Closing Bell: Australian stocks are higher, stronger, faster

• ASX rises on Thursday
  
• Nine sectors end higher, led by property stocks
  
• Small caps led by BEZ
  

The local benchmark index hit a record high this morning before trimming gains late.

The S&P/ASX200 closed up Thursday, gaining 22.40 points or 0.28% to 8,114.70.

Stocks rose for a second day in Sydney following Wednesday’s June quarter inflation data when the Australian Bureau of Statistics (ABS) data inspired Betashares chief economist David Bassanese to declare it’s “good enough to rule out an interest rate hike.”

Ultinately a positive session for the ASX, though the best of it was seen in the AM.

Wednesday was a big winner and the positive flows out of Wall Street helped.

US markets has quickly priced in the prospect of a rate cut in Australian this year, but probably more important, no further rate hikes.

UBS changed their forecast this morning from a hike in August to no change, while Futures are now pricing a 63% chance of a cut before Santa arrives.

Interestingly, a change in positioning by the market on rates should be a negative for bank margins, and we started to see that play out, with some weakness across the sector (bar Australia and New Zealand Banking Group (ASX:ANZ) ).

Over the last year, National Australia Bank (ASX:NAB) is the best performing bank up 34%, while ANZ is up 12% – huge relative underperformance.

In commods, Iron Ore was 2% higher in Asia. Gold was off $US5 in our time zone today, though had a great session overnight, trading at $US2441/oz

The top performing stocks on the ASX200 were Zip Co (ASX:ZIP)  and Strike Energy (ASX:STX) up 5.25% and 5.00% respectively.

Over the last five days, the index has gained 3.22%

ASX Sectors on Thursday

Stocks in Asia were mixed on Thursday, Hong Kong flat, the Nikkei in Japan was off 3% while Chinese equities fell 0.20%.

In the US overnight, the Fed pretty much confirmed a September cut. In July the Fed said they needed to be more confident inflation was on the right track, overnight they said they ‘had’ more confidence that inflation was on the right track, laying the foundation for a move.

US Futures are higher at 4pm in Sydney.

ASX SMALL CAP WINNERS

Here are today’s best performing ASX small cap stocks.

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Besra Gold (ASX:BEZ) was climbing well on Thursday morning, apparently on the news that the company has appointed Mine Development Specialist Matthew Antill as managing director of Besra’s Malaysian operating subsidiary, North Borneo Gold Sdn Bhd where he will head the mining and development team.

“Antill’s career spans over three decades in mining and mine development, with significant senior operational management experience and oversight of studies in both open pit and underground operations. He specialises in gold, including refractory and narrow vein operations,” the company says.

Buxton Resources (ASX:BUX) was on the move after announcing that the 2024 field season has commenced in the West Kimberley, with an extensive program of diamond drilling planned the Dogleg Ni-Cu-Co Prospect and MLEM surveys across the wider Quick Shears Project area.

ENRG Elements (ASX:EEL) was also climbing on Thursday morning, after the company announced that it has acquired the Lamont Lake uranium exploration project in Saskatchewan, Canada.

The company says Historical geological data from the project indicates shallow mineralisation and potential for significant resource development, with historical data showing shallow grade mineralisation occurs from near-surface to 57m and with grades of between 0.02% and 0.5% U3O8.

The smart building materials company ClearVue Technologies (ASX:CPV) says it’s just hit the lucrative Middle East and Indian construction markets by signing an agreement with Alutec, Qatar’s largest glass processor and façade manufacturer and a group company under Aria Holding.

The breakthrough Five-year deal consists of manufacturing and distribution partnership for ClearVuePV unique Solar Glazing and Insulated Glass Units (IGUs) in Alutec’s key markets, and opens access for CPV into the booming construction sector across Qatar, The UAE, and Saudi Arabia – which CPV notes has been projected to clock US$240 billion by 2029. The Indian construction sector is thought to hit $1.4 trillion by next year.

ASX SMALL CAP LAGGARDS

Here are the day’s least performing ASX small cap stocks.

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ICYMI

The Calmer Co International (ASX:CCO) hit a new milestone in Q4 FY24 with record sales of $1.8 million , up 68% from the previous quarter.

D3 Energy (ASX:D3E) has nearly doubled stabilised gas flow at its RBD03 helium and methane well within its ER315 licence to 149Mscf/d after deploying more fit for purpose and accurate metering equipment.

Earths Energy (ASX:EE1) has flagged that first generation Australian geothermal players Petratherm and GreenRock Energy had valuations up to 11 times and 2.5 times higher than its own market valuation. It believes its Paralana and Flinders West projects are now more valuable than they were historically due to better EGS economics.

Firetail Resources (ASX:FTL) drilling at the Picha copper project in Peru has returned shallow, high-grade copper of up to 5.4%. The company is now focusing on its York Harbour zinc project in Newfoundland, Canada.

White Cliff Minerals (ASX:WCN) has completed summer exploration programs at its Great Bear Lake and Nunavut-Rae projects in Canada. This work discovered the Glacier prospect, a large outcropping IOCG mineralised system identified over more than 1,100m of strike at Great Bear Lake.

At Stockhead, we tell it like it is. While The Calmer Co, D3 Energy, Earths Energy, Firetail Resources and White Cliff Minerals are Stockhead advertisers, they did not sponsor this article.