ASX Streak Ends

The ASX200 ended Tuesday lower ending a four-day win streak, falling by 20.30 points, or 0.28%, to 7,131 in what was an overall quiet news day. All eyes will be on the US CPI read this week and subsequent impact to interest rates. Overnight, the US markets started the days trade strong, but the Dow turned negative by the afternoon. Beaten up EV car manufacturer Tesla was the big mover overnight climbing by 5.9%.

There were eight of the 11 market sectors that saw a decline in value today. Worst affected were the Materials and Industrials sectors which fell by 0.55% & 0.53% respectively. The Telco sector led the pack today, increasing by +0.23%.

Both De Grey Mining and Telix Pharmaceuticals saw their share prices fall by 7.94% and 7.71% respectively, making them the worst performing stocks on the ASX200 today

Consumer Confidence

The ANZ-Roy Morgan consumer survey today showed that consumer confidence rose by 4.9 points last week to 87.4, the first time the new year has started with an increase since 2018

Quick Singles

• Recce Pharmaceuticals Ltd (ASX: RCE) stock rose 4.6% to $0.68 on the news that the Australian Patent Office intends to grant Recce's Patent Family 3 "Anti-Virus Agent and Method for Treating Viral Infection." Recce presented at the JP Morgan Healthcare conference today in San Francisco CA.

• Insurance Australia Group (ASX: IAG) share price dropped by 2.3% to $4.63 following the introduction of its 2023 reinsurance program on Monday which disclosed an increase in reinsurance pricing.

Not subscribed? Sign-up below to receive all the ASX news straight to your inbox

Top Story

Platinum drops FUM but shares rise

The share price of Platinum Asset Management (ASX: PTM) increased by 4.2% today, closing the day's trade at $2.01. The fund manager reported its' Funds Under Management (FUM) after the close of trade on Monday.

In the announcement, Platinum reported that its FUM decreased by $10 million in December, bringing the total to $18.1 billion. Platinum said that it experienced net outflows in the month of $166 million. This drop may have been less than what investors were expecting based on the share price reaction today.

Movers and Shakers

✅Biggest Winners

Lake Resources (ASX: LKE) share price increased by 1.2% to $0.84 after achieving an important project milestone at the Kachi site. As of December 31, Lake's partner Lilac successfully operated the Demonstration Plant for 1,000 hours in a row, producing 40,000 liters of lithium chloride eluate. It is currently being transported to Saltworks for transformation into lithium carbonate. From there it will be checked separately for purity.

Volpara Health Technologies Ltd (ASX: VHT) share price increased by 4% to $0.65 today on the news of five fresh contract wins in some of the United States leading Health Care providers. Volpara reported that the cumulative value of the five new contracts is NZ$12.3 million. All contracts have a duration of five years.

❌ Biggest Losers 

Brainchip Holdings Ltd (ASX: BRN) decreased by 7.5% to $0.68. This follows the announcement that the semiconductor manufacturer is raising capital. Brainchip is issuing LDA Capital, a US-based alternative investment firm, 30 million shares at a discount to be determined in the future. Brainchip also desires the option to issue 10 million additional shares, but this is subject to approval. LDA is not compelled to hold the shares and is free to sell them for a profit.

Premier Investments Limited (ASX: PMV) share price fell 5.1% to $24.85. The catalyst for this drop was the retail conglomerate's ex-dividend trading this morning. The owner of Peter Alexander and Smiggle declared a fully franked final and special dividend of 79 cents per share as part of its annual report. This will be paid to qualifying stockholders on January 25th.

Small-Cap of the Day

Copper Boom

As Cyprium Metals (ASX:CYM) works its way through Phase 1 of the Nifty Copper Project Restart, the share price of the company increased by 21.7%, reaching $0.14 on strong volume.

Along with the recent announcement that it has reached an offtake agreement for approximately one hundred percent (about 140,000 tonnes) of the Copper Cathode that will be produced during Phase 1 of the restart, Cyprium also announced that it has secured a US$35 million prepayment facility for offtake agreements through Transamine SA.

Econcomic Calender

Outlook

Trade and Retail data in Australia is the biggest news for this week while the world will be watching the US CPI read on Friday

11th January

• AU Retail Sales MoM - est. 0.7%

12th January

• AU Trade Balance - est. AUD10900M

13th January

• US CPI YoY - est. 6.5%

• US Initial Jobless Claims - est. 220k

That's it from the team at ASX-News today. We hope you enjoyed our EOD wrap-up. Good night and happy investing!