Rise and Shine: What you need to know before the ASX opens
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But first, here’s what you need to know before markets open.
34 months and counting. That’s how long it’s been since the Reserve Bank moved benchmark interest rates from their current setting of 1.5 per cent.
But markets expect that to change today, with the prospect of a 25 basis point cut to 1.25 per cent now fully priced in when the RBA makes its rates announcement at 2:30pm (eastern time).
Before that, there’s a key data update from the ABS with the release of April retail sales figures at 11:30am.
Then later tonight, markets will be watching a speech by US Fed Chair Jerome Powell on the central bank’s policy outlook, amid increasing speculation it may move to lower interest rates later this year.
The following companies are scheduled to come out of a trading halt or voluntary suspension over the next 48 hours:
Deep Yellow (ASX: DYL) – capital raising
Predictive Discovery (ASX: PDI) – exploration results
Caravel Minerals (ASX: CVV) – response to ASX queries
Krakatoa Resources (ASX: KTA) – capital raising.
Volpara Health Technologies (ASX: VHT) – capital raising
LBT Innovations (ASX: LBT) – capital raising
Nickel Mines (ASX: NIC) – capital raising
MXC Pharmaceuticals (ASX: MGC) – customer contract
Great Southern Mining (ASX: GSN) – acquisition of mining licenses
Dacian Gold (ASX: DCN) – production update
Alice Queen (ASX: AQX) – Joint venture proposal.
Gold: $US1326.67 ($1,901.38) +1.51%
Silver: $US14.79 +1.49%
Oil (Brent): $US62.15 +0.26%
Oil (WTI): $US52.68 -1.29%
Coal: $US75.20 -2.40%
Iron ore 62pc fe: $US98.76 +0.04%
AUD/USD: $US0.697 +0.56%
Over on the Stockhead Facebook forum, group member Steve Rosewell highlighted some recent data which shows there’s been plenty of investor activity in lithium and cobalt stocks lately.
“RECORD VOLUMES since MakCorp commenced statistics reports in March 2019. Look at total commodity volume, and especially Lithium & Cobalt. Incredible rise/gains.”
“#Lithium #RareEarths performed well. #LTR #AVZ #PEK & others 50%+ gains. Record Volumes, strong week/month gains with %’s up. MakCorp did mention a couple of times now that Lithium is gaining momentum last few weeks,” he said.
These were the five most-discussed stocks on trading gossip forum HotCopper at the close of today’s session:
— HotCopper (@HotCopper) June 3, 2019
Junior uranium explorer Adavale Resources (ASX: ADD) posted the biggest gain, surging by 200 per cent to 0.9 cents in afternoon trade.
The move came on no news, with the company having made no market announcements since April 17. The gains returned the ADD’s share price to its late-March levels, after it commenced a steady decline to around 0.2 cents in the month of April.
In percentage terms, there were some sharp falls among the small-cap resources minnows with Variscan Mines (ASX: VAR), Sun Resources (ASX: SUR) and Auking Mining (ASX: AKN) all losing half their value to fall to 0.1 cents.