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Closing Bell 12 December

Grady Wulff
December 12, 2022

The ASX started the week in negative territory, closing Monday’s session down 0.45% as investors sharply sold off gold and metals and mining stocks. Investor sentiment has been extremely volatile over the last few weeks amid China’s easing of some COVID restrictions, surprisingly upbeat economic data out of the US and local economic data released that has moved markets especially on the GDP front.

Troubled fintech company Tyro Payments (ASX:TYR) tanked more than 18% today after confirming its separate takeover talks with Potentia Capital and Westpac Banking Corporation have both concluded, as the discussions have not resulted in offers the board feels fairly value Tyro. Origin Energy (ASX:ORG) shares were also sharply sold-off today as investors responded to Prime Minister Anthony Albanese’s plan to place a price cap on domestic coal and gas sales.

Gold miners had a tough start to the week as the price of the precious commodity is trading more than half a percent lower around US$1,787 per ounce. Newcrest Mining (ASX:NCM) fell over 3%, Evolution Mining (ASX:EVN) lost 3.8% and Perseus Mining (ASX:PRU) ended the day down more than 4%.

The winning stocks today were led by BrainChip Holdings (ASX:BRN) jumping 9.38% despite no price sensitive news out of the AI software and hardware technology company today. Megaport (ASX:MP1) and Woodside Energy (ASX:WDS) each also added over 4% and 3.5% respectively today. And on the losing end, Nanosonics (ASX:NAN) tanked 9.92%, Origin Energy (ASX:ORG) fell 7.82% and Silver Lake Resources (ASX:SLR) lost 7.52%.

The most traded stocks by Bell Direct clients today were Warrego Energy (ASX:WGO), Northern Star Resources (ASX:NST), and the BetaShares Australian High Interest Cash ETF (ASX:AAA).

On the commodities front, the price of oil has rebounded as the Keystone pipeline, a key pipeline in North America which links fields in Canada to refiners on the US Gulf Coast, remains shut, on top of easing COVID restrictions in China boosting demand outlook for oil. Crude oil is up almost 1% at US$71.75 per barrel, natural gas is up 10.31% at US$6.89 per MMBtu, coal is up 1.77% at US$402.50 per tonne, uranium is up 0.41% at US$48.70 per pound and iron ore is up 1.36% at US$111.50 per tonne.

The Aussie dollar has weakened to buy 67.79 US cents, 92.80 Japanese Yen, 55.46 British Pence and NZ$1.06.

After the Closing Bell Britain’s trade balance data for October and GDP for October are both released.

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