ASX Market Update: Market in the green, and CBA hits all time high | 25 June 2024

The Market Herald06-25

The ASX200 is trading up nearly 1%, with all sectors in the green. However, while the ASX might be in the green – diverging from a heavy night of selling on key US markets – Westpac has called ...

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Notably, an increasing number of respondents are worried about job security.\nCBA all-time high\nCommonwealth Bank, perhaps the best-known stock in Australia along with BHP, has reached a fresh all-time high of $128.68. This comes even as the bank is under pressure from short sellers and a large cohort of analysts long rating the stock a sell.\nThe move meant that CBA continues to threaten Goliath BHP’s market cap as the company has fallen 15% year-to-date, given lower iron ore prices.\nIron Ore Prices\nIron ore prices have dipped below US$103 a tonne at the Singapore Exchange, hitting US$102.65 a tonne at lunchtime on Tuesday.\nAnalysts at Macquarie Bank’s commodities trading desk have retained a long-term forecast of US$80/tonne for Australia’s keystone hard export but see prices rising to US$114/tonne by the end of the year – despite linking low prices to oversupply.\nMorgan Stanley is also optimistic prices could rise through Q4 of the calendar year, but whether China can stimulate its construction sector meaningfully remains to be seen.\nSo far, the world’s second-largest economy has been unsuccessful in designing effective policy. The Australian Federal Budget adopted a 2025 iron ore price forecast of US$60/tonne, which would allow Canberra to announce a pleasing budget surprise should prices stay higher.\nCompany News\nAvenira (ASX:AEV) has announced its existing binding MOU with the Northern Territory Government to collaborate on a lithium battery cathode plant has been extended until 2025.\nA revised project timeline released the company shows that it expects to complete a bankable feasibility study by December this year.\nA complete project proposal and early location decision must be made by the first of March and June next year.\nThe three-way MOU is between ASX-listed Avenira, the NT government, and an entity called Advanced Lithium Electrochemistry (ALE).\nAEV is down nearly 17% on the news, trading at 0.5 cents.\nAnd, Sun Silver (ASX:SS1) shares were choppy at lunchtime as the company announced finalising and submitting a US$60M grant application to the US Department of Energy. \nIf successful, Sun Silver could use the funds under Biden’s Inflation Reduction Act (IRA) to build a silver paste plant in the US.\nSilver paste is applied to solar panels to increase the flow of electricity. \nSS1 has been trading at 51 cents.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2446499850"}