Live ASX News Today
-
12th May 05:15 PM AEST
CBA Q3 results solid, beat market expectations: Citi
Financial research firm Citi has raised the price target of Australia's largest bank Commonwealth Bank of Australia (ASX:CBA) from AUD 89.75 to AUD 95.00 and has rated it 'Neutral' as per the refinitiv data.
The Brokerage noted that CBA delivered 3Q21 cash earnings of AUD 2.4 billion, nearly 3% ahead of 2H21 run-rate but ~13% ahead of consensus.
Citi stated Q3 revenues were nearly 1% ahead of brokerage's expectations driven by Net Interest Margin (~2.02%) and better volumes.
Citi also mentioned overall CBA's Q3 results were a solid beat vs market expectations.
Meanwhile, the stock CBA ended 1.046% higher at AUD 95.570 per share, along with market capitalisation at AUD 167.79 billion.
-
12th May 05:00 PM AEST
-
12th May 03:19 PM AEST
Woolworths (ASX:WOW) to remain on firm ground despite demerger - Moody's
Ratings agency Moody’s has stated that Woolworths Group Ltd (ASX:WOW) remains committed to its investment-grade credit rating after the announced demerger of hospitality business Endeavour Group.
While the demerger will reduce the group's scale and diversity, Woolworths will still remain very strongly positioned at its current rating level.
Moody's reaffirms WOW's Baa2 rating due to Company’s position as the largest supermarket retailer in Australia with a market share of around 33%, driven by growth in demand amid the pandemic.
Going forward, even as growth rates continue to moderate in line with normalisation in sales levels, WOW's operational performance and credit profile should remain strong, stated Moody's.
Meanwhile, the stock WOW was found trading at AUD 40.470 per share, down 1.149% at 3:19 PM AEST.
-
12th May 03:18 PM AEST
Australian gold sub-index extends losses on elevated US Treasury yields
The Australian sub-index for gold miners AXGD lost as much as 1.3%, on track to extend losses for a second session.
AXGD stocks declined after bullion prices fell, weighed down by a slight rebound in the U.S. dollar and on higher Treasury yields, increasing the opportunity cost of holding gold.
The Australian gold index had closed 2.1% lower in the previous session.
Gold miner Newcrest Mining Limited (ASX:NCM) slipped 1.4%; St Barbara Limited (ASX:SBM) and Silver Lake Resources Limited (ASX:SLR) fell 2.5% and 1.8%, respectively.
-
12th May 03:17 PM AEST
TGA approves Emyria’s (ASX:EMD) Cardiovascular Monitoring App
The healthcare firm Emyria Limited (ASX:EMD) has received ‘software-as-a-medical-device’ (SaMD) registration with the Therapeutic Goods Administration (TGA) for a unique smartphone-based, medical-grade, heart rate, heart rate variability and atrial fibrillation monitoring application using only a smartphone camera.
The product is named ‘Smartphone camera home cardiovascular monitoring application software’.
Running on both Apple and Android phones, the monitoring tool opens up further opportunities for Emyria to remotely capture objective health data for its drug development, telemedicine and consumer healthcare projects.
Meanwhile, the stock EMD was spotted trading at AUD 0.215 per share at 2:56 PM AEST.
-
12th May 02:52 PM AEST
-
12th May 02:31 PM AEST
Australia’s tech stocks gain 2% after recent sell-off
The technology stocks on the ASX - AXIJ jumped 2% as the broader market AXJO languishes from concerns over growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.
AXIJ has led the recent sell-off in markets, tracking Nasdaq's descent on Wall Street after investors dumped high-growth stocks.
For the day, location intelligence provider Nearmap Ltd (ASX:NEA) gained 5.2% to top the sub-index.
Software makers Xero Ltd (ASX:XRO) and Nuix Ltd (ASX:NXL) advanced around 4% each.
BNPL giant Afterpay Ltd (ASX:APT) gained 2.5%, its best session in five weeks.
-
12th May 02:23 PM AEST
Red 5 (ASX:RED) rises on WA gold project update
The shares of Red 5 Limited (ASX:RED) gained as much as 5.1% to AUD 0.205 per share on Wednesday.
RED informed that it continues to make progress with the development of its King of the Hills (KOTH) gold project in Western Australia.
The Project is progressing on schedule for first gold in the June quarter 2022 and remains within budget, revealed the Company.
The Company updated that bulk earthworks at the process plant are complete and the plant administration buildings have been installed.
Though the stock is down 23.1% this year, as of the last close, at 2:20 PM AEST, it was trading 2.564% higher at AUD 0.200 per share.
-
12th May 02:11 PM AEST
Firefinch (ASX:FFX) hits near 3-year high on gold find in Mali
Firefinch Limited (ASX:FFX) gained as much as 12.5% to AUD 0.405, its highest since 31 July 2018.
The Company informed drilling at its Finkola permit, which is part of the Massigui Project in Mali, revealed presence of a very high-grade gold zone.
While, the stock had doubled in value this year, as of the last close, it was trading 5.555% up at AUD 0.380 per share at 2:07 AM AEST.
-
12th May 01:55 PM AEST
Australian travel stocks decline as borders may not reopen until mid-2022
Australia's travel and tourism stocks fell after government revealed international travel might not resume until mid-2022.
International borders are likely to remain closed until mid-2022, even after Australia's vaccine rollout is completed, the government stated on Tuesday.
Flag carrier Qantas Airways Limited (ASX:QAN) stated it will adjust its planned international flights from end-October to late-December.
QAN has extended losses to third session; declined as much as 3.9% to hit lowest since 1 February 2021.
Tourism service providers Flight Centre Travel Group Limited (ASX:FLT) and Webjet Limited (ASX:WEB) fell 4% and 2.9%, respectively.
Sydney Airport Holdings Limited (ASX:SYD) shed 4.5%, hit lowest level since 4 March 2021.
-
12th May 01:40 PM AEST
-
12th May 01:27 PM AEST
Aerometrex (ASX:AMX) posts gains as Company signs contract with Google LLC
The share price of Aerometrex Limited (ASX:AMX) climbed as much as 12.8% to AUD 0.88 per share.
The aerial mapping business company has announced that it has signed a contract with Google LLC to provide data licence for its 3D model of downtown San Francisco.
Under the deal, Aerometrex will be capturing 3D model data of downtown San Francisco to add to its U.S. 3D data archive.
As per the ASX declaration, Aerometrex will be retaining full Intellectual Property (IP) ownership of the 3D model.
Though the stock is down 36.1% so far this year, as of the last close, the stock was trading 10.897% higher at AUD 0.865 per share at 1:21 PM AEST.
-
12th May 12:45 PM AEST
Sovereign Cloud (ASX:SOV) gains on contract win with Australian Electoral Commission
The share price of Sovereign Cloud Holdings Limited (ASX:SOV) climbed as much as 8.5% to AUD 0.77 on Wednesday.
The software solutions provider has secured a contract worth AUD 3.1 million with the Australian Electoral Commission (AEC).
The Contract is to deliver a cloud service for 3 years and covering the next Federal Election period.
While the stock has fallen 31.1% this year as of the last close, it was spotted trading 4.225% higher at AUD 0.740 per share at 12:30 PM AEST.
-
12th May 12:45 PM AEST
Okapi Resources (ASX:OKR) posts substantial gains on acquiring Bulk Mineral
Okapi Resources Limited (ASX:OKR) jumped as much as 14.3% to AUD 0.240, its highest since 22 Jan 2021.
The Gold explorer shared it will be acquiring Bulk Mineral Holdings, which holds two granted exploration licences in Western Australia and four exploration licence applications in South Australia.
The Company will start exploration work immediately at the Holly Kaolin project in WA, which includes two granted exploration licences.
OKR stated site visits at the Holly Kaolin project confirmed widespread mineralisation of Kaolin, an industrial mineral used in manufacturing different products like porcelain and paper.
Meanwhile, the stock had risen 7.7% this year, as of the last close and was found trading at AUD 0.215 per share, up 2.380% at 12:30 PM AEST.
-
12th May 12:26 PM AEST
PuriflOH (ASX:PO3) partners with Aspen Medical for supply of disinfection technologies, shares surge
Purifloh Limited (ASX:PO3) shared on Wednesday that it has entered into a partnership with Aspen Medical.
PuriflOH will supply its products to Aspen Medical for the field deployment. The deployment products will be the air conditioning coil disinfection technologies and the whole of air purifier of which the design and testing activity is entering its final pre-production phase.
Initially, the sale of these products will provide for field pilot sites and hence will nit provide material revenue or cost but act as a critical reference site for future sales.
Meanwhile, the stock was spotted trading at AUD 1.495, up 9.124% at 12:25 PM AEST.
-
12th May 11:59 AM AEST
-
12th May 11:33 AM AEST
-
12th May 11:13 AM AEST
CSR (ASX:CSR) hits over 13-year high on profit jump, special dividend
The share price of the building product maker CSR Limited (ASX:CSR) rose as much as 7.952% to AUD 6.380 at 11:10 AM AEST.
This is the stock’s highest mark since April 2008.
The Company has reported a 19% rise in full-year net profit after tax and stated it will pay a special dividend of 9.5 cents/share.
Up to Tuesday's close, the stock has risen 13% this year so far.
-
12th May 11:13 AM AEST
Pure Hydrogen (ASX:PH2) signs water supply agreement for Project Jupiter Gladstone
Clean Energy Company Pure Hydrogen Corporation Limited (ASX:PH2) shared that it has struck a Water Supply deal with the Gladstone Area Water Board for the supply of water for its planned large-scale Project Jupiter.
Hydrogen plant will be located in Gladstone, Queensland, as per the ASX release.
The announcement also stated that the Contract is part of the Company’s initiatives to secure supply of critical inputs, such as water and power, for Project Jupiter to proceed.
Project Jupiter is a large-scale Hydrogen plant targeting production of 100 tonnes of Hydrogen per day ramping up to 400 tonnes per day mainly for supply to export markets.
Meanwhile, the stock PH2 was spotted trading at AUD 0.195 per share, up 5.405% at 11:00 AM AEST.
-
12th May 10:40 AM AEST
Classic Minerals (ASX:CLZ) rises on ASX after commissioning of the Gekko gold processing plant
The share price of Classic Minerals Limited (ASX:CLZ) increased by 50% to AUD0.001 at 10:34 AM AEST on the back of an upbeat news about successful assembling and commissioning of the Gekko gold processing plant.
CLZ’s Gekko Gold Processing Plant has a 30 tonne per hour (tph) capacity and is scalable to a Gekko Python size plant with a processing capacity of 250 tph.
The commissioning of the processing plant aligns with the continued advancement of the planned development of CLZ’s fully owned flagship Kat Gap Gold Project.
CLZ is optimistic to achieve the first gold recovery by the end of August 2021 through the Gekko processing plant.
-
12th May 10:28 AM AEST
Thomson Resources (ASX:TMZ) rises on ASX on the back of key acquisition announcement
Thomson Resources Limited (ASX:TMZ) has inked a binding Terms Sheet with Cubane Partners Pty Ltd for the acquisition of Silver Spur Mining Lease ML 5932. This lease is located 3.5 km south of the Twin Hills Silver mine and within the Texas Silver Project that is acquired by TMZ.
Recently, Thomson also inked an agreement to acquire the Texas Silver Project and the latest acquisition of Silver Spur indicates a significant part of the Fold Belt Hub and Spoke Strategy.
As a result of the acquisition, TMZ shall hold control over the complete prospective silver, gold, zinc and other base metals area of the Silver Spur Basin.
The TMZ stock increased by 12.500% to AUD 0.135 at 10:30 AM AEST.
-
12th May 10:28 AM AEST
Commonwealth Bank (ASX:CBA) records profits upto 24% to A$2.4 billion in March quarter
Commonwealth Bank of Australia (ASX:CBA) has registered cash profit worth AUD 2.4 billion for its March quarter.
The results have been triggered by the rising lending to business, stated the Bank’s CEO Matt Comyn. Also, the measures announced in Tuesday’s Federal Budget will encourage more businesses to borrow, he added.
In the Budget, the Fed Government extended tax breaks trying to drive more non-mining investment and in order to boost the economy.
Other than the NPAT, the CBA announcement also stated that loan impairment expense was significantly lower in this quarter as an improved outlook resulted in a reduction in collective provisioning levels. The provision coverage remains strong and continues to reflect a cautious approach to managing risks as the economic recovery from COVID-19 continues.
Meanwhile the stock CBA opened up a tad but down on the ASX and was spotted trading at AUS 94.090 per share.
-
12th May 10:17 AM AEST
Pendal (ASX:PDL) completes A$190 million equity raising to fund TSW acquisition
Pendal Group Limited (ASX:PDL) has completed a fully underwritten institutional placement intended to raise around A$190 million that was substantially oversubscribed with solid support from present and new institutional investors.
For this purpose, the Company shall issue approximately 27.9 million new fully paid ordinary shares at A$6.80 per share.
The funds raised from the placement shall be used to utilised to partly fund the acquisition of 100% of Thompson, Siegel & Walmsley LLC, for which the purchase consideration is around US$320 million.
The PDL stock was noted trading at AUD7.420 at 10:22 AM AEST.
-
12th May 10:17 AM AEST
FINEOS concludes acquisition of Spraoi for cash payment of A$5.2 million
International leading provider of core systems for life, accident and health insurance carriers FINEOS Corporation Holdings PLC (ASX:FCL) has completed the acquisition of Spraoi, which followed the satisfaction or waiver of conditions precedent and other completion requirements.
FCL had inked a binding agreement with DigIn Technologies LLC (Spraoi) to acquire issued securities for an upfront cash payment of A$5.2 million.
The FCL stock traded at AUD3.700 at 10:14 AM AEST.
-
12th May 10:16 AM AEST
Federal Budget 2021: A$998 million allotted for domestic and family violence services
In the Federal Budget of Australia, more than AUD 998 million got allocated to boost domestic, family and sexual violence services and helps.
AUD 165 million is set to go for a two-year trial of escaping violence payments; AUD 261 million will go to establishing a national partnership with the states and territories to improve funding of frontline family violence services; around AUD 30 million is allotted for aiding migrant and refugee women witnessing violence. This will be done via grass-root level programmes and introducing economic and social support schemes.
-
12th May 09:54 AM AEST
APN Property (ASX:APD) buyout makes strategic sense for Dexus (ASX:DXS): Jefferies
Financial research firm Jefferies has maintained Australian real estate company Dexus (ASX:DXS) rating as 'hold' and Price Target at AUD 10.79 per share, as per the refinitiv data.
The Brokerage has stated it likes the strategic rationale behind DXS' proposal to acquire APN Property Group Limited (ASX:APD).
DXS proposed to pay AUD 320 million for 100% of the equity of APN Property or AUD 308 million enterprise value, inclusive of net cash of AUD 12 million.
Jefferies mentioned DXS move is consistent with its strategy outlined at FY21 and 3Q21 to expand and diversify its funds management business outside of wholesale investors and into new funds and asset classes.
DXS shares had hit a near eight-week high on Tuesday after announcing the proposed acquisition.
Meanwhile, the Stock has risen about 11% so far this year, as of the last close and was spotted trading last at AUD 10.430 per share.
-
12th May 09:53 AM AEST
Financial research firm Citi raises Suncorp’s (ASX:SUN) FY21, FY23 profit guidance
Citi Research cuts rating to neutral from buy and lifts price target to AUD 11.80 from AUD 11.40 on Australia's second-biggest insurer by market value, Suncorp Group Limited (ASX:SUN).
As per the refinitiv data, Citi has lifted FY21 core net profit estimate by 2% to AUD 986.3 million and also raised FY23 estimate by 2.6% to AUD 1.10.
Citi has cut FY22 core net profit estimate by 3% to AUD 926.8 million as it expects additional cost headwinds will offset other benefits in FY22.
Meanwhile, on the ASX, as of the last close, SUN had risen 12.7% this year so far and was trading last at AUD 10.980 per share.
-
12th May 09:39 AM AEST
-
12th May 08:40 AM AEST
-
12th May 08:32 AM AEST