S&P/ASX 200 (INDEXASX:XJO) is on track to snap its consecutive run of green days after the market opened flat but lost over 40 points during the morning session.
The S&P 500 Index (INDEXSP:.INX) was up 0.21% and the Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.60% last night but it wasn’t enough to spur an eighth positive day.
Syrah squeezing the shorts, or at least trying to
Syrah Resources Ltd (ASX:SYR) who operates a graphite mine in Mozambique is up 11.5% to $1.325 today after confirming it is meeting or slightly beating its recently released guidance.
This time last year, the stock's share price was over $3.00 and its short base was over 30%.
Since then the short base has decreased to around 17%, although this still has it has one of the top shorted stocks on the ASX.
Syrah Resources $SYR has produced 48kt of #graphite in 1Q19 at its Balama operation, beating the company's own guidance. SYR also sold at an average price of $469/t #ausbiz #mining pic.twitter.com/SyE1FHWg6F
— CommSec (@CommSec) April 3, 2019
Iron ore miners cooling off
After some very strong runs, Australia's iron ore miners, Rio Tinto (ASX:RIO), BHP, (ASX:BHP) and Fortescue Metals (ASX:FMG) are taking a breather today.
Fortescue is down the most, off 2% to $7.63, however, the stock was $6.50 at the beginning of last week.
US markets enjoy another positive session
[VIDEO] US stocks rose for a 5th day. Aussie shares are set for a quiet start after improving for 7 straight sessions. No major data due locally. Details here https://t.co/eX8PDZQHqa #ausbiz
— CommSec (@CommSec) April 3, 2019