AU Morning Wrap: Miners Lead ASX Higher; Patriot Surges 6%

Moomoo News AU wrote a column · Jul 11, 2023 08:29

G'day, mooers! Check out the latest news on today's stock market!
• Major stock indexes rise despite declines in tech shares
• Shares add 0.9%; miners, banks gain
• Stocks to watch: Patriot Battery, Bellevue Gold, Allkem
- Moomoo News AU

AU Morning Wrap: Miners Lead ASX Higher; Patriot Surges 6%

Wall Street Summary

A potentially busy week for markets got off to a quiet start Monday, with stock indexes edging higher despite an off-day for shares of big technology companies.

Bouncing back from declines last week, the $Dow Jones Industrial Average (.DJI.US)$ gained 0.6%, or about 210 points. The $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ both ticked up 0.2%.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ is heading for their first up day in five with the market adding 0.9 per cent in early trade thanks to a 1.4 per cent gain for the materials sector a 1 per cent gain for the healthcare sector and a 0.9 per cent gain for the retail sector.

Gold miners are climbing higher with $Evolution Mining Ltd (EVN.AU)$ up 3.1 per cent and $Bellevue Gold Ltd (BGL.AU)$ advancing 5.7 per cent. Lithium miners are also rising, with $Allkem Ltd (AKE.AU)$ gaining 2.8 per cent and $Liontown Resources Ltd (LTR.AU)$ lifting 2.2 per cent.

In the explorer space Patriot Battery Metals is up 6 per cent to $1.73 after it rejected a report by a short seller overnight and confirmed it has received "inbound interest" in its Corvette lithium deposit in Canada.

Stocks to Watch

$Patriot Battery Metals Inc (PMT.AU)$: Canadian lithium darling Patriot Battery Metals has dismissed a short report as factually inaccurate and misleading, with a bias because its author Night Market Research holds a short interest in the explorer.

Patriot said it has received inbound interest from a range of tier one global mining businesses related to its Corvette tenement, but that it has received no takeover offers or other corporate proposals to date.

Patriot said its maiden resource estimate will be released in the coming weeks.

$Chorus Ltd (CNU.AU)$: New Zealand-based telco Chorus said it expects EBITDA (operating income) between $NZ675 million and $NZ690 million for financial 2023, excluding the impact of floods damage and future capital expenditures.

$Bell Financial Group Ltd (BFG.AU)$: Stockbroker, capital markets advisory and financial advice business Bell Financial says it expects to grow profit before tax by about 21 per cent over the first half of financial 2023 to $16.2 million.

$RPMGlobal Holdings Ltd (RUL.AU)$: Software player RPM Global said it now expects total contracted value from software sales to lift 25.4 per cent to $70.5 million for financial 2023.

It added it now expects operating income before management incentives to finish at $15 million, versus prior guidance for $13.8 million. Total operating income (EBITDA) after management incentives is expected to finish up 243 per cent to $8.5 million.

Trading Ex-div: None

Dividends Paid: None

Listing: None

Source: Dow Jones Newswires, AFR

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more