Weekly wrap: shares rise to a record high on mining optimism

Small Caps09-27 20:19

Australian shares just managed to seal a record closing high on Friday, with a strong rally in mining shares managing to offset losses in almost every other sector. By the close of trade, the ASX 200 ...

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optimism\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-27 20:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/weekly-wrap-shares-rise-record-high-mining-optimism/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australian shares just managed to seal a record closing high on Friday, with a strong rally in mining shares managing to offset losses in almost every other sector.\nBy the close of trade, the ASX 200 ...</p>\n\n<a href=\"https://smallcaps.com.au/weekly-wrap-shares-rise-record-high-mining-optimism/\">Source 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weeks of gains.One of the more extreme movements was in Star Entertainment  shares, which shed an alarming 44% to a record low after the troubled casino group endured its first day of trading in a month after a share suspension.Fortescue Metals  added an impressive 3.6% to $20.10 on the back of rising iron ore prices which jumped more than 4% to crack above US$100 a tonne in Asian trade.Lithium miners were also much stronger, with shares in Mineral Resources  adding 14% to hit $49.14 as investors bet that interest in electric and hybrid cars would recover.Shares in De Grey Mining  rose 3.4% to $1.38 despite the company denying a media report suggesting the gold mi","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7507":"资源股","BK7508":"医药生物股","BK7129":"钢铁","MIN.AU":"MINERAL RESOURCES LTD","BK7040":"食品零售","SYA.AU":"SAYONA MINING 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regulatory issues, write-downs and massive losses and will need to work hard to get investors back onside.\nMiners on a tear\nMost of the market’s gains were made by the big miners which reacted very positively to China’s stimulus pledges during the week, which has injected a lot of optimism into the outlook for many minerals, particularly iron ore, copper and lithium.\nFortescue Metals (ASX: FMG) added an impressive 3.6% to $20.10 on the back of rising iron ore prices which jumped more than 4% to crack above US$100 a tonne in Asian trade.\nFellow iron ore miners BHP (ASX: BHP) and Rio Tinto (ASX: RIO) were also stronger, up 3.1% to $44.74 and 3.4% to $127.45 respectively, with BHP reaching a four-month high.\nLithium miners were also much stronger, with shares in Mineral Resources (ASX: MIN) adding 14% to hit $49.14 as investors bet that interest in electric and hybrid cars would recover.\nShares in Sayona (ASX: SYA) were up 6.9% to 3.2c while Liontown Resources (ASX: LTR) shares charged up 8.3% to 78.5c amid speculation that many investors were scrambling to cover short positions they had taken on lithium stocks.\nEight sectors reported losses\nThe good news was fairly narrowly spread, however, with eight of the 11 sectors on the ASX recording losses for the day.\nDefensive health stocks led the losses and the big retailers Coles (ASX: COL) and Woolworths (ASX: WOW) had to endure choppy trading after the competition watchdog continued to pile pressure on the companies over misleading price discount specials.\nColes shares finished down 0.5% to $18.06 while Woolworths shares rose slightly by 0.2% to hit $33.43.\nNews leads to mixed reactions\nThere was a fair bit of individual share action following on from announcements with shares in hospitality and beverages company Endeavour Group (ASX: EDV) dropping 2.5% to $4.99 after news that chief executive Steve Donohue was leaving.\nShares in lithium producer Vulcan Energy Resources (ASX: VUL) were up 5.32% to $4.55 after it bought up geothermal well operator Geo GmbH.\nFunds management company GQG Partners (ASX: GQG) saw its shares shed 2.4% to $2.81 after it was hit with a $725,000 penalty from the US regulator for offering contracts which violated whistleblower protection rules.\nShares in De Grey Mining (ASX: DEG) rose 3.4% to $1.38 despite the company denying a media report suggesting the gold miner had received a takeover offer from Canada’s Agnico Eagle.\nShares in agribusiness Namoi Cotton (ASX: NAM) fell 0.7% to 71c after the ACCC repeated its concerns about the proposed acquisition by Singapore-based Olam Agri Holdings.\nSmall cap stock action\nThe Small Ords index rallied 2.76% to close on 3138.7 points for the week.\nASX 200 vs Small Ords\nSmall cap companies making headlines this week were:\nDouugh (ASX: DOU)\nAustralian fintech Douugh revealed plans to acquire US digital banking specialist Radical DBX (R-DBX) through a share issuance of 892,823,759 DOU shares at $0.005 each.\nR-DBX, founded by top fintech industry alumni, has contracts with leading US fintechs, banks, and credit unions, generating $1.1 million in revenue in 2023.\nFollowing the acquisition, R-DBX will be rebranded as Stakk Technologies, focusing on upselling customers and expanding Douugh’s embedded finance and credit-as-a-service offerings in the US.\nDouugh also secured $1 million in working capital from Relentless Fintech Partners to support its growth strategy.\n4DMedical (ASX:4DX)\n4DMedical has signed a distribution agreement with Koninklijke Philips, expanding its access to US markets.\nThe five-year agreement grants Philips exclusive distribution rights to 4DMedical’s respiratory imaging products for US government customers and non-exclusive rights for commercial customers.\nThis collaboration builds on a previous partnership focused on lung screening for US veterans, utilising 4DMedical’s software and Philips’ fluoroscopy and CT systems.\nThe agreement is expected to enhance 4DMedical’s ability to deliver non-invasive lung function analyses for conditions like COPD, asthma, and interstitial lung disease.\nStrickland Metals (ASX: STK)\nStrickland Metals reported new assay results from its Rogozna gold and base metal project in Serbia, highlighting potential for rapid resource growth.\nA main result from the Medenovac prospect includes 50 metres at 5.6 grams per tonne gold equivalent within a broader intersection of 365.8m at 2.0g/t.\nThe results have extended mineralisation at Medenovac, where Strickland is conducting resource extension and exploration drilling.\nStrickland is also awaiting additional results from follow-up holes as part of its broader discovery-focused drilling campaign targeting copper-gold porphyry systems.\nAlgorae Pharmaceuticals (ASX: 1AI)\nAlgorae Pharmaceuticals has launched its biopharmaceutical platform AlgoraeOS, which aggregates data on over 5,000 drugs and molecules across 150 human cell types.\nUsing AI, AlgoraeOS predicts fixed-dose combination (FDC) drugs, which Algorae plans to take to clinical trials or collaborate with partners.\nFDCs combine multiple active ingredients, potentially offering enhanced efficacy or fewer side effects, while reducing development costs compared to creating new drugs from scratch.\nAlgorae aims to patent novel FDCs, addressing the biotech industry’s growing demand as many blockbuster drugs face patent expirations by 2030.\nRespiri (ASX: RSH)\nRespiri has secured remote patient monitoring agreements with two skilled nursing facilities in Hawaii, estimated to generate $1.5 million annually.\nThese agreements, with Liliha and The Care Centre of Honolulu, will support around 1,000 patients discharged to home care each year, utilising Respiri’s Clinic in Cloud solution.\nThe deals offer higher-than-expected per patient revenues, strengthening the company’s revenue profile.\nRespiri is also in discussions to expand its services across Hawaii’s 42 nursing facilities and is scaling its operations following a $3 million capital raise.\nThe week ahead\nLocally the release of monthly retail spending and housing market data will be of the most interest, with expectations that retail spending will have grown by about 0.5%.\nHouse prices are also likely to have grown by 0.5% in September for the 20th month in a row, although much of the gains are expected to have come from Adelaide, Brisbane and Perth, with affordability concerns beginning to bite in Canberra, Sydney and Melbourne.\nFresh from some overdue stimulus from China’s central banks, the purchasing managers indices for services and manufacturing sectors might show some extra reasons for the sudden urgency to add growth to the moribund Chinese economy.\nJobs numbers in the US will round out the week, with the expectation being that job openings will remain weak but the unemployment rate might stay steady at around 4.2%.\nTHIS WEEK’S TOP STOCKS","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; 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