Winners and Losers: Trump trade triumphs
A wild week of US news had implications for the local share market, especially for the state’s miners.
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The failed assassination of former US President Donald Trump led to a groundswell of Republican support for the candidate and made global waves.
A return of Trump likely means an intentional shift away from green energy alternatives and back towards oil and gas, said Baker Young Limited analysts.
That was the case for Resolution Minerals – a mineral exploration company focused on battery metals like gold, copper, cobalt and uranium – the biggest Loser of the week.
The company’s shares fell by 33.33 per cent in the week alongside West Australian uranium firm Paladin Energy (ASX: PDN) which also fell by 9.5 per cent in the five trading days, while the operator of the Honeymoon uranium project in SA Boss Energy also fell by 7.6 per cent.
Meanwhile, industrial minerals miner Andromeda rose strongly on news of a binding offtake agreement with Traxys Europe.
“We are excited to seal our comprehensive strategic partnership with Traxys. Traxys is an ideal strategic partner for Andromeda, one in whom we can trust, and one that shares our commitment to meeting the increasing global need for superior industrial minerals,” Andromeda CEO and managing director Bob Katsiouleris said.
“The agreement with Traxys is a significant step towards Andromeda’s long-term success.”
Mayfield Group rose 15 per cent on Friday on news that it intends to double its final dividend to 2 cents per share for FY24 – translating to a payment of $1.82 million of its $16.3 million cash reserves.
The full list of Winners and Losers for the week ending 19 July 2024:
Data compiled by Baker Young Limited analysts.