gained 0.52 per cent to $7.48. In company news shares in Clarity Pharmaceuticals rose 2.05 per cent to $3.48 after announcing an important milestone in the Co-PSMA trials. Shares in superannuation and fund management business Australian Ethical soared 7.40 per cent to $6.68 after releasing its fourth quarter and full yearly update. The ethically based fund said there was a 34 per cent increase in funds under management to $13.94bn. The fight for ASX listed wagering business Pointsbet continued with Mixi formally lodging a second takeover bid and Betr announcing an unsolicited all-scrip takeover on Wednesday after the market closed. Shares in Pointsbet closed flat. Qantas shares also finished in the green up 0.55 per cent to $11.04 after it secured a Supreme Court injunction to stop stolen data being published by anyone, a few weeks after cybercriminals gained access to the airlines systems and stole 5.7 million customers personal details.
News.com.au
9 hours ago
- News.com.au
Closing Bell: ASX plays sweet music in symphony of gains, hits new high
ASX crescendos, adding 0.9pc to close at new all-time high of 8639 points Powerful gains across every sector, with all 11 closing higher Financials leads wins, with major banks at the vanguard A fanfare of triumphs The ASX was singing today, up right out of the gate and moving with plenty of pep in its step all through trade to add 0.9%. We also set a new closing high after nudging that bar higher just 48 hours ago, closing at 8639 points with every single sector flashing green from industrials (+1.43%) to a more subdued but still buoyant materials sector (+0.18%). The key data was a much lower than expected number of new jobs added in June (2000 vs 20,000 forecasts). That has rate cuts in full focus for August's RBA meeting. The top banks were leading the chorus, pumping the ASX 200 Banks index up by 1.46% and making some tidy individual gains. Commonwealth Bank (ASX:CBA) jumped more than $3 a share, adding 1.82%, while NAB (ASX:NAB), Westpac (ASX:WBC) and ANZ (ASX:ANZ) all climbed about 1%. The All Tech joined the orchestra, climbing 0.78%. Weebit Nano (ASX:WBT) continued its bull run, adding another 7.4% today. The semiconductor stock has shot up 22% in the last five days. The Philadelphia Semiconductor Sector – tracking the 30 largest US semiconductor companies – jumped 8% over the last month as traders shrugged off more semiconductor tariff threats from Trump. Check out our Stock Insiders podcast episode with Weebit CEO Coby Hanoch to explore the company's ReRAM and neuromorphic computing platform. Rounding out our midcap tech gains, Fineos (ASX:FCL) added 6.4% and NUIX (ASX:NXL) 4.8%. Gold miners under the microscope Taking a closer look at our resources sector, there were production reports out of two key mid-tier gold miners Genesis Minerals (ASX:GMD) and Gold Road Resources (ASX:GOR). Thankfully, broker reports from Argonaut are helping us make sense of it all today. Gold production numbers at the Gruyere gold mine came in 11% below Argonaut expectations at ~73,000oz but the broker reckons mining physicals were steady quarter on quarter, and milling grades increased from 1.05g/t to 1.11g/t. All largely immaterial for the miner's share price, given it's already acquiesced to a $3.7bn takeover from 50-50 JV partner Gold Fields. GOR is currently under a Scheme of Arrangement with Gold Fields, whereby the South African company will acquire 100% of Gold Road shares – Argonaut reiterates its hold recommendation, predicting the transaction will be voted through in a September shareholder meeting. Raleigh Finlayson's Leonora gold miner Genesis Minerals managed to tip just over expectations for both gold produced (61.5koz) and reported cash and bullion (A$263m), although ASIC was a touch higher (6%) than expected. At 214,311oz, it also cleared full year guidance of 190-210,000oz. Argonaut is maintaining its buy recommendation on GMD, alongside a price target of $6.70 compared to today's close of $3.95. Dollar dives and market climbs as unemployment rises Unemployment numbers took pundits by surprise today, rising 4.3% compared to expectations of 4.1% with only 2000 people finding new jobs this month. AUD slipped from US$0.6516 to US$0.6492 within the hour, coming to a rest near US$0.6465 at market close. Unemployment hasn't been this high since the covid days of November 2021. There's a good chance it'll be enough to move the RBA's rate cut dial – the market is pricing in an 84% chance of a rate cut in August. That expectation meant little last month, but there's a lot more negative data for the RBA to respond to this time. 'In terms of policy implications, we continue to expect the RBA to cut 25 basis points at its next meeting August after its surprisingly hawkish 'on hold' decision last week,' Goldman Sachs economist Andrew Boak said. 'The data also supports our view that Australia's labour market is no longer 'tight' and should not be a barrier for further cuts.' ASX SMALL CAP LEADERS Today's best performing small cap stocks: Code Name Last % Change Volume Market Cap RPG Raptis Group Limited 0.23 77% 652321 $45,589,031 HLX Helix Resources 0.0015 50% 1498601 $3,364,194 PRM Prominence Energy 0.003 50% 1071469 $972,941 SIS Simble Solutions 0.006 50% 1541312 $4,329,321 SLZ Sultan Resources Ltd 0.006 50% 1617803 $925,880 G50 G50Corp Ltd 0.27 42% 3173630 $30,513,555 CPV Clearvue Technologie 0.255 34% 2189794 $52,938,782 CCO The Calmer Co Int 0.004 33% 174068 $9,034,060 EMT Emetals Limited 0.004 33% 481419 $2,550,000 ICG Inca Minerals Ltd 0.016 33% 35712735 $19,618,334 RLF Rlfagtechltd 0.06 33% 3625840 $16,735,716 BMR Ballymore Resources 0.2 25% 104227 $28,276,894 D3E D3 Energy Limited 0.25 25% 250362 $15,895,001 LEX Lefroy Exploration 0.125 25% 1541908 $24,842,014 BUY Bounty Oil & Gas NL 0.0025 25% 105200 $3,122,944 MSI Multistack Internat. 0.005 25% 139160 $545,216 RGL Riversgold 0.005 25% 3469248 $6,734,850 VEN Vintage Energy 0.005 25% 16472595 $8,347,655 TNY Tinybeans Group Ltd 0.14 22% 1002687 $17,009,700 GNM Great Northern 0.017 21% 224271 $2,164,807 MDR Medadvisor Limited 0.07 21% 2743540 $36,264,738 NSB Neuroscientific 0.18 20% 910625 $49,886,356 ADD Adavale Resource Ltd 0.024 20% 4313414 $3,655,626 ADG Adelong Gold Limited 0.006 20% 2719501 $11,243,383 AKN Auking Mining Ltd 0.006 20% 3781298 $3,440,582 Making news... Gold coast property developer Raptis Group's (ASX:RPG) share surged in trade today as long serving director James Raptis resigned from the board alongside his son Evan. Earlier this year the ATO dropped a $110m case against Mr Raptis after striking a payment deal. Court documents alleged apparent 'tax avoidance arrangement' related to Raptis and 11 companies allegedly linked to him. Incoming CEO Russell Garnett says the company will be re-strategising, moving away from property development, hinting the new direction will be related to management rights in a similar vein to his co-living property company Vuvale. RLF AgTech (ASX:RLF) is turning heads after closing out a strong 2024FY with big increases in customer cash receipts, up 74% compared to last year and set to grow even more in June. The plant nutrition company has inked deals with a slew of distributors, expanding its Australian footprint to more than 520 stores. In parallel, pre-orders out of China for the month of June have shot up 73% compared to the same time last year. Photo-sharing subscription company TinyBeans (ASX:TNY) is also rising on a solid financial report tide, delivering positive operating cash flows for a second consecutive quarter after raking in US$141,000. The all-important annual subscription numbers jumped 12% on last year, generating $5.08m in revenue and bringing TNY's cash balance to $2.62m. Vintage Energy (ASX:VEN) has launched a suite of production improvement measures at the Odin and Vali gas field. If all goes as planned over the next month or two, the work could increase flows by up to 5.6 MMscf/day and pay itself off within three months. VEN has also offloaded its interest in PEP 171 to Beach Energy (ASX:BPT) in return for $1.25m. Adelong Gold (ASX:ADG) has officially transitioned into gold producer status after achieving first gold pour at the Challenger gold mine in NSW. ADG is now focused on realising the value of Challenger's 188,000oz gold bounty alongside project operator and JV partner Great Divide Mining (ASX:GDM). ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Code Name Last % Change Volume Market Cap FTC Fintech Chain Ltd 0.003 -25% 92445 $2,603,078 SHP South Harz Potash 0.003 -25% 1195668 $5,132,248 KAI Kairos Minerals Ltd 0.024 -20% 18497447 $78,927,366 CUL Cullen Resources 0.004 -20% 2214433 $3,467,009 FHS Freehill Mining Ltd. 0.004 -20% 200000 $17,069,268 ROG Red Sky Energy. 0.004 -20% 439799 $27,111,136 DTZ Dotz Nano Ltd 0.03 -19% 544718 $21,906,379 M24 Mamba Exploration 0.013 -19% 2509739 $4,722,650 BEL Bentley Capital Ltd 0.009 -18% 24773 $837,407 KNG Kingsland Minerals 0.12 -17% 227163 $10,521,332 BPP Babylon Pump & Power 0.005 -17% 2531037 $20,261,346 ERL Empire Resources 0.005 -17% 1169775 $8,903,479 FBR FBR Ltd 0.005 -17% 3362307 $34,136,713 TFL Tasfoods Ltd 0.005 -17% 350 $2,622,573 SWP Swoop Holdings Ltd 0.11 -15% 20156 $27,882,220 HIO Hawsons Iron Ltd 0.017 -15% 12313365 $20,330,027 IRI Integrated Research 0.42 -14% 1719541 $86,902,827 ADR Adherium Ltd 0.006 -14% 1035754 $9,708,707 ALR Altairminerals 0.003 -14% 2184510 $15,038,605 ANR Anatara Ls Ltd 0.006 -14% 13149 $1,493,686 AZL Arizona Lithium Ltd 0.006 -14% 1185451 $36,892,201 DGR DGR Global Ltd 0.006 -14% 1994009 $7,305,872 EMU EMU NL 0.024 -14% 20459 $5,914,957 FRS Forrestaniaresources 0.12 -14% 1371044 $43,543,140 HHR Hartshead Resources 0.006 -14% 15550610 $19,660,775 IN CASE YOU MISSED IT CuFe (ASX:CUF) has updated the indicated resources at its Tennant Creek copper-gold project as it looks to release a scoping study in the near-term. StockTake: Heavy Rare Earths (ASX:HRE) makes progress at Radium Hill in South Australia, looking to unlock the project's uranium, scandium and rare earths. Brightstar Resources (ASX:BTR) has started mining the Fish underground gold mine at its Laverton Hub operations and is looking for in-mine upside at Second Fortune. Confirmation of mineralised trends at Locksley Resources' (ASX:LKY / OTCQB: LKYRF) Mojave project in the US is guiding targeting efforts and refining modelling to define exploration targets. TRADING HALTS Artemis Resources (ASX:ARV) – cap raise Horizon Gold (ASX:HRN) – cap raise Ordell Minerals (ASX:ORD) – cap raise RareX (ASX:REE) – cap raise Renegade Exploration (ASX:RNX) – cap raise Solara Minerals (ASX:SLA) – proposed acquisition At Stockhead, we tell it like it is. While Weetbit Nano is a Stockhead advertiser, it did not sponsor this article.
News.com.au
9 hours ago
- News.com.au
ASX soars as expectations of rate cut on spike in unemployment
Australia's sharemarket closed at a record high for the second time in four trading days after weaker than expected jobs figures renewed hopes of an August rate cut. The benchmark ASX 200 jumped 77.20 points or 0.90 per cent to 8,639. The broader All Ordinaries also had a strong day up 74.40 points or 0.84 per cent to close Thursday's trading at 8,890.80. The Aussie dollar slumped 0.87 per cent and is now buying 64.64 US cents at the time of writing. Australia's markets immediately responded to the ABS announcement of a jump in the unemployment rate, with bond traders pricing in a 98 per cent chance of a rate cut. The unemployment rate rose to 4.3 per cent last month against expectations of holding flat at 4.1 per cent. With expectations of lower rates, the Australian dollar slumped back below 65 US cents, while Australia's sharemarket jumped on the news. AMP economist My Bui told NewsWire the fall in the Australian dollar followed the market pricing in a more definite rate cut by the RBA. It was a sea of green on the markets, with all 11 sectors finishing higher, led by industrials, financials and technology stocks. 'We continue to see the jobs market as being weaker than the (figures suggests),' Ms Bui said. 'Yes the unemployment rate seems quite low but this month we've seen weakening in multiple measures, including leading indicators in the job market which I think the RBA will pay attention to.' Betashares chief economist David Bassanese said the weaker than expected job figures were a 'slum dunk' for rate cuts in June. 'We'll need more consistent signs of weakness in both employment and hiring indicators before we can conclude the labour market is turning,' he said. 'That said, today's result clearly adds to the case for a RBA rate cut at the August policy meeting provided next week's Q2 CPI report is not a shocker.' Market heavyweight CBA jumped 1.82 per cent to $180.80, while NAB gained 1.12 per cent to $38.70, Westpac finished 1.20 per cent higher at $33.70 and ANZ climbed 1.10 per cent to $30.45. Tech stocks also rose with Xero jumping 1.71 per cent to $179.13, Life360 finished 1.10 per cent higher to $35.80 and Codan jumped 3.13 per cent to $19.75. Iron ore miners had a mixed day despite the price of the commodity rising to a two-month high, surpassing $US100 a tonne during the day's trading. BHP closed flat at $39.11, Fortescue gained 0.30 per cent to $16.91 and Rio Tinto gained 0.52 per cent to $7.48. In company news shares in Clarity Pharmaceuticals rose 2.05 per cent to $3.48 after announcing an important milestone in the Co-PSMA trials. Shares in superannuation and fund management business Australian Ethical soared 7.40 per cent to $6.68 after releasing its fourth quarter and full yearly update. The ethically based fund said there was a 34 per cent increase in funds under management to $13.94bn. The fight for ASX listed wagering business Pointsbet continued with Mixi formally lodging a second takeover bid and Betr announcing an unsolicited all-scrip takeover on Wednesday after the market closed. Shares in Pointsbet closed flat. Qantas shares also finished in the green up 0.55 per cent to $11.04 after it secured a Supreme Court injunction to stop stolen data being published by anyone, a few weeks after cybercriminals gained access to the airlines systems and stole 5.7 million customers personal details.
