Live updates: Australian share market to fall, Nvidia hits record high, oil prices gain
Meanwhile, shares of chip-maker Nvidia touched a record high, lifting its market value to $US3.75 trillion ($5.76 trillion) and making it the world's most valuable company.
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News.com.au
4 minutes ago
- News.com.au
Geelong West home sells $200k above reserve at hot auction
A three-way auction ended $200,000 above the reserve for a renovated character house with a modern extension in Geelong West. The four-bedroom residence at 136 Autumn St sold for $1.51m at Saturday's auction after the bidders, mainly young families, contested the 519sq m property near Pakington St. McGrath, Geelong director Jim Cross said the successful bidders were relocating to Geelong, having acquiring a business locally. Work starts $10m Highton 'frog hollow' project But a host of young families were keen to secure the double-fronted Victorian residence with a modern extension and backyard pool, Mr Cross said. 'It's probably a sign the market is starting to improve, but also a reflection of the property that was presented beautifully by the owners who gave it every opportunity to achieve a great price,' Mr Cross said. Bidding started at $1.28m – the bottom of the $1.28m to $1.32m guide. The last two bidders in the auction added $100,000 to the price, Mr Cross said. The house presented with a quintessential white picket fence and landscaped gardens, while blending period elegance with modern family living. Features included leadlight windows, Tasmanian oak floorboards and original fireplaces in the original footprint of the house, containing two bedrooms, including the main suite with an ensuite. The modern extension offered spacious open living with expansive north-facing windows looking out to an in-ground swimming pool and leafy garden. The gourmet kitchen featured a long island bench, Smeg, Bosch and Siemens appliances and abundant storage, while a second potential main bedroom or teenage retreat upstairs has its own ensuite and walk-in wardrobe. Mr Cross said the strong interest in the property was a positive sign for an improving market in Geelong. Geelong West's $813,000 median house price is 7.6 per cent below what it was 12 months ago, reflecting the patchy nature of the property market. But Mr Cross said an interest-rate cut could create the perfect storm for a strong spring selling market if it brings more people to list their properties for sale. 'What we're seeing in the market at the moment is it's still patchy but we are seeing signs of improvement in increased buyer inquiry numbers and people through open homes and inspections, and an increased number of genuine buyers in the marketplace on specific properties,' Mr Cross said. 'My gut feeling is that once we get another rate cut, that we will start to see those increased numbers fill out throughout the majority of the market.' Mr Cross said the auction wasn't timed around the rate cut but because the vendors had bought another property. 'I think if we see a rate cut today, that will definitely spur our market on because you feel that market is through the bottom. 'You feel the market improving, but that it's gradual. I think we'll also see an influx of listings coming to market, because there's vendors that have been in a position where they don't need to sell, from a timing point of view, that have been holding off for an improved market.'
News.com.au
4 minutes ago
- News.com.au
Ten Bagger: Tin's fundamentals are still striking for John Forwood
Welcome to Ten-Bagger, where Lowell Resources Fund chief investment officer John Forwood gives us his take on a sector of the ASX resources market full of value. This month, John talks his conviction in the tin market. Tin is a small market. At around 350,000tpa of demand, the trade in tin close to 100 times lighter than copper and 10 times smaller than nickel. But it's no less important when it comes to the future of energy. Miniaturisation hurt tin prices as hand-held devices got smaller and their components more efficient over the course of this century, over half of the end user market coming from the solder that glues together electronic circuit boards. But rising technologies like electric vehicles, battery storage and AI have ensured demand is now on a solid platform. At the same time, supply has been fragile with Indonesia and Myanmar's large alluvial deposits subject to environmental crackdowns and few new hard rock mines brought online in recent years. While tin remains niche and will never be a big part of the Lowell Resources Fund (ASX:LRT) portfolio, its chief investment officer John Forwood says strength in the tin price – US$33,805/t today – and those fundamentals make it a market to watch closely. "Rule of thumb, what I work on is tin is worth 3x as much as copper," Forwood said. "Half a percent tin grade is one and a half percent copper equivalent, or slightly better at the moment. "Tin recoveries generally are significantly lower – if you're in the 70s you're happy but you probably wouldn't be happy getting that from a copper flotation plant. So there are some differences. "(But) the demand side and the price response in a long-term sense is very good for tin (and) the supply side is where it gets a little murky." That's a great fundamental setup for continued price strength, with China, Indonesia and Myanmar all countries with a lack of transparency when it comes to the status of their operations. Market movements Prices were spurred on by a clampdown on alleged illegal mining and the confiscation of five private smelters in Indonesia last year, although the conclusion of a long-running corruption investigation has stirred strong exports out of the South-East Asian nation in 2025. Myanmar's autonomous Wa State has also recently announced the award of licences after a two year ban, alleviating supply constraints for refiners in China. But prices remain strong, an indication customers are still concerned about their ability to ensure a stable source of supply. Forwood says it's a "head scratcher" as to why there haven't been more tin mines opened in recent years with prices at historically strong levels. The high-grade Bisie tin mine in the Democratic Republic of the Congo was the last hard rock operation of substance to open in 2018, and caused a supply shock when the temporary takeover of North Kivu province by Rwanda-backed M23 rebels prompted a short-lived closure earlier this year. A couple are still waiting in the wings. "The Achmmach project in Morocco, it was Kasbah Resources and now it's been privatised, that's moving towards production but that's been 15 years that's been talked about in feasibility terms," Forwood said.* "The Heemskirk tin project in Tassie (owned by Stellar Resources (ASX:SRZ)), it's been a long time trying to get that to a critical point into production." *Majority owner Atlantic Tin was recently acquired by Hong Kong based Xingye. Sky's the limit Forwood's stock of choice in the ASX tin market is Norm Seckold-chaired explorer Sky Metals (ASX:SKY). It owns two tin projects in historic alluvial fields in New South Wales. The first priority is Tallebung, a historical mine site near Condobolin which sits to the south of Aurelia Metals' (ASX:AMI) Peak and Hera gold-copper mines. The second is Doradilla, located to the south of Bourke in the state's northwest. Tallebung is the most advanced, carrying a resource of 15.6Mt at 0.15% Sn and 0.03% WO3 for 23,200t tin and 433,940mtu of tungsten trioxide. An exploration target has also been posted of 23-32Mt at 0.14-0.17% Sn. It seems low grade, but Sky thinks it may have cracked a long-running processing challenge at the project by testing Tomra ore-sorters to upgrade the material. "It does seem to be exceptionally responsive to XRF ore sorting, the Tomra technology. I went up and had a look at their pilot plant in Sydney at Castle Hill. It's quite remarkable," Forwood said. "Obviously it doesn't sort the fines component, but depending on where they set the dial, to put it in very simplistic terms ... they can increase the grade by more than 5x. "So it means you're going from a 0.2-odd per cent head grade to a 1% head grade. " If you think of that in copper terms, it's 3% copper, roughly, and treating a fifth of the amount of ore that actually gets mined." The trick will be to see if works on a commercial scale, but Forwood is also optimistic about the growth potential of the deposit, with drilling funding extensions to the tin resource as well as high grade silver around its edges. Seckold, best known as the chair of Indonickel giant Nickel Industries (ASX:NIC) and also the chair of billion dollar critical minerals play Alpha HPA (ASX:A4N), is joined on the company's board by young geologist Olly Davies as MD, former Aurelia MD Rimas Kairaitis and exploration veteran Richard Hill, most recently chair of the board of copper developer New World Resources (ASX:NWC) ahead of its takeover by Kinterra Capital.
ABC News
4 minutes ago
- ABC News
Just a week out from a parliamentary deadline, both Labor and Greens sticking to their guns
During every AFL trade week, there are a couple of deals that go down to the wire. One club boss insists their player is so skilled that there's no way they'll be traded, at least unless they get a bounty of draft picks or some good players in exchange. The other club boss says they value the player but can't pay the king's ransom being demanded. Occasionally, the gulf between the teams is so great that no deal can be struck. Other times, one club caves and pays too much, or accepts below-market value for their prized player. But mostly, after weeks of posturing and chest beating, both clubs agree to meet somewhere in the middle, usually right before the trade deadline. Tasmanian politics is in its own trade week era — and at the moment, the protracted negotiations are between Labor and the Greens. Labor needs the Greens to agree to their motion of no-confidence in Premier Jeremy Rockliff's government, and provide confidence in a Labor minority government. In return, the Greens want Labor to throw some policy concessions their way. Maybe start with matching the Liberals' ban on greyhound racing and go from there. So far, there has been the same amount of bluster you'd expect from AFL trade week. Labor insists it won't do a deal with the Greens, it won't compromise on its values and doesn't expect those it is negotiating with to do so either. But if it forms government, it will consider each idea for policy change on its merits, through a "sensible policy framework". Labor has mostly opted for the "greater good" argument — that the mostly progressive crossbench would be better off under a Labor Party that independents and Greens share some core values with, such as integrity, fixing the budget, health and housing. It's asking whether the crossbench really wants to leave the Liberals, and new Treasurer Eric Abetz, in charge of the state's finances. Especially when it could have Labor and its would-be treasurer, respected independent MLC Ruth Forrest. And whether the Greens really want to trust a premier that it voted no-confidence in just two months ago. The Greens so far have told Labor Leader Dean Winter to buzz off, and to come back when he's serious. Greens Leader Rosalie Woodruff drew a big line in the sand on Tuesday. Unless Labor offers up more than it is at the moment, she said the Greens cannot support Mr Winter as premier. Dr Woodruff reeled off a range of policies she would like movement on: ditching the proposed Macquarie Point AFL stadium, stronger environmental laws, and increasing the royalties paid by the salmon and mining industries to repair the budget. And in a classic trade-week manoeuvre, she pointed out Labor's weakened bargaining hand — that the guy doing the negotiating failed to win a quota in his own right in the seat of Franklin, while his party suffered a 3.1 per cent swing against it. And that while Labor doesn't need every individual crossbencher on board, it cannot form government without the Greens. The Greens also have the benefit of time. They can reject Mr Winter's bid for power now, tell their supporters they've extracted a greyhound racing ban from a Liberal party that just a month ago was telling the industry how valued it was, and will consider a further no-confidence motion in Mr Rockliff if he doesn't do what he has promised or makes decisions that outrage them. They know Labor are likely to come back and want to form government if they're unsuccessful this time. But if the Greens vote for Mr Winter to become premier now, they know it will lead to a partnership that will be awfully hard to end. The Greens see they're giving Mr Winter a blank cheque to govern if they side with him this time. And Dr Woodruff continues to argue the party will not do that without claiming some prized assets in return. We're fairly and squarely in the chest-beating part of trade week. A week out from deadline, both parties are sticking to their guns. But which end scenario will play out on Tuesday when parliament resumes? Will the Greens and Labor remain so far apart that neither bends — and Mr Rockliff remains premier? Will Labor concede enough that the deal becomes palatable to the Greens? Or will the Greens decide that when push comes to shove, they would prefer the Labor Party in charge over Mr Rockliff? After all, Dr Woodruff used her election night speech to point out the Greens have much more in common with Labor than the Liberals. With five days until deadline day, there's still plenty to play out. And while the Greens have displayed a willingness to return to the negotiating table, Dr Woodruff put plenty of caveats on her lack of support, starting every sentence with a "for now", or "at this stage". The scene is set for a tense and highly anticipated return of the state parliament. And despite all the bluster, every possible scenario remains on the table.
