• Benchmark ASX 200 index was down 0.44% at lunchtime
  • Uranium price hit another record high above US$90/lb
  • Gina backed Brazilian Rare Earths (ASX:BRE)  gains +14% on debut

A fall on Wall Street overnight bled though to the local bourse, with the ASX yo-yoing between losses and parity for much of the morning.

The benchmark ASX 200 index was down 0.44% at lunchtime, with nine sectors down and just two up.

Capital’s senior financial market analyst Kyle Rodda says Wall Street finally hit an “air pocket” as investors finally took a breath, taking profits after the post-Fed Powell-pivot party.

“Markets were becoming overbought, and a pullback like this is natural given those conditions,” Keith Buchanan, senior portfolio manager at Globalt Investments told Morningstar.

“So, it was more technical than fundamental.”

Crude prices pulled back overnight, while gold is steady at near record high of ~US$2035/oz.

Meanwhile, spot yellowcake prices hit another record high:

And are now excruciatingly close to hitting triple digits. When will stocks respond?

 

How is today’s big rare earths IPO travelling?

Today’s biggest news is the debut of large but tightly held Brazilian Rare Earths (ASX:BRE), which raised $50m in an IPO at $1.47/sh.

It is up +13% in early trade, which you can read more about here.

The register is jam packed with industry celebs and high net worths, counting Gina Rinehart and Whitehaven Coal as shareholders, alongside wealthy coal industry veterans Mark Lochtenberg and Brian Flannery.

Also holding a big chunk of stock are IperionX (ASX:IPX) board members and advisors Todd Hannigan, Taso Arima, Ray Nimrod and Dominic Allen.

 

HOW ARE THE BIG STOCKS FARING TODAY?

Winners 🚀

Meridian Energy (ASX:MEZ) +5%

AGL Energy (ASX:AGL) +2%

Whitehaven Coal (ASX:WHC) +1.5%

 

Losers 👎

GQG Partners (ASX:GQG) -5%

Allkem (ASX:AKE) -5%

Lynas Rare Earths (ASX:LYC) -2.5%

Pilbara Minerals (ASX:PLS) -2.5%

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for 21 December [intraday]:

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Billionaire WiseTech founder — and former roadie to AC/DC — Richard White is investing $11 million in Vinyl Group (ASX:VNL) so it can buy The Brag Media, publisher of Rolling Stone in Australia and New Zealand.

Metalicity (ASX:MCT) has executed formal agreements and settled all disputes with Nex Metals regarding the Kookynie and Yundamindra gold joint venture.

MCT will now hold 80% of the JV, up from 51%.

And miner Calidus (ASX:CAI) is buying Novo’s troubled Nullagine gold project for just $250k in shares and $5m in deferred payments.

It looks like CAI will actually make money on the deal from the outset, as it plans to rent out the camp infrastructure to Atlas Iron for an upfront cost of $14m, while retaining the right to use 50% of the camp.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for 21 December [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

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