Live ASX News Today
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26th Apr 04:58 PM AEST
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26th Apr 02:39 PM AEST
Australian miners jump as iron ore, steel continue record run
Australia's metals and mining index AXMM edged up 0.7% to a two-month high as iron ore continued to gather steam after rising for five straight weeks.
The Chinese steel futures hit record peak on Monday, helped by robust demand and concerns over production curbs, while benchmark iron ore prices hit all-time highs, fuelled by structural supply shortage.
A raft of production-control measures in China have sparked concerns of more curbs in the ferrous sector, lifting prices as demand stays strong during the peak season.
World's biggest iron ore miner Rio Tinto (ASX:RIO) jumped 1.147%, while rival BHP Group (ASX:BHP) added 1.4%.
Fortescue Metals Group (ASX:FMG) soared 3.3% .
Meanwhile, AXMM is up ~8% this year, as of the last close.
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26th Apr 02:33 PM AEST
Ausgold (ASX:AUC) declines on discounted placement
The share price of Ausgold Limited (ASX:AUC) fell as much as 4% to A$0.048 as the gold explorer declared it will be raising A$11.25 million to continue exploration and drill programme at its Katanning Gold Project in Western Australia.
The new shares under the placement are priced at A$0.045, a 10% discount to stock's last close on April 21, after which he Company went on trading halt.
The stock has added 6.4% this year, as of the last close but was trading 2% down at A$0.049 per share.
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26th Apr 02:22 PM AEST
Harris Technology (ASX:HT8) gains as Q3 sales more than triple
The share price of Harris Technology Group Limited (ASX:HT8) climbed as much as 7.4% to A$0.145 per share as the Company posted record Q3 sales of A$10.4 million, a 206% surge from a year earlier.
HT8 shared YTD revenue A$30 million, as of 31 March, compared to A$7.48 million during the same period last year.
Meanwhile, the stock was spotted trading at A$0.140 per share, up 3.703% at 1:51 PM AEST.
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26th Apr 01:57 PM AEST
Citi increases Accent’s (ASX:AX1) PT on expecting earnings boost from Glue acquisition
Financial research firm Citi has raised the price target on Accent Group Limited (ASX:AX1) to A$3.10 from A$2.85 after the retailer announced acquisition of youth apparel brand Glue, as per the refinitiv data.
Glue currently has 21 stores in Australia and Citi sees potential for an additional 39 stores over the medium term.
It expects new stores to generate about A$20 million in core earnings.
The broker sees further upside to its estimate given opportunities available to AX1 to improve Glue's profitability by negotiating lower rent, slashing discounts and revamping the in-store experience.
The areas of risk include the apparel business being prone to writedowns and AX1's pursuit of multiple growth opportunities resulting in competition for management time and company resources, as per Citi.
The Brokerage has downgraded rating to ‘neutral’ from ‘buy’ considering a ~25% jump in share price over the past month.
Meanwhile, the stock was traded at A$2.890 per share at 1:33 PM AEST.
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26th Apr 01:56 PM AEST
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26th Apr 01:43 PM AEST
Jefferies sees risks for Australian consumer retailers as work-from-home boost fades
Financial research firm Jefferies stated that channel checks in Australia suggest consumer electronics sales are down materially year-on-year in recent weeks.
Sales in technology category which was boosted by work-from-home last year are broadly back to 2019 levels, the broker said.
It added that industry appears to be promoting heavily, which will likely have some margin impact.
As per refinitiv data, Jefferies downgraded JB Hi-Fi Limited (ASX:JBH) to ‘hold’ from ‘buy’, cut the PT to A$52 from A$54 and lowered earnings forecasts by ~2% in FY21.
JBH shares declined 5.6% to A$47.330 to hit their lowest since 10 November 2020.
The brokerage firm stated that Harvey Norman Holdings Limited (ASX:HVN) is better positioned, retains ‘buy’ rating on stock.
Jefferies said while HVN will also be impacted by weakness in technology, this will be offset as technology is a smaller part of its sales and company has large exposure to regional areas where demand is stronger.
It stated last week's disappointing results by Kogan.com Limited (ASX:KGN) driven by company-specific cost issues but demand slowdown has been similar for consumer electronics category.
HVN is down ~3%, while KGN sheds ~4% to hit lowest since May last year.
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26th Apr 01:43 PM AEST
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26th Apr 01:36 PM AEST
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26th Apr 01:28 PM AEST
MSL Solutions (ASX:MSL) gains after signing five-year PS contract
The shares of MSL Solutions Limited (ASX:MSL) increased as much as 4% to A$0.130 as the software maker shared it has signed a five-year contract with venue and event management company, ASM Global, to provide mobile point-of-sale (POS) solutions to 22 ASM venues across the United Kingdom.
The deal has been struck for a total contract value of 1.96 million pounds.
The Company stated the deal will raise MSL's recurring revenue by 188,000 pounds annually for the five-year term.
Meanwhile, the stock has risen 8.7% so far this year, as of the last close.
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26th Apr 01:12 PM AEST
Perenti Global (ASX:PRN) gains on contract with Newcrest Mining (ASX:NCM)
The share price of Perenti Global Limited (ASX:PRN) rose as much as 4.2% to A$1.130 per share as the Company’s unit has received a letter of intent from Newcrest Mining Limited (ASX:NCM) for works at the Red Chris Project in British Columbia, Canada.
The Company expects the contract to generate about A$38 million in 16 months.
The stock proved to be the top percentage gainer on the metals and mining sub-index AXMM. Though, NCM shares fell as much as 2.5% to A$27.660.
Meanwhile, the PRN stock was trading 3.456% higher at A$1.122 per share at 12:45 PM AEST.
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26th Apr 12:22 PM AEST
Fatfish (ASX:FFG) gains on payment gateway provider buyout
The share price of Fatfish Group Limited (ASX:FFG) gained as much as 13% to A$0.130 per share as the Company shared it has entered into a legally binding agreement to acquire a strategic 55% stake in Malaysia-incorporated Pay Direct Technology Sdn Bhd, a leading payment gateway solutions provider based in Malaysia.
The tech firm stated Pay Direct operates QlicknPay, a payment gateway technology solution that allows financial institutions to rapidly onboard merchants to accept online payments.
FFG will be investng A$470,000 in cash consideration for the 55% stake in Pay Direct.
It stated acquisition will have impactful synergies with its buy now, pay later roll-out.
Meanwhile, the stock had gained more than three-fold in value this year, as of last the close and was trading at A$0.120 per share, up 4.347% at 12:06 PM AEST.
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26th Apr 12:22 PM AEST
Why is Paradigm Biopharmaceuticals (ASX:PAR) trading lower today?
The share price of late-stage drug development company Paradigm Biopharmaceutials Ltd (ASX:PAR) traded a tad bit lower today as the Company provided an update on its IND application to the US FDA for the proposed pivotal clinical trial treating subjects with pain related with knee osteoarthritis.
Paradigm has earlier reported it submitted its over 30,000-page IND application to the US FDA on 26 March 2021 followed by the Company receiving a few questions from the FDA to which the Company replied immediately.
Now, the Company has updated that FDA will send further questions to the Company related to the subject.
Paradigm stated that it will be answering them as soon as possible.
Meanwhile, the stock was trading 5.491% lower at A$2.410 per share at 11:51 AM AEST.
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26th Apr 11:33 AM AEST
NIB Holdings (ASX:NHF) gains on strong profit outlook
The shares of NIB Holdings Limited (ASX:NHF) gained as much as 13.2% to A$6.10, their biggest intraday percentage jump since May 2019.
NIB is the biggest percentage gainer in the ASX 200 benchmark index AXJO so far.
The Company stated it expects FY21 group underlying operating profit (UOP) between A$200 million and A$225 million, compared with A$150.1 million recorded last year.
Group UOP for nine months ended March 31 was A$140.9 million.
While, the stock is down ~10% this year so far, as of the last close, it was spotted trading at A$5.990 per share, up 11.131%.
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26th Apr 11:31 AM AEST
Copper hits nine-year highs on surging industrial demand
Source: © Effe45 | Megapixl.com
Copper prices rocketed to nine-year highs amid ramped up industrial operations worldwide supported by the rollout of vaccines.
- Copper futures for July delivery traded at US$4.36 per pound, up 0.29 per cent on 26 April 2021 at 10:48 AM AEST on COMEX.
- The prices of the red metal are supported by Joe Biden’s mega US$2.0 trillion infrastructure plan. A better-than-expected US and Europe economic data released last week also contributed to a surge in copper prices.
- A surge in copper’s demand for green energy transition due to its wide applicability in electric vehicles, wind turbines and solar panels has also contributed to the copper bull run.
- Adding to this, financial institutions like Citi and Goldman Sachs also lifted their bets on copper consumption this year, foreseeing red metal's wide applicability in a carbon-free world.
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26th Apr 11:08 AM AEST
Next Science’s (ASX:NXS) XPerience cleared by FDA for sale in USA, shares skyrocket
The share price of the stock Next Science Limited (ASX:NXS) gained up to 25.352% to reach A$1.780 per share as the Company shared it has received 510 (k) clearance from the US Food and Drug Administration for the sale of XPerienceTM No Rinse Antimicrobial Solution as a medical device in the US.
XPerienceTM enters the market as a single step application where tge residual solution remains in the surgical site after closure and continues to help defend against pathogens for several hours. This gives surgeons a simple and effective adjunct to help prevent surgical site and post-operative infections.
NXS’s initial focus will be the US orthopaedic surgery market.
The potential global market for XPerienceTM is more than US$15 billion per annum.
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26th Apr 11:04 AM AEST
Crude oil demand threatened by record COVID cases in India
Source: © Yakobchuk | Megapixl.com
Crude oil prices traded almost flat today amid rising coronavirus cases in Asian Countries.
- Brent oil futures for July delivery traded at US$65.17 per barrel, down 0.38 per cent at 9:52 AM AEST on 26 April 2021, while WTI crude oil futures for June delivery traded 0.32 per cent down at US$61.49 per barrel.
- The prices were earlier boosted by better-than-expected April month’s robust economic data of the US and Europe.
- However, rising cases in India, the world's third-largest importer, has squeezed the energy demands. India has registered the highest spike in cases in the past four consecutive days.
- India has extended lockdown for a week in its capital, Delhi. Japan has also imposed a lockdown in Osaka, Tokyo and two other areas on Friday.
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26th Apr 10:47 AM AEST
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26th Apr 10:47 AM AEST
McGrath (ASX:MEA) hits 9-week high, sees earnings riding on booming housing market
McGrath Limited (ASX:MEA) climbed as much as 9.6% to A$0.713 after setting FY21 earnings guidance at least four times of what the real estate firm reported a year ago.
The shares hit a nine-week high in volumes more than two times their 30-day average.
MEA sees FY21 underlying EBITDA between A$16.5 million and A$17.5 million, vs A$3.7 million reported a year earlier.
The Company that offers sales, property management and mortgage broking services, stated that booming housing market supporting price growth.
Meanwhile, at 10:24 AM AEST, the stock was spotted trading at A$0.700 per share, up 7.692% higher.
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26th Apr 10:46 AM AEST
AnteoTech (ASX:ADO) collaborator confirms upbeat outcome of anode test
AnteoTech Limited (ASX:ADO) shared on Monday that evaluation work conducted by AnteoTech’s Collaborators focusing on the application of AnteoX, has proven successful.
The collaborative work and results have strengthened partnerships and created a pathway to commercialisation of AnteoX.
ADO has received confirmation from Collabrator 8 of the enhanced electrochemical performance resulting from the application of AnteoX in a high silicon content lithium-ion anode.
Meanwhile, the stock ADO’s last traded share price on the ASX was A$0.415 per share.
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26th Apr 10:20 AM AEST
Magnetic Resources (ASX:MAU) secures AUD2.6 million to advance work across Laverton Projects
Magnetic Resources NL (ASX:MAU) has secured binding commitments for around AUD2.6 million (before costs) by way of a placement of around 1.83 million New Shares at AUD1.42 per share.
MAU witnessed a strong interest from a new broker Viriathus Capital as well as current brokers and shareholders.
The finance secured through the placement shall be used to fund the additional RC and deeper diamond drilling, metallurgical work, resource and scoping studies at the Hawks Nest 9 and Lady Julie projects to advance the Company’s gold projects, together with working capital requirements.
The new shares slated to be settled on 30 April 2021 while the allotment shall take place on 3 May 2021.
The MAU stock traded at AUD1.600 on 10:17 AM AEST.
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26th Apr 10:11 AM AEST
Proteomics (ASX:PIQ) achieves a significant certification for Promarker D
Proteomics International Laboratories (ASX:PIQ) shared recently that it has received ISO 13485 certification, the most widely-used international standard for quality management systems in the manufacture of medical devices.
The certification is awarded to only those companies that can demonstrate an ability to produce safe, effective products that consistently meet the expectations of customers and regulators.
It showcases a strict commitment to quality and safety standards in the production of diagnostic tests.
PromarkerD is a predictive test for the early detection of chronic kidney disease in patients with type-2 diabetes.
Meanwhile, the last traded stock price of PIQ was A$1.180 per share.
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26th Apr 10:11 AM AEST
Carbon Revolution (ASX:CBR) raises AUD73.5 million to finance construction of the first Mega-line
Carbon Revolution Limited (ASX:CBR) has raised AUD73.5 million at a price of AUD1.60 per share under a successfully completed institutional component of its underwritten 1 for 4.38 accelerated non-renounceable entitlement offer and the underwritten Institutional Placement.
The Company has plans to use these funds to proceed with construction of Phase 1 of the first Mega-line, which is anticipated to offer a further ~75,000 wheels per annum capacity.
Moreover, this is underpinned by the anticipated volume from the four new OEM formal agreements to commence detailed design and engineering.
The CBR stock traded at AUD2.350 at 10:10 AM AEST.
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26th Apr 09:56 AM AEST
Jervois Mining (ASX:JRV) in discussions with the U.S. Government to advance financing for ICO
Jervois Mining Limited (ASX:JRV) has confirmed its participation in financing discussions with the United States federal government in relation to the completion of the construction of its Idaho Cobalt Operations (ICO) mine in Idaho.
In 2019, ICO was acquired by Jervois as a partially complete mining operation and anticipates concluding construction of the project to begin cobalt production in the coming year.
JRV remains on track to advance private debt financing for ICO irrespective of the potential availability of U.S. government financial support. The ICO mine is projected to begin production in mid-2022 and ICO shall be the only cobalt mine in the US once production begins.
The JRV stock last traded at AUD 0.450.
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26th Apr 09:49 AM AEST
Tempus (ASX:TMR) raises A$1.9 million to extend drilling
Tempus Resources Limited (ASX:TMR) announced it has got firm commitments to complete a non-brokered private placement raising gross proceeds of about A$1.9 million via the issue of 12,465,425 ordinary shares in the Company at an average price equivalent to A$0.153 per share.
The Company plans to restart drilling at its high-grade Canadian Elizabeth Gold Project within the coming 6.8 weeks.
Meanwhile, the last traded price of the stock on the ASX was A$0.165 per share.
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26th Apr 09:47 AM AEST
Holista (ASX:HCT) refutes defamation claim by Eight Mercatus USA
Holista Colltech Limited (ASX:HCT) shared that it has been served a writ of summons and a statement of claim by Eight Mercatus (USA) Pte Ltd in respect to defamation claim against the Company in the High Court of Singapore.
Holista believes Eight Mercatus USA’s claim is without merit and will strongly defend itself against the court action.
The claim relates to the wording in an ASX announcement released by Holista on 26 February 2021, which informed shareholders that the Company has suspended payments to Eight Mercatus USA for the reasons given in the announcement. No dollar value has been attributed to the claim.
The Company ahs appointed a legal representative and has 21 days to revert to the writ of summons and statement of claim.
Meanwhile, the last traded share price of the stock HCT was A$0.049 per share.
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26th Apr 09:27 AM AEST
Mainstream Group (ASX:MAI) reports 21% increase in its Fund under Administration to ~AUD272 billion
Fund administration services provider Mainstream Group Holdings (ASX:MAI) has reported a 21% increase in its Fund under Administration that stood at AUD272.2 billion as at 31 March 2021 as compared to previous quarter.
This growth is driven by onboarding of fresh client, Pendal Australia and robust inflows throughout the rest of the present Australian client base.
The Company reported a growth of 5% in the net number of clients while net funds grew by 162 versus the previous quarter.
The MAI stock last closed at AUD 1.960.
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26th Apr 09:27 AM AEST
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26th Apr 08:59 AM AEST
COVID-19: Germany To Extend Lockdown Till June
Despite strict restrictions, Germany’s coronavirus cases increased over the weekend. Therefore, the current lockdown may be extended. Finance Minister, Olaf Scholz said that as Germany struggles to control the Coronavirus infections, it may be necessary to extend the lockdown till June.
Image Source: Copyright © 2021 Kalkine Media Pty Ltd
Germany is trying to contain B117 variant that travelled from the UK. In its increasing number of cases of this variant, Germany’s vaccine rollout plan also got delayed. The Minister said that, there has to be a clear plan in place to ease the curbs, and by end of May, they may allow the restaurants to start opening up and the people to start preparing for their holidays. A detailed plan on opening up is being readied.
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26th Apr 08:59 AM AEST
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26th Apr 08:26 AM AEST