July 16, 2024

Perth-based IGO (ASX:IGO) has revealed a second round of impairments for the year ending in June. After $968 million in write-downs in 2022-23 on nickel assets acquired in the takeover of Western Areas in a $1.3 billion deal in 2022, the company added another $171.8 million in write-downs of its Cosmos and Forrestania nickel assets […]

Small-cap stocks are currently experiencing a significant surge as they have taken the lead from megacap technology shares to drive the bull market, buoyed by hopes that interest rate cuts will expand the economic recovery to their advantage. The Russell 2000 index, the benchmark for small-cap stocks, soared 3.5% on Tuesday, reaching its highest level

US retail sales were unchanged in June, surprising many, though the underlying trend remained strong. This could boost economic growth estimates for the second quarter. The flat reading in retail sales last month followed an upwardly revised 0.3% gain in May (originally reported as a 0.1% rise). This May revision has positively impacted the GDP

Gold rose, as did silver, but other commodities fell; oil lost ground, and copper dropped sharply. The supposed driver of gold and silver’s surge on Tuesday — the prospect of lower rates in the US — did not impact other commodities. In fact, copper sold off because the data from China, the biggest influence on

The rotation into industrials, financials and smaller companies pushes the Dow Jones to new highs as the rally continues to broaden into underperforming sectors. The Dow Jones had its best day since June 2023 surging 742 points or 1.85 per cent, to close at a record 40,954. The S&P 500 closed 0.64 per cent higher

On Tuesday, the Australian sharemarket ended a three-day winning streak by dropping slightly below the significant 8000-point mark achieved in the previous session. The S&P/ASX 200, a key benchmark, closed down 18.3 points or 0.2 per cent at 7999.3 points. This decline occurred despite gains seen on Wall Street, as investors in the US remained

A busy Tuesday for Rio Tinto (ASX:RIO) included the June quarter production and sales report, news on its Simandou iron ore project in Guinea, and a decision to shut down a mine in Canada threatened by bushfires. Rio reported a 3% sequential rise in its Pilbara second-quarter iron ore shipments on Tuesday, as better weather

Stelar Metals Limited (ASX:SLB) has provided an update on the laboratory-assayed rock chip samples collected during June at the Baratta Copper Project in South Australia. Baratta is considered highly prospective for Sedimenthosted Stratabound Copper mineralisation and is analogous to the Central African Copper Belt (CACB). Shares are trading 45.83 per cent higher at 10.5 cents.