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Weekly | Fintech and Lithium Sectors Rally Following FOMC Announcement
@ASX_Stars:As of the close on Friday,$S&P/ASX 200(XJO.AU)$ closed at 7,442.70 points, up 3.44% in the past 5 days. 1. $Weebit Nano(WBT.AU)$ +18.65% $Weebit Nano(WBT.AU)$ , a leading developer of advanced memory technologies for the global semiconductor industry, jumped 14.79% on Friday. The semiconductor rally of US stocks and volatility of the quadruple witching day on Friday may lead to the stocks rally as there is no price-sensitive news released this week. 2.Fintech companies $Credit Corp(CCP.AU)$ +16.62%, $Link Administration Holdings Ltd(LNK.AU)$ +15.25% Fintech companies also benefit from US stock rally this week after FOMC dovish signals. $Credit Corp(CCP.AU)$ acquires and manages debt portfolios, providing financial solutions for credit-impaired consumers. $Link Administration Holdings Ltd(LNK.AU)$ offers tech platforms for managing financial assets and administrative processes. The two financial companies gained for 5th and 6th straight days respectively as of close on Friday. 3.Lithium companies $CORE LITHIUM LTD(CXO.AU)$ +15.09%, $Allkem Limited(AKE.AU)$ +14.30% CXO and AKE develop lithium and other minerals. ASX 200 lithium sector took a rally this week, reflecting positive sentiment after FOMC, despite the lithium price being down about 80% in 2023. The upward movement mirrored the rise of US lithium giant $Albemarle(ALB)$ , which gained 9.5% following the Fed's announcement, indicating potential growth in demand for EV-related materials.
Weekly | Fintech and Lithium Sectors Rally Following FOMC AnnouncementDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.