ASX Steady as Uranium and Commodities Surge Lead Select Stocks

November 18, 2024 02:40 PM AEDT | By Team Kalkine Media

Google News:

ASX Steady as Uranium and Commodities Surge Lead Select Stocks — Image source: shutterstock

Recent News

Financials Weigh on ASX 200 as Uranium and Tech Boost Aussie Share Mar...

Ferrari reportedly delays second EV model to 2028 amid weak demand

Uranium Stocks Surge on New Sector Funding Move | ASX 200 & All Ordina...

Top Dividend Stocks on the ASX Strengthening the Aussie Share Market

Highlights

ASX remained flat with gains in mining offset by declines in tech and health sectors.

Uranium stocks soared on Russia's export restrictions on enriched nuclear fuel.

Gold and aluminium stocks climbed, buoyed by stronger commodity prices.

The Australian share market experienced a subdued session on Monday, as the S&P/ASX 200 Index remained steady at 8285.5 points. This follows a slight decline last week when enthusiasm for so-called Trump trades faded and expectations for a US Federal Reserve interest rate cut were scaled back.

The market's mixed performance saw five of the 11 sectors in negative territory, with technology leading the decline. Notable names such as Commonwealth Bank (ASX:CBA) fell 1.4%, and National Australia Bank (ASX:NAB) edged 0.4% lower following legal action by the corporate regulator over breaches of the credit code. In contrast, Westpac (ASX:WBC) rose 0.5%.

Mining Sector Shines

The mining sector offered a bright spot, bolstered by rising iron ore prices in Asia. Heavyweights BHP (ASX:BHP) and Rio Tinto (ASX:RIO) advanced over 1%, supported by positive sentiment across other commodities such as uranium, gold, and aluminium.

Silex Systems (ASX:SLX) surged 11%, while Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE) rallied nearly 7% each after Russia announced limits on exports of enriched nuclear fuel to the US. Meanwhile, South32 (ASX:S32) climbed 5.6% on news that China plans to remove a tax incentive for aluminium exports, potentially lifting global aluminium prices.

Gold stocks, including Bellevue Gold (ASX:BGL) and Evolution Mining (ASX:EVN), jumped over 3%, tracking a rebound in gold prices as the US dollar weakened. However, Resolute Mining (ASX:RSG) tumbled more than 7% after agreeing to a $247 million settlement with Mali, where the company’s CEO and three staff remain detained.

Broader Market Movement

Elsewhere, Clinuvel Pharmaceuticals (ASX:CUV) saw a 2.2% recovery after announcing a strategic focus on three key business areas. Online luxury retailer Cettire (ASX:CTT) dropped over 3% following a new "sell" rating. Similarly, Life360 (ASX:360) plunged nearly 7% after its CEO reduced his stake in the company.

FleetPartners Group (ASX:FPR) gained 4% after reporting better-than-expected earnings for FY24. In contrast, Lovisa Holdings (ASX:LOV) slipped 4% after receiving a downgrade to "sell" from neutral.

With mixed performances across sectors, the market reflects shifting dynamics influenced by commodity trends and company-specific developments.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.