Friday? more like buy-day 🛍️
Episode description
Friday is quickly becoming “buy-day” with the local bourse staging another big rally to end the week. Buying kicked in as soon as the market opened, helped along by China’s central bank cutting a key interest rate linked to mortgages. Options expiry in the United States was also cited as a factor behind the big gains. Chalice Mining topped the leader board, jumping 18.7% after obtaining permission to drill in the Julimar State Forest. Novonix wasn’t far behind with a gain of 10.1%. Its CEO appeared on ausbiz this week. We’re sure the two are not connected… Square, a perennial started at either end of the scoreboard, took out bronze metal with a gain of 9.7%. While not in the benchmark, online retailer Mydeal.com.au receives an honourable mention, surging 55.8% as Woolworths lobbed a takeover offer to acquire 80% of the company. Losers were few and far between. The S&P/ASX 200 rose 1.15%, adding points to 7145.6. For the week, it climbed 1%, snapping a 4-week losing streak in the process.
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