Rise and Shine: What you need to know before the ASX opens
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On Stockhead today, we take a look at which commodities will remain strong into 2020, one of the biggest local bears on the lithium sector turns bullish as VW pushes into EVs, and a couple of fund managers just sank more cash into Speedcast even after losing millions.
On the local data front, the Melbourne Institute will release its inflation expectations index for the month of May. The index has been “on a moderating trend since Feb 2019”, Westpac said.
The ABS will also have housing finance data for May at 11:30am (eastern time). Then tonight (11:10pm) RBA deputy governor Guy Debelle gives a speech from the FX Conference in New York.
In the US, key data will be highlighted by June inflation figures while Fed chair Jerome Powell will conclude his semi-annual testimony before Congress.
Just two companies are scheduled to come out of a trading halt or voluntary suspension over the next 48 hours:
Elixir Energy (ASX:EXR) – government project approval
Peel Mining (ASX:PEX) – clarification of announcement
Gold: $US1,419.89 ($2,038.93) +1.20%
Silver: $US15.27 +0.19%
Oil (Brent): $US66.72 +3.99%
Oil (WTI): $US60.41 +4.46%
Iron ore 62pc fe: $US121.20 -1.1%
AUD/USD: $US0.6965 +0.11%
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Wednesday, July 10:
— HotCopper (@HotCopper) July 10, 2019
White Energy Company (ASX:WEC) finished the day on top with a gain of 54.55 per cent after an update on its legal battles in Singapore.
The Singapore Court of Appeal dismissed an appeal from Bayan in connection with a previous judgment which ruled in favour of a WEC subsidiary.
“The proceedings will now continue to the third tranche where damages and loss arising from Bayan’s breaches and repudiation of the joint venture will be determined,” the company said.
Here are the best performing ASX small cap stocks for Wednesday, July 10:
Among the laggards was Environmental Clean Technologies (ASX:ECT), which resumed trading after a four month suspension and investors, keen to exit, sent it down 46 per cent.
Here are the worst performing ASX small cap stocks for Wednesday, July 10: