The ASX has been flat today. Perhaps Aussies are mulling over who they will vote for in the upcoming Federal election, now set for March 21.
Anthony Albanese did himself no favours today when he couldn’t provide the current interest rate or what the national unemployment rates are. It was up to Labor’s finance spokeswoman Katy Gallagher to save the day.
When grilled by a throng of competing journalists, Albo also had trouble answering questions about the official cash rate, the Tasmanian unemployment rate, the national unemployment rate, and milk and bread prices.
His excuse: he’s human after all.
Of course, the current Prime Minister, who many think only has the next six weeks left in office, is fighting his own battles.
Scott Morrison is under fire for his handling of everything from bushfires to floods and the pandemic and faced another throng of angry protestors today.
ScoMo was in Gilmore in the ACT today and as we have seen previously didn’t have a good time of it.
The PM faced tough questions over how he would prevent devastating bushfires if they were to happen again.
One protestor called the PM out saying, “When you see what has happened until today when people still don’t have a decent home to live.
“People are still living in caravans and container sheds.
“And what has he (Mr Morrison) done? He's done nothing”.
The next six weeks are going to be long and hard for the Prime Ministerial candidates. Neither of them will have an easy run and there are plenty who haven’t mind up their minds about the lesser of two perceived evils.
A few weeks ago, it looked like Albo would have an easy run in. It seems that is no longer the case.
Anyway, back to the market, the S&P/ASX200 finished slightly higher today, up just 7.20 points to 7,485.20. The index has lost 0.38% for the last five days, but is virtually unchanged over the last year to date.
The top performing stocks were Graincorp Ltd up 6.31% and Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) up 4.20%.
Technology stocks were weighing he market down, following the trend over on Wall St. Consumer discretionary was also lower, following on from last week. Financials were limiting the losses.
What were the best and worst performing sectors last week?
The best performing sectors include Utilities up over 3% followed by Energy and Consumer Staples, both up over 1%. The worst performing sectors included Consumer Discretionary, Information Technology and Materials, which were all down over 2%.
The best performers in the S&P/ASX top 100 stocks included Magellan Financial Group Ltd (ASX:MFG) up over 12%, Mineral Resources Ltd (ASX:MIN) up over 9% and AGL up over 8%. The worst performing stocks were Lynas Rare Earths Ltd down over 11%, Aristocrat Leisure Ltd down over 7% and South 32 Ltd losing plus 6%.
What's next for the Australian stock market?
As usual we turned to Wealth Within founder and analyst Dale Gillham.
“The All-Ordinaries Index started last week on a positive note, as it trended up before showing some weakness towards the end of the week. In my last report, I mentioned that you shouldn’t be surprised if we experience a few down days this week although I expect this weakness to be short-lived. That said, we need to be prepared for it to last into next week, which could see the All-Ordinaries Index fall to around 7,600 points.
“Once the Australian stock market finds support, I am confident it will rise up into April and well into May to around 8,200 points and beyond before we see the next peak. For now, I recommend investors be patient and look for opportunities in the top 50 stocks that are likely to present in the next few weeks.”
On the crypto front
Australia’s leading cryptocurrency exchange with over 2.5 million customers, CoinSpot, announced an exclusive partnership with prestige car retailer Dutton Garage, which for the first time will enable Australians to buy cars with cryptocurrencies, including Bitcoin, Ethereum and more.
In a first since Elon Musk announced and retracted the ability to purchase Teslas with Bitcoin, customers of Dutton Garage will be able to pay for luxury vehicles in full or in part using Bitcoin or one of over 30 others cryptocurrencies available via CoinSpot’s Over-The-Counter Trading Desk (OTC).
CoinSpot’s OTC service provides an additional layer of confidence when performing high-volume transactions without the need for traditional public order books, limiting exposure to market fluctuations. This minimises the risk of low liquidity or slippage for CoinSpot’s customers transacting in quantities of AU$50,000 or more.
In response to the strong demand from Australian customers to purchase vehicles and other luxury items with cryptocurrency, the partnership signals an important milestone for high-end car retailers who now have increased finance options for customers beyond cash, credit, or buy-now-pay-later services (BNPL).
Gary Howells, Chief Product Officer at CoinSpot confirmed the partnership was part of the company’s mission to minimise the technical barriers to entry that surround cryptocurrencies, increasing access for consumers and businesses alike.
“As Australians continue to look for more ways to find value in their crypto investments, CoinSpot’s partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto. With Web 3.0, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that’s a Bored Ape NFT (non-fungible token) via CoinSpot’s NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garage.
“Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot’s ability to facilitate transactions within the luxury goods market,” Howells concluded.
Juv Jayaram, Chief Technology Officer at Dutton Group said: “Providing exceptional customer service is a major part of the experience at Dutton Garage and working with Coinspot has enabled our customers to access their crypto investments and transact with us in a seamless and transparent manner.”\
eToro moves into NFTs
eToro, the social investment network, announced today its first step into the world of NFTs with the launch of eToro.art, a new patron program to support NFT creators, agencies, and brands.
The $20 million dollar fund will be used to purchase blue chip NFTs, as well as seed emerging creators and NFT projects. eToro intends to bring the power, fun and community of NFTs to its community of over 27 million registered users and plans to offer new pathways for them to explore and enjoy NFTs.
Yoni Assia, Co-Founder and CEO at eToro said, “As a company with one eye constantly on 'what's next', eToro sees huge potential in the metaverse and a range of new digital assets. eToro has a community of over 27 million registered users who want insight on and access to new and emerging technologies. As one of the first companies to offer crypto alongside more traditional assets, it is only natural for eToro to serve as the bridge to bring new users into NFTs and the metaverse. We’re incredibly excited to see the developments in this space over the coming months.”
The first stage of the eToro.art program is the reveal of eToro’s NFT collection, which includes blue chip projects such as Bored Ape Yacht Club, CryptoPunks, World of Women, and projects of emerging artists. Once its full funds have been deployed, this collection will make eToro one of the leading NFT collectors in the world.
In addition, eToro plans to support up and coming creators and brands on new NFT projects. eToro plans to commit $10 million in emerging projects, and act as a strategic partner to support bringing new emerging projects to market in 2022. Projects that partner with eToro will receive a range of support and services that help them bring their NFT project from concept to market. To participate in the program, creators will need to complete the intake application on eToro.art.
Guy Hirsch, Managing Director, eToro Art said “NFTs converge culture, technology, and investing. As the leading social investing platform, eToro is well positioned to lead this space, and eToro.art will bring creators and investors together through technology, uniting communities around art. We are excited to provide our support to a wide range of NFTs projects which reflect the diversity, creativity and positive social impact of the communities of art enthusiasts that they represent.”
eToro will debut the collection at the Bass Contemporary Art Museum in Miami this week, in a private event focused on the future of culture.
Last week, Delta, an asset explorer and tracking app that eToro acquired in 2019, announced the ability to explore NFTs alongside stocks, cryptos and other instruments.
On the small cap front
- Hartshead Resources finished 16.67% higher.
- Lake Resources NL Marmota Ltd finished 7.53% higher.
- Kingfisher Mining Ltd finished 3.33% higher.
- Kingwest Resources finished 2.94% higher.
- White Rock Minerals Ltd finished 2.50% higher.
- Marmota Ltd finished 2.33% higher.
- Tietto Minerals Ltd finished 1.41% higher.