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Markets Rebound

The ASX200 rebounded to make some of yesterday's losses, finishing the day higher, adding 113 pts., a rise of 1.63%, to end Wednesday at 7,059.2 in what was an overall quiet news day.

There were ten out of eleven sectors which finished the day in the green. Leading the way was the Information Technology sector, followed by the Financials sector which both gained on the day by +2.91% and +2.23% respectively. Stopping a clean sweep was the Energy sector, which fell on the day, dropping by 1.32%.

BrainChip Holdings and Sayona Mining were a couple of the biggest rises on the index today, with their stock prices increasing by 10.53% and 11.41% respectively.

Key economic news tonight will be the minutes from the US Federal Reserve’s last policy meeting which may give an indicator of the interest rates movement for 2023. In the last update, the central bank cautioned rates may need to remain higher for longer.

Quick Singles

Galileo Mining Ltd. (ASX: GAL) stock rose 9.2% to $0.90 following the announcement of drill assay results from diamond core drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel discovery within the company's 100%-owned Norseman project in Western Australia. 

French listed renewables company Neoen S.A has secured financing for the first stage of a wind, solar and storage project to be built in South Australia. Neoen operates renewable energy power plants around the world including in Australia 

Tesla Inc (NASDAQ: TSLA) stock fell 12.2% to $108.10 overnight after the company reported lower-than-expected vehicle delivery figures for Q4 FY22.  

Piedmont & Tesla amend agreement

Piedmont Lithium (ASX:PLL) was the big story today, announcing that it has amended its agreement with EV manufacturer Tesla (TSLA). Piedmont's share price traded flat on the day, ending Wednesday's trade at $0.66.

As part of the new contract agreement, PLL and TSLA have agreed to amend their previous agreement, instead agreeing to a new three-year contract with an option to extend for an additional three years. Piedmont has agreed to supply Tesla with about 125,000 tonnes of SC6 beginning in the second half of 2023 and continuing until 2025. The price received by Piedmont Lithium for its SC6 will depend on market conditions at the time of each shipment.

Piedmont anticipates resuming production of spodumene concentrate at NAL in the first half of 2023. The first commercial shipments are anticipated to occur in the third quarter of 2023.

✅Biggest Winners ✅

Immutep (ASX: IMM) share price increased by 3.6% to $0.29 after a trial update today. Immutep reported that enrollment and randomisation had reached over 50% of the expected 154 patients in the TACTI-003 Phase IIb trial. TACTI-003 is studying Immutep's first-in-class soluble LAG-3 protein eftilagimod alpha ("efti") in combination with MSD's (Merck & Co., Inc., Rahway, NJ, USA) anti-PD-1 medication KEYTRUDA® (pembrolizumab) as first-line therapy for recurrent or metastatic head and neck squamous cell carcinoma (1L HNSCC).

Pointsbet Holdings (ASX: PBH) share price rose by 5.3% to $1.58 today following an announcement yesterday that it has launched online operations in the state of Ohio This is the 14th state that Pointsbet has launched online sports betting in the United States.

❌ Biggest Losers ❌

Pantoro (ASX: PNR) share price fell 11% to $0.09 this morning after the gold miner and Tulla Resources (ASX: TUL) disclosed that they are in talks on a prospective transaction to combine ownership of the Norseman gold asset into a single Pantoro firm. The two are Norseman joint venture partners. Additionally, it was disclosed that the Halls Creek mine will be placed on care and maintenance.

Audio Pixels Holdings Ltd (ASX: AKP) share price fell 4.9% to $9.60. This digital speaker developer disclosed additional delays with its installation last week which could be creating negative sentiment on the stock.

Small-Cap of the Day

Greenvale Mining (ASX:GRV) share price surged 34.8% to $0.16 today as the dust continues to settle following Astro Resources' 80% acquisition of Knox Resources from Greenvale Mining by Astro Resources (ASX:ARO).

Outlook

There is no economic news expected locally this week however, it is a busy week in the United States with manufacturing, employment and payroll data all on the agenda

5th January 

• US Manufacturing PMI - est. 48.5

• US ISM Prices Paid - est. 42.3

6th January 

• US Employment Report - est. 150k

• US Jobless Claims est. 230k

7th January 

• US Non-farm payrolls - est. 200k

• US Unemployment rate - est. 3.7%

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