Market wraps 19th October 2022
Closing Bell - Grady Wulff
The ASX traded mostly higher throughout the midweek session, which saw the key index close the day up 0.31%, despite the SPI futures expecting a sell-off to start the day. It was a day for the miners both on the winning and losing end of the market scale.
BHP Group (ASX:BHP) shares were sold-off today, following the release of the mining giant’s quarterly update including production and unit cost guidance remaining unchanged for FY23, while production levels fell short of market expectations. Chalice Mining (ASX:CHN) jumped more than 9% today after the precious and base metal exploration company released an update on exploration activities at the Julimar Nickel-Copper-Platinum Group Element Project in Western Australia, with new drilling validating the recent 2D seismic interpretation, intersecting the northern extension of the complex down-plunge. Whitehaven Coal (ASX:WHC) shares sold-off at the opening bell following the release of the company’s quarterly update, however quickly rebounded as investors digested the company’s solid report including the company generating $1.55bn of cash in the quarter, and the expectation of La Nina weather events to impact production through the spring season. And Aurora Energy Metals (ASX:1AE) soared more than 17% during today’s session after revealing that the company is finalising the preparatory work for its Phase 1 RC drilling program at the Aurora Energy Metals Project, the first drilling at the project in a decade, with drilling expected to commence next week as the program targets both lithium and uranium.
The winning stocks for today’s session were led by Core Lithium (ASX:CXO) adding 8.2%, Pilbara Minerals (ASX:PLS) lifting 5.8% and Pendal Group (ASX:PDL) rallying 5.5%. On the losing end, Megaport (ASX:MP1) tumbled 22.14% today, after the company released a quarterly trading update, St Barbara (ASX:SBM) continued its decline today, ending the day down 4.76% and Karoon Energy (ASX:KAR) fell 3.3%.
The most traded stocks by Bell Direct clients today were Westpac (ASX:WBC), BHP Group (ASX:BHP), and the BetaShares Australian Strong Bear Hedge Fund (ASX:BBOZ).
In terms of economic data, investors are awaiting the release of Australia’s unemployment rate for September which is out tomorrow morning, with markets forecasting a decline to 3.4% from 3.5% for the month.
The Australian dollar is trading stronger against the greenback at 63.12 US cents, 55.17 British Pence, 94.23 Japanese Yen and 1 New Zealand dollar and 11 cents.