The ASX will finish the week flat. Just after midday on Friday, the local market was up just 4.40 points today to 7,199.30.
Over the last five days, the index has gained 1.41% and is currently 4.87% off of its 52-week high.
The top performing stocks at time of writing were Imugene Ltd (ASX:IMU, OTC:IUGNF) (see below) and Downer EDI Ltd, up 8.43% and 3.30% respectively.
Downer sealed a $4.6 billion contract with the Queensland government for its train manufacturing program, which will see it design and manufacture 65 six-car passenger trains in Queensland.
“Downer has more than 100 years of experience in delivering rolling stock projects in Queensland and our industry-leading engineering and maintenance practices will be applied in the delivery of the next generation of Queensland’s passenger train fleet,” chief executive Peter Tompkins said in an announcement.
The best-performing sectors include Information Technology up over 3%, followed by Consumer Discretionary and Financials, up over 2%. The worst performing sectors included Utilities down 2% followed by Healthcare, which is just in the red and Consumer Staples, which is just in the green for the week.
The best-performing stocks in the ASX top 100 include Lendlease Group and the Star Entertainment Group Ltd, which are both up over 8% followed by Harvey Norman Holdings Ltd up over 7%. The worst-performing stocks include Lynas Rare Earths Ltd (ASX:LYC, OTC:LYSCF), down over 4% followed by APA Group (ASX:APA) Ltd, down over 3% and AGL Energy (ASX:AGK) Limited, down over 2%.
What's next for the Australian stock market?
Dale Gillham takes the crystal ball to what may happen with the market in the coming weeks.
Last week I mentioned that a week can be a long time in the stock market given what transpired and the same can be said this week given that the All Ordinaries Index is currently up over 1%.
It has once again displayed the extremes of both bullish and bearish sentiment after falling on Monday to its lowest point since March before rising over 2% over the next three days. So, without wanting to sound repetitive, is the market continuing to defy logic?
It has been 10 weeks since the last major high and with the fall into Monday's low, the market has fallen 4.57%. So, while it may feel like the market is bearish, it’s not really overly bearish or bullish.
The question we need to ask is not what the market is doing, but rather how the current conditions affect us. For most it will be an uneasy feeling, while others will be excited about the opportunities that are likely to unfold. While the Australian stock market is not unfolding as we would like and is becoming more unpredictable right now, it doesn’t mean we can’t plan to profit from it.
While I am still concerned that there may be a further fall down to 7,000 points or slightly below, I am also considering what the potential is if the market rises from here and you should too. To manage your risk, there are two things you can do.
Firstly, make sure you have set an exit strategy on all of your stocks and secondly, start researching stocks to buy in the top 20, as many are looking very interesting right now. I also suggest getting your plan together now, otherwise, you may miss the opportunities.
Five at Five
Iltani Resources rings the bell following $5 million IPO, set to advance base and critical mineral portfolio
Iltani Resources Ltd (ASX:ILT) (Iltani Resources Ltd (ASX:ILT)) has listed to the ASX following an oversubscribed $5 million initial public offering (IPO). Holding a base metal and critical mineral portfolio of seven projects – with one exploration application pending on an eighth – Itlani intends to begin exploration activities at its Herberton operations in Far North Queensland.
Blue Star Helium commissions third-party plant to process Voyager gas
To further de-risk its maiden helium development, Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF) has contracted experienced US mid-stream provider IACX Energy LLC to deliver and operate an initial helium recovery plant at the high-grade Voyager discovery in Las Animas County of Colorado.
Imugene presents new proof of concept data on stomach cancer vaccine at prestigious conference
Imugene Ltd (ASX:IMU, OTC:IUGNF) has presented new and significant data on HER-Vaxx at the World Congress of Gastrointestinal Cancer in Barcelona.
Catalyst Metals wraps up acquisition of Canada's Superior Gold; completes plan of arrangement
Catalyst Metals Ltd (ASX:CYL) has completed the acquisition of TSXV-listed gold producer Superior Gold Inc (TSX-V:SGI, OTCQX:SUPGF), marking the conclusion of their court-approved plan of arrangement under the laws of Ontario, Canada.
Provaris Energy and Gen2 Energy plan to create extensive European hydrogen supply chain
Gen2 Energy AS and Provaris Energy Ltd (ASX:PV1) have inked an ambitious collaboration agreement to develop a large-scale hydrogen supply chain across Europe.
On your six
EOFY investor check list to make the most of your refund
Always treat your tax refund as savings and invest it into growth assets says Wealth Within analyst Dale Gillham.
The one to watch
Recce Pharmaceuticals lands ethics approval for expanded UTI studies
Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) CEO James Graham tells Proactive’s Elisha Newell that the company has secured ethics approval to expand its Phase 1 and 2 UTI studies with lead product RECCE® 327. The key approval will expand the number of recruits that can participate across world class trial facilities in New South Wales.