Rise and Shine: What you need to know before the ASX opens

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On Stockhead today, the ASX’s American frackers that may or may not survive $US20 oil, two investment pros offer up their views on where to next for markets and how COVID-19 might have made copper look more attractive sooner.

But first…

The day ahead

Today in economic data look out for the Westpac Leading Index and monthly skilled vacancies.

Also today at 11.30am the Reserve Bank will release the monthly minutes of its meeting two weeks ago. Then at 3pm Governor Phillip Lowe will be giving a speech in Sydney.

We are also expecting confirmation from Virgin Australia (ASX:VAH) that it has gone into voluntary administration following its failure to secure enough government finance to continue in it’s present shape.

Among companies raising capital, Magnetite Mines’ (ASX:MGT) rights issues closes today at 5pm.

The following companies are in trading halts and are expected to exit in the next two trading days:

Tuesday:

AVZ Minerals (ASX:AVZ) – DFS study results
Accelerate Resources (ASX:AX8) – capital raising
Volpara Health Technologies (ASX:VHT) – capital raising
PKS Holdings (ASX:PKS) – acquisition

Wednesday:

Rhipe (ASX:RHP) – capital raising
Metcash (ASX:MTS) – capital raising
Legend Mining (ASX:LEG) – exploration results
Sunstone Metals (ASX:STM) – capital raising
MRG Metals (ASX:MRQ) – mineral resource estimate
Pioneer Credit (ASX:PNC) – debt facility update
Cynata Therapeutics (ASX:CYP) – capital raising
Avita Medical (ASX:AVH) – reorganisation

Markets

Gold: $US1,694.80 ($2,673.99) (+0.61%)

Silver: $US15.31 (+0.83%)

Oil (WTI): -$US51.02 (-8.05%)

Oil (Brent): $US25.89 (+0.93%)

Coal: $US58.33 (-0.07%)

Iron 62pc Fe: $US84.17 (+0.15%)

AUD/USD: $US0.6337 (-0.46%)

Bitcoin: $US6,870.07 (-4.05%)

No, the WTI figure is not a typographical error. WTI futures have fallen into negative territory for the first time ever. Essentially it means owners were that desperate to part with futures not only would they accept zero pay but were willing to pay the buyer for them.

While there were no new developments in the oil markets overnight, futures contracts for May expire today (US time) leading to investors shifting to contracts in future months, which remained stable.

What got you talking yesterday

One of this year’s exploration success stories was Chalice Gold Mines’ (ASX:CHN) nickel discovery in Western Australia, which has been compared to Sirius Resources’ legendary Nova discovery.

Since then two other explorers have followed Chalice into the region and yesterday a third, DevEx Resources (ASX:DEV), joined them.

$CHN is +670% since late March (to a market cap of almost $370m) after making a significant discovery at the Julimar nickel-PGE prospect near Perth. Now hunting for success in this overlooked mineral province is $DEV $LTR $MAN and $CZI #ASX #ausbiz https://t.co/PzH1cacHXq

— Stockhead (@StockheadAU) April 20, 2020

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These were the most tipped stocks (weekly) on Stocks in Play:

Yesterday’s winners

Yesterday’s losers

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