Proactive’s Tylah Tully gives a market wrap for December 16.
The ASX 200 closed near its lows on Monday, falling 0.56% to 8,249.5 points.
Over the past five days, the index has declined 2.04% and remains 3.11% below its 52-week high.
The top-performing stock of the day was The Star Entertainment Group, which rose 5.13% to $0.205 per share without any specific news driving the increase. Siteminder Limited also gained 4.47%, closing at $6.08 per share.
On the downside, HMC Capital dropped 13.66% to $9.73 per share, making it the worst performer of the day. Boss Energy also saw significant losses, slipping 8.05% to $2.40 per share.
Nine out of eleven sectors finished lower. Materials was the weakest sector, declining 2.04%, followed by Real Estate, which dropped 1.35%.
In general news, ASIC has launched legal action against HSBC’s Australian branch, accusing the bank of failing to prevent a "spoofing" scam. The scam allegedly defrauded 950 customers of a combined $23 million between January 2020 and August 2024.
In global markets, investors are anticipating potential US Federal Reserve rate cuts. This expectation has driven bond yields higher and strengthened the US dollar.
Cyclone Metals Ltd (ASX:CLE) was a strong mover in the small cap sector, rising as much as 48% from the previous close to $0.037, Magnetite Mines Ltd (ASX:MGT) hit a daily high of $0.145, an increase of 16%, and Sprintex Ltd (ASX:SIX) rose by 14% to a high of $0.057 on a new sales and distribution agreement in India.
Other gains were made by Lindian Resources Ltd (ASX:LIN, OTC:LINIF), which was up 8.24% to $0.092 on the back of signing a US$50 million term sheet, Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) reached $0.215, a rise of 7.5%, West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) increased 7.2% to $0.015 on securing a new prospecting right adjacent to its WBP gold play in South Africa, NGX Ltd was 6.25% higher than its previous close at $0.17, Dynamic Metals Ltd (ASX:DYM) moved up 5.79% to $0.275 and Orthocell Ltd (ASX:OCC, OTC:ORHHF) hit a new record of $1.21, an increase of 5.68%.