Market continues to consolidate as technology sector begins to rev its engines

The equities market continues to show positive signs as hopes for a pivot from the major central banks continued. The Nasdaq closed the week 0.72% higher and had a powerful Friday session in which jumped 2.66% higher. The S&P 500 dropped 0.66% lower and the Dow Jones fell by 2.70% for the week as the market shifted back into higher growth assets. The ASX200 had another solid week rising by 1.69%, as its edges closer to its all-time high. The XJO is now less than 200 points from its peak at 7632 which it last reached.

Brent oil continued its momentum from the week before as it pushed away from its short support at $75. The price closed the week trading at $87.62. Gold had a topsy turvy week closing 0.29% higher at $1925 per ounce. Interestingly, the price of Natural Gas has continued to trend lower as weather shifts and an easing demand pressure sink in across Europe with the spot price dropping to $3.046.

Stocks In the Spotlight

Patriot Battery Metals, (PMT)

Patriot Battery Metals is the newest in a long line of lithium juniors who have released high quality grades and are looking to produce lithium in the next few years. The company which had its IPO in December 2022 initially saw a selloff in its share price when it listed but has now recovered and its shares last traded at $1.245. This recovery was due to the company announcing drill results including 156.9 metres at 2.12% Li20 at its Corvette Property in the James Bay Region of Quebec. Darren Smith VP of the company stated, “It is hard to find words to adequately describe the impressive nature of the lithium mineralization in drill hole CV22-083. Visual estimates of spodumene abundance may give you a sense, but assays are the true measure and have certainly astounded with this hole.”

Nuix Limited, (NXL)

Nuix limited is a leading provider of investigative analytics and intelligence software with a vision of finding the truth in the digital world. After being smacked down for much of 2022, the company’s share price is finally beginning to recover. The price received a further boost after providing some its expected half year earnings. This included Statutory EBTDA of 19-21 million which is significantly higher than the 13.8 million seen in the prior corresponding period. This helped the share price leap to $0.940 which is the highest level it has been since May 2022.

Clinuvel Pharmaceuticals, (CUV)

The Melbourne based, pharmaceuticals company has seen a dramatic shift in its share price in recent months. The jump has come after the company announced to its shareholders its performance of its operations in 2022. The company made note of the fact that although its share price declined by 20%, the actual underlying performance of the company was much more positive. Specifically, the revenue increased by 37% and net cash increased by 47%. These are great underlying metrics and the board urged shareholders to focus on the development of the company’s drugs and products over the share price. The current shares are trading at $26.64.

Weekly Ex Dividend dates

24 January

MIR – Mirrabooka Investments

Key Economic Events -Australian Eastern Standard Time

Tuesday

8:30pm – GBP Flash Manufacturing PMI

8:30pm – GBP Flash Services PMI

Wednesday

1:45am – USD Flash Services PMI

8:45am – NZD CPI q/q

11:30am – AUD CPI q/q

11:30am – AUD CPI y/y

11:30am – AUD Trimmed Mean CPI q/q

Thursday

2:00am – CAD BOC Monetary Policy Statement

2:00am – CAD BOC Rate Statement

2:00am – CAD Overnight Rate

Friday

12:30am – USD Advanced GDP q/q

Saturday

12:30 am – USD Core PCE Price Index m/m