Alien Metals' (UFO.L) joint venture partner, West Coast Silver, said diamond drilling results from the Elizabeth Hill silver project in Australia returned bonanza-grade assays.
The drilling program also intersected mineralization beyond the April mineral resource estimate, according to a Thursday filing.
Additional west-to-east-oriented diamond drilling is now planned for the second half, with an updated JORC 2012 mineral resource estimate targeted in the fourth quarter.
Energy stocks rose Wednesday with the NYSE Energy Sector Index gaining 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 0.6%.The Philadelphia Oil Service Sector Index fell 0.4%, and the Dow Jones US Utilities Index advanced 0.5%.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported.West Texas Intermediate crude oil shed 0.5% to $81.96 a barrel, and global benchmark Brent fell 1.2% to $87.48 a barrel. Henry Hub natural gas futures gained 3.4% to $2.86 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.6 million barrels in the week ended Friday following a drop of 900,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 100,000 after a gain of 4.4 million in the previous week, a smaller increase than the 1.6 million expected in a survey compiled by Bloomberg.In corporate news, Public Service Enterprise Group (PEG) shares rose 1% after the company's PSE&G unit launched its GridSmart Battery Program, which is intended to help offset the costs of customers installing a home battery system.Par Pacific (PARR) shares rose 2.6%, a day after the company said its 46%-owned Laramie Energy agreed to sell almost all of its oil and gas assets for $485 million.Enbridge (ENB) shares rose 1.2% after the company agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million.
Financial stocks were mixed in late Wednesday afternoon trading, with the NYSE Financial Index fractionally higher and the State Street Financial Select Sector SPDR ETF (XLF) slightly lower.The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.Bitcoin (BTC-USD) was easing 0.6% to $78,451, and the yield for 10-year US Treasuries rose 2.1 basis points to 4.66%.In economic news, the headline personal consumption expenditure price index rose by 0.2% in July, following a 0.1% decline in the prior month, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print.The Fed's preferred core measure, which excludes food and energy, climbed 0.2%, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.Separately, US economic growth, measured by gross domestic product, rose by 1.5% in Q2, unrevised from the advance estimate released last month, as expected in a survey compiled by Bloomberg. GDP rose by 2.1% in Q1. New orders for US durable goods rose 1.1% in July, up from 0.5% in the previous month, compared with expectations of a smaller increase of 0.5% in a survey compiled by Bloomberg.In corporate news, Victory Capital (VCTR) shares gained 4.6% after the firm said it has agreed to buy First Eagle Investments, a privately held global asset manager, for about $7 billion.StepStone (STEP) shares rose 0.1% after it said Wednesday it secured $1.7 billion in capital commitments for StepStone Secondaries Infrastructure Fund and related separate accounts.Blackstone (BX) has received European Commission approval to acquire joint control of Eurowind Energy alongside Denmark's Norlys and EWE Holding, the Commission said. Blackstone shares were down 0.2%.Major banks, including JPMorgan Chase (JPM), are becoming more open to launching their own stablecoins despite earlier doubts about demand, The Wall Street Journal reported. JPMorgan shares were little changed.
Consumer stocks were lower late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, Nike (NKE) shares fell 2.2% after Truist downgraded the company to hold from buy while cutting its price target to $42 from $47.Bath & Body Works (BBWI) shares jumped past 7% after it raised its full-year earnings outlook following a fiscal Q2 beat amid tariff refund tailwinds.Abercrombie & Fitch (ANF) raised its full-year outlook on Wednesday as tariff-related refund benefits helped the apparel retailer post fiscal Q2 results above Wall Street's estimates. Abercrombie shares surged 38%.J.M. Smucker (SJM) lifted its full-year outlook on Wednesday as the food producer reported stronger-than-expected fiscal Q1 results, with earnings getting a boost from tariff refunds. Its shares gained 5.6%.Kraft Heinz (KHC) said Wednesday that it will transfer the listing of its stock to the New York Stock Exchange. The company said the shares are expected to begin trading on the NYSE on Sept. 14 under its existing ticker symbol KHC. Kraft Heinz shares were down 1.9%.