Rise & Shine: What you need to know before the ASX opens
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Here’s what you need to know about the day ahead.
There’s no big data bombs dropping today, but yesterday it was the Reserve Bank of Australia dominating investor attention by … leaving the cash rate on hold at 1.5%, where it’s been since August 2016.
Commsec says the market had actually priced in a 44% chance of a cut, but it wasn’t to be. The Aussie dollar jumped to 70.40 US cents following the announcement.
The following 10 companies are due out of a trading halt in the next 48 hours:
Gold: $US1284.73 ($1,832.35) +0.34%
Silver: $US14.91 +0.05%
Oil (Brent): $US69.74 -2.29%
Oil (WTI):$US61.19 -1.54%
Iron ore 62pc fe:$US93.51 -0.32%
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On Tuesday 2.55 billion shares were traded worth $5.8billion — 540 stocks closed higher, 576 finished weaker, while 401 ended unchanged.
Up on no news were power equipment manufacturer Volt Power (ASX:VPR), pharma sales org FarmaForce (ASX:FFC), and gold explorer Cervantes (ASX:CVS).
Actually, most of these small cap runners were up on no news, which makes for pretty dull reading. Sorry folks.
But the losers column – that’s far more interesting.
Yesterday, Biotech company Actinogen Medical (ASX: ACW) announced results from the Phase II clinical trial of its Alzheimer’s treatment.
It’s been a long time coming for markets, after the company raised millions of dollars based on the promise of its Xanamem drug.
Actinogen confirmed that a 10mg dose of its Xanamem treatment is safe. However, it’s not effective. The market’s verdict? ACW crashed by almost 70 per cent to a new low of 1.65 cents.
IT Services provider Empired (ASX:EPD) says a lucrative five-year, $48m contract with Main Roads WA won’t be renewed.
The result was a $2m drop in underlying EBIDTA for FY19, a $10m revenue hit in FY20, and an immediate 19 per cent drop in its share price.