Sigma Lithium tops list; WD-40 drops on bleak annual guidance

chonticha wat

Materials had a good week overall, with the S&P materials sector up +6.15% and the Materials Select Sector SPDR ETF (XLB) +6.07%. The S&P 500 gained on hopes that the Federal Reserve may slow down its rate-hiking campaign.

Gold (XAUUSD:CUR) was under pressure early but finished the week with strong gains Friday on this positive sentiment. Federal Reserve Bank of San Francisco President Mary Daly said future interest rate increases could come in smaller increments to achieve the Fed’s target neutral rate.

Copper futures (HG1:COM) closed the five-day trading session +2.03% higher despite three straight daily declines at the start of the week. However, aluminum (LMAHDS03:COM) continues to be weighed down by a surge in inventories this month, closing -1.7% to $2,206/ton.

Take a look at this week’s top gainers among basic material stocks ($2B market cap or more):

  • Sigma Lithium (SGML) +13.83%
  • Lithium Americas (LAC) +14.60%
  • Freeport-McMoRan (FCX) +12.19%
  • Enviva (EVA) +11.79%
  • Companhia Siderurgica Nacional (SID) +11.48%

Here are the top losers among basic material stocks ($2B market cap or more):

  • WD-40 Company (WDFC) -11.91%; Shares fell sharply on Thursday as bleak annual guidance coming in with declining fourth quarter’s margins spooked investors.
  • Ufp Industries (UFPI) -5.23%; The stock was down despite posting a Q3 results beat Thursday after hours due to strong pricing margins and higher unit sales.
  • West Fraser Timber (WFG) -4.66%
  • Turquoise Hill Resources (TRQ) -2.89%
  • RPM International (RPM) -2.32%

Other material ETFs to watch: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (RING), Global X Copper Miners ETF (COPX).

chonticha wat Materials had a good week overall, with the S&P materials sector up +6.15% and the Materials Select Sector SPDR ETF (XLB) +6.07%. The S&P 500 gained on hopes that the Federal Reserve may slow down its rate-hiking campaign. Gold (XAUUSD:CUR) was under pressure early but finished the week with strong gains Friday on…

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