• The ASX 200 was up 0.6% on Wednesday
  • Gold stocks led proceedings
  • Second biggest crypto exchange, FTX, collapsed

 

The ASX 200 finished 0.6% higher on Wednesday, propped up by gold mining shares.

The spot bullion price has been in the top gear over the last 24 hours, up 2% to trade back above the psychological level of US$1,700k at US$1,708 an ounce.

The main driver has been a fall in the USD ahead of the midterm election results and a pivotal inflation report on Thursday (US time).

“The weakness in the dollar was more of a short-covering move and potentially on hope that later this week we will have confirmation that inflation is headed lower,” said OANDA analyst Edward Moya.

Moya believes that gold will find a major resistance ahead of the $1750 level.

Shares in ASX gold plays  Northern Star (ASX:NST) and Newcrest Mining (ASX:NCM) rose around 6% today.

In the US, live results are showing that the Republicans could wrest control of the US House of Representatives away from the Democrats.

 

Source: Google

 

To cryptos, where Bitcoin was routed, plunging 7% in the last 24 hours following the collapse of the second biggest crypto exchange, FTX Trading.

Binance said it plans to buy FTX , with the announcement stunning crypto investors.

 

Back to the ASX, Mining led from the front while Comm Services and Tech were the two worst performing sectors.

Medibank Private (ASX:MPL)’s woes continues as the company said the Russian hacker group REvil has now released files on a dark web forum containing customer data that is believed to have been stolen from Medibank’s systems.

“We expect the criminal to continue to release files on the dark web,” said Medibank’s statement.

The MPL share price dropped 0.5% today.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
RRL Regis Resources 1.78 13% 7,291,475 $1,192,940,962
DEG De Grey Mining 1.225 10% 9,138,038 $1,717,987,445
CMM Capricorn Metals 4.2 10% 2,574,230 $1,432,133,459
EVN Evolution Mining Ltd 2.34 9% 27,412,789 $3,945,065,390
GOR Gold Road Res Ltd 1.53 8% 6,138,707 $1,527,823,863
PRU Perseus Mining Ltd 2.025 8% 4,849,196 $2,569,785,389
WAF West African Res Ltd 1.14 8% 2,699,380 $1,082,665,497
ORI Orica Limited 15.13 7% 1,067,478 $6,380,063,100
NST Northern Star 10.04 7% 10,117,687 $10,897,393,379
NCM Newcrest Mining 19.325 6% 4,912,868 $16,229,752,208
CHN Chalice Mining Ltd 4.565 6% 1,425,737 $1,625,603,878
CIA Champion Iron Ltd 5.24 5% 2,659,284 $2,580,793,699
BPT Beach Energy Limited 1.715 5% 9,583,035 $3,729,980,528
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Regis Resources (ASX:RRL) was the best performing gold stock today, up 12%.

Lithium stocks rallied across the board with IGO (ASX:IGO) and Allkem (ASX:AKE) rising 2% each.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
NWS News Corp 23.71 -9% 392,161 $1,044,906,214
WHC Whitehaven Coal 8.625 -8% 25,948,474 $8,745,464,003
NHC New Hope Corporation 5.56 -7% 7,174,111 $5,227,367,728
SMR Stanmore Resources 2.83 -5% 2,120,473 $2,695,131,277
CSR CSR Limited 4.42 -5% 2,767,149 $2,236,755,078
DHG Domain Holdings Aus 3.045 -5% 1,990,306 $2,021,302,890
SEK Seek Limited 20.85 -4% 628,792 $7,732,900,142
VNT Ventiaservicesgroup 2.44 -4% 589,919 $2,181,485,335
REA REA Group 114.1 -4% 188,535 $15,748,372,266
GQG GQG Partners 1.44 -4% 704,110 $4,429,208,151
APM APM Human Services 3.16 -4% 3,535,639 $3,017,528,602
360 Life360 Inc. 6.25 -4% 987,256 $1,210,810,816
MFG Magellan Fin Grp Ltd 9.33 -4% 904,043 $1,767,993,137
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Coles (ASX:COL) share price slipped 0.3% today following its AGM earlier this morning.

Coles CEO Steven Cain told investors at the AGM:

“We are making significant progress on our strategy and our increased investment in the business. The good news is the best is still to come.”

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