Did someone say there's gains in the lunch room? Pic via Getty Images.
Market Highlights: ASX set for a solid start today, following tech-led rally on Wall Street overnight.
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- ASX 200 Futures Index pointing 0.89% higher this morning.
- Tech rally on Wall Street boosts overall sentiment, with all major indices up more than 1.0%.
- Voltaic Strategic Resources has hit 69m of pegmatite at its Ti Tree Project, which remain open at depth.
The ASX 200 is set to open higher this morning, thanks to a tech-led rally on Wall Street overnight that saw the major US indices in a much better position than yesterday’s lead-in.
The Dow closed +0.63%, the S&P 500 added 1.15% and a tech rally saw the Nasdaq climb 1.65% for the session.
At 8:45am, the ASX 200 Futures Index was pointing 0.89% higher, which is considered a “good sign” by investors and chicken gut-based fortune tellers alike.
Among the top moving stocks in the US were cruise line operator Carnival, which reversed course after falling on Monday, adding 8.8% and narrowly missing a below-estimate earnings iceberg, thanks to a surge in interest by customers in Texas.
Tech stocks also recovered from Friday’s huge sell-off that unsettled global markets yesterday, leaving Meta up 3.1%, and metaverse-friendly gaming platform Roblox higher by 6.7% on the heels of a favourable rating from Bank of America.
US EV maker Lucid spiked 12% after it announced a partnership with Aston Martin, which saw the British luxury carmaker take a 3.7% stake in Lucid in return for access to its high-performance drive-train tech.
Brent crude prices were largely flat as of this morning, on US$72.26 a barrel. Gas prices were also flat and gold edged up a teensy 0.02% to US$1942.20 an ounce.
STOCKS TO WATCH THIS MORNING
Yesterday’s overall market winner Forrestania Resources (ASX:FRS) is likely due for a bit of pain this morning, after racing as high as 180% up during yesterday’s session on news of a huge pegmatite find in WA.
However, the ASX pulled the handbrake and asked for more information on the find, freezing the stock price while it was up +163% for most of the day – and when FRS delivered on the ASX request (about 15 minutes before the closing bell) it took unimpressed punters just a quarter of an hour to pare that gain back to +90%.
Voltaic Strategic Resources (ASX:VSR) has also claimed a huge pegmatite find, following the discovery of additional significant width pegmatites intercepted in newly identified stacked system at Andrada, Ti Tree Project, up to 69m and which remain open at depth.
Cavalier Resources (ASX:CVR) has exploration results due out, while Hot Chili (ASX:HCH) has scoping study results on the way for its Costa Fuego copper-gold project, both of which are likely to drop at some point today.
Western Yilgarn (ASX:WYX) has an exploration update on progress at its 100% owned, recently renamed Julimar West Project – just over the fence from Chalice Mining’s more famous Julimar project, home of a 3Mt NiEq Gonneville resource, with WYX expecting the DMIRS to grant of the company’s exploration licence in the coming days.
