- ASX 200 edges toward new all-time high
- Iron ore mining stocks lead again as iron ore prices continue rally
- Bitcoin ETF to be approved by SEC on 10 January – report
The ASX200 took another step toward reclaiming its record highs set in August 2021 after climbing by 0.6% on Thursday.
The benchmark index tracked movements on Wall Street overnight where the S&P 500 index was also edging toward a new high.
Stocks rose globally after the benchmark US 10-year Treasury yield – the proxy for global borrowing costs – tumbled by 11 basis points to 3.79% as bond traders weighed the outlook for monetary policy in the coming year.
On the ASX, iron ore and steel related stocks led today’s session following the continued rally in iron price that has taken it to a one-and-a-half-year high of around $US140 a tonne.
The ferrous metal has been rising amid a rebound in China steel production following a series of measures announced by the Chinese government aimed at propping up the country’s property sector.
Other ASX sectors to rise today include Consumer Discretionary and Staples, while Utilities stocks lagged.
Across the region, Asian stocks rose for the fourth straight day as investors position their portfolios for an anticipated Fed Reserve rate cut.
“Major indices are supported by positive short-term momentum as they come into year-end,” Katie Stockton, of Fairlead Strategies, told Bloomberg.
Meanwhile, Bitcoin has surged by 3% in the last 24 hours to US$43,396 on news the US Securities Exchange Commission (SEC) could approve Bitcoin ETF in the early days of 2024.
Analysts believe the SEC will likely approve the first wave of ETFs on January 10, 2024, and those companies which do not adhere to the regulator’s demands by December 29th might not make it in the first list of approvals.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MEZ | Meridian Energy | 5.20 | 4.21 | 13,979 | $6,317,712,099 |
| MCY | Mercury NZ Limited | 6.22 | 4.19 | 19,432 | $8,305,626,617 |
| CIA | Champion Iron Ltd | 8.39 | 3.84 | 1,313,323 | $4,187,494,235 |
| CEN | Contact Energy Ltd | 7.60 | 3.40 | 1,980 | $1,871,088,640 |
| IRE | IRESS Limited | 8.29 | 3.30 | 272,856 | $1,498,051,581 |
| JDO | Judo Cap Holdings | 0.99 | 3.13 | 527,840 | $1,064,928,800 |
| PNV | Polynovo Limited | 1.67 | 3.10 | 805,006 | $1,114,725,893 |
| SFR | Sandfire Resources | 7.26 | 2.62 | 732,727 | $3,230,936,296 |
| AIA | Auckland Internation | 8.15 | 2.52 | 290,539 | $11,706,781,539 |
| PSI | Psc Insurance Ltd | 4.54 | 2.48 | 233,290 | $1,615,282,685 |
| HUB | HUB24 Ltd | 36.34 | 2.40 | 110,886 | $2,882,444,175 |
Arcadium Lithium (ASX:LTM) rose 1.5% after its acquired firm Allkem announced the receipt of the Certificate of Authorisation, which will allow the development of the James Bay Lithium Project in Quebec, Canada.
The issuance of the Certificate follows a positive recommendation by COMEX, an independent body composed of members appointed by the governments of Quebec and the Cree Nation, responsible for the assessment and review of the environmental impact assessment for the James Bay Project.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ABG | Abacus Group | 1.13 | -4.83 | 563,611 | $1,063,452,583 |
| GOZ | Growthpoint Property | 2.35 | -4.47 | 528,152 | $1,854,475,462 |
| BOE | Boss Energy Ltd | 4.06 | -4.02 | 2,549,047 | $1,712,535,246 |
| TUA | Tuas Limited | 3.22 | -3.01 | 94,293 | $1,543,666,938 |
| CQR | Charter Hall Retail | 3.62 | -2.82 | 668,076 | $2,162,174,145 |
| APA | APA Group | 8.50 | -2.69 | 836,487 | $11,200,222,807 |
| DXS | Dexus | 7.63 | -2.55 | 1,360,210 | $8,421,675,876 |
| CTT | Cettire | 2.90 | -2.53 | 1,006,790 | $1,132,277,513 |
| ASK | Abacus Storage King | 1.13 | -2.37 | 85,308 | $1,524,359,436 |
| DEG | De Grey Mining | 1.26 | -2.33 | 3,931,187 | $2,378,876,200 |
| BFL | Bsp Financial Group | 5.39 | -2.18 | 9,931 | $2,574,382,084 |
| BWP | BWP Trust | 3.52 | -1.95 | 391,467 | $2,306,157,853 |
| RGN | Region Group | 2.26 | -1.74 | 1,637,307 | $2,672,205,890 |
| NSR | National Storage | 2.31 | -1.70 | 1,341,303 | $3,198,654,264 |