Winners and Losers: Junior miners slide as Trump elected
Looming tariff threats proposed by President-elect Donald Trump drove commodity price weaknesses, impacting some of the state’s junior miners.
The likes of Woomera Mining, Centrex and Orpheus Mining landed in the Losers list this week amid weak commodity prices.
It follows Donald Trump’s barnstorm back into the White House, having shellacked Vice President Kamala Harris mid-week.
The President-elect ran on a policy whereby he intends to impose a 10 to 20 per cent tariff on all imports, and a 60 per cent on imports from China.
His return to the White House rattled Asian financial markets, including in China where – after the election – shares in the likes of Alibaba fell by as much as 4.5 per cent, JD.com dropped by about 7.7 per cent and Baidu by 2.9 per cent.
The Hang Seng Index – which tracks the stock market in Hong Kong – fell following Trump’s win but recovered by the end of the week to finish up 0.70 per cent.
The SSE Composite Index – which tracks all stocks traded at the Shanghai Stock Exchange – also finished the week strongly, up 5.39 per cent.
However a counter-stimulus response pending from China to combat the proposed tariffs led to weakness in commodity prices, affecting South Australian miners.
Woomera Mining fell 20 per cent and is down 88.25 per cent on a year-on-year basis, Centrex was down 19.36 per cent (64.79 per cent on the last year) and Orpheus was down 16.22 per cent (63.53 per cent on the year).
Austrare meanwhile had a strong week, rising by 42.86 per cent, adding about $2 million to its market value.
Mayne Pharma also rose sharply on Friday after confirming a report in the Australian Financial Review that it had appointed Jeffries Australia to field bidder interest.
Per the AFR’s Street Talk column, Jeffries is “quietly marketing” the Salisbury-based pharmaceuticals firm to potential suitors.
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Terramin was another riser after announcing its Tala Hamza Zinc Project crossed another milestone. It is anticipated that construction will commence in the coming weeks.
The full list of Winners and Losers for the week ended 8 November 2024:
Data via Baker Young Limited analysts.
