Live ASX News Today
Hotel Property Investments (ASX:HPI) acquires six Queensland properties
Hotel Property Investments (ASX:HPI) shared on Monday it has acquired or made contracts with six properties totalling AUD 32.7 million.
The leases have an initial term of 20 years from the acquisition date.
The assets purchased are Surf Air Hotel, Commonwealth Hotel, Grand Hotel, Capella Hotel, Commonwealth Hotel in Roma and White Bull Tavern.
Available debt facilities will be funding the acquisitions.
The stock’s last traded share price was AUD 3.180 per share.
AnteoTech (ASX:ADO) to start in-house test strip manufacturing, shares new strategy
AnteoTech Ltd (ASX:ADO) shared on Monday that it will be procuring test strip manufacturing line for Brisbane facility as part of a decentralised and diversified global manufacturing approach.
Brisbane manufacturing is likely to provide an additional 12 million test strips per annum production capacity – with in-house production to start in early 2022.
As per the Company announcement, Brisbane in-house manufacturing will be increasing the speed to market and enhance supply chain control.
Total production of the test strips is now projected at 32 million per annum.
The stock ADO ended at AUD 0.320 per share today.
Vection Technologies (ASX:VR1) completes first milestone of public hospital trial
Real-time software company Vection Technologies Ltd (ASX:VR1) shared the news of completion of the first milestone as part of its public hospital trial.
The solution has facilitated physicians to visualise in their field of view, in AR, in surgery, including diagnostic images, surgery checklist, endoscopic video-feed, and much more.
The stock of the Company VR1 closed 1.666% up at AUD 0.061 per share today.
MAAS Group (ASX:MGH) falls as operations suspended after quarry accident
MAAS Group Holdings Limited (ASX:MGH) fell as much as 2.8% to A$4.57 per share on Monday.
MGH stated operations at West Wyalong quarry in New South Wales have been temporarily suspended, after an accident led to a fatality.
The Company elaborated that no further details are available at this stage and group is assisting NSW police and other authorities in their investigations to determine the cause of accident.
MGH is up 68.5% this year, as of the last close.
Azure Minerals (ASX:AZS) reports upbeat intersections at flagship Andover Ni-Cu Project
Azure Minerals Limited (ASX:AZS) shared that drilling in the western part of the VC-07 mineralised corridor on the flagship Andover Ni-Cu Project has intersected two new broad zones of nickel-copper (Ni-Cu) sulphide mineralisation.
The Andover Project is owned 60% by Azure and 40% by Creasy Group.
The last traded price of the stock AZS was AUD 0.270 per share.
Lucapa Diamond (ASX:LOM) acquires Merlin Diamond Project, raises A$23 million
Lucapa Diamond Co. Ltd. (ASX:LOM) shared on Monday it has entered a binding agreement to acquire the Merlin Diamond Project, a strategic Australian diamond project earlier mined by Rio Tinto (ASX:RIO) and Ashton Diamonds between 1999 and 2003.
The Company’s release stated that the acquisition of AUD 8.5 million cash represents a scintillating AUD 2 per carat multiple of Merlin’s current 4.4 million carat JORC compliant resource.
The firm also announced that AUD 20 million has been raised via a two-tranche placement at AUD 0.050 per share.
The funds generated from the placement, as per the Company’s release, will be used to fund the acquisition, exploration programmes at Merlin and Lulo joint venture, studies and for working capital.
The stock LOM last traded at AUD 0.055 per share.
Five penny stocks flying high today
Cynata (ASX:CYP) shares surge on first patient enrolment for its’ MEND clinical trial
The share price of the pharma firm Cynata Therapeutics Limited (ASX:CYP) gained 2.564% and traded at AUD 0.600 per share at 2:00 PM AEST. The Company shared that it has enrolled its first patient in MEND (MEseNchymal coviD-19) clinical trial.
MEND was designed for COVID-19 patients admitted to intensive care with respiratory distress. In late March 2021, the study was extended to include patients with respiratory failure from causes beyond COVID-19.
Respiratory failures are severe and fatal illness, signifying a primary unmet medical need. Thus, the trial has started to investigate the early efficacy of Cynata’s Cymerus™ mesenchymal stem cells (MSCs) in patients who meet the criteria for Acute Respiratory Distress Syndrome (ARDS).
Trial fortifies Cynata’s world-leading position in the development of next-gen commercially scalable stem cell products.
Why is OPYL Limited (ASX:OPL) trading 14% higher today?
OPYL Limited (ASX:OPL) shares went up around 14% on the ASX today. The Company had launched its Opin platform on Friday, 21 May 2021and released the Investor presentation on the same today which drove the share price on the ASX.
Opin platform uses Artificial intelligence (AI) & matches patients to trials and studies. Patients and care takers can self-select an interest in any clinical trial or research study, which is registered with respective regulatory authority automatically.
OPL stock was spotted trading 14% higher at AUD 0.285 at 1:50 PM AEST.
Iron ore dips after China’s move to cap commodity price
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Iron ore prices plummeted due to strong sell-off as China wants to cap exorbitant commodity prices.
- Iron ore prices slipped below US$200 per tonne on Friday despite recording terrific nearly 24 per cent YTD gains amid robust demand from Chinese steelmakers.
- Iron ore prices surged since the second half of 2020 after COVID-19 vaccine trials encouraged investors to look ahead to lift the global economy from pandemic dips.
- As per the World Steel Association's data, global steel output has increased by nearly 23.3 per cent in the last month compared to the previous corresponding period.
- The rising commodity prices have raised inflation concerns in China; hence, the officials drafted a five-year plan to slash its dependency on iron ore imports by planning new investments and seeking new imports from Mongolia, Kazakhstan, Russia and Myanmar.
- The country has decided to limit its imports from Australia, accounting for around 60 per cent of Chinese imports.
Top five ASX gainers of the day
Morgan Stanley cites above-peer performance for Commonwealth Bank’s (ASX:CBA) high trading levels
Financial research firm Morgan Stanley has shared that Commonwealth Bank of Australia (ASX:CBA) is trading at ‘unsustainable’ multiples but is at those levels because of its above-peer performance, growth prospects and potential share buybacks.
Australia's biggest bank is trading at record levels, up 0.9% on Monday at AUD 98.9 per share.
As per the refinitiv data, Morgan Stanley has raised its price target to AUD 89.5, 9.5% below CBA's current high, from AUD 86.5 each share.
MS stated CBA looks to be gaining share in business banking and has a strong balance sheet.
The research firm sees AUD 6.5 billion of buybacks, AUD 900 million of provision releases and a full dividend recovery by FY23.
MS also added that there is an additional AUD 3.5 billion of buyback potential if CBA targets 10.75% CET1 ratio.
Meanwhile, the stock CBA was spotted trading at AUD 98.900 per share, up 0.866% and with a market capitalisation of AUD 173.95 billion at 1:30 PM AEST.
Catalyst (ASX:CYL) reports ‘excellent’ metallurgical results For Boyd’s Dam
Catalyst Metals Limited (ASX:CYL) reported favourable preliminary metallurgical tests carried out on samples from Boyd’s Dam. Tests were conducted to assess gravity, flotation and cyanide dissolution performance. The results indicated:
- 97% gold recovery achieved by gravity concentration and direct cyanidation;
- Materials were non-refractory, demonstrating combined concentrates;
- 99% gold recovery obtained in a combined concentrate can be used for gold dore production and
- The excellent results enable CYL to process alternative evaluation for Boyd’s Dam Prospect.
CYL shares traded at AUD 2.030 at 1:15 PM AEST.
Magnetite Mines (ASX:MGT) shares surge 16% on Iron Ore project upgrade
Magnetite Mines Limited (ASX:MGT) announced a resource upgrade for the Razorback High-Grade Iron Ore Concentrate Project that drove the share price on the ASX substantially higher.
As part of the Pre-Feasibility Study (PFS), MGT has fused a refined geological understanding of mineral spreading. The majority of near-surface weathering zone now reclassified and included as an Indicated resource. The Company has indexed more confidence on it as Mineral Resource are up 50% at 1.5 billion tonnes.
As per the Company’s statement, total resources at Razorback, now stand at 3 billion tonnes from 2.7 billion tonnes.
The mass recovery improvement shall lead to better overall concentrate recovery and a firm foundation for project optimisation, as per the release.
MGT shares surged around 16% and trading at AUD 0.070 at 12:56 PM AEST.
Salt Lake Potash (ASX:SO4) announces placement to enable final debt drawdown
Salt Lake Potash Limited (ASX:SO4) shared on Monday it has got binding commitments for a share placement to institutional shareholders and investors, raising AUD 28 million.
As per the Company’s release, this placement will be enabling the final debt drawdown and provide access to additional funding via a bank guarantee provided by Sequoia.
The funds generated from the placement will be used for general operating expenses during the ramp-up of the Lake Way Project, the Company statement read.
The stock S04 was spotted trading at AUD 0.370 per share, down 7.501% at 12:06 PM AEST.
AVZ Minerals (ASX:AVZ) updates Mineral Resource estimate at Manono Project
AVZ Minerals Limited (ASX:AVZ) announced on Monday it has updated the Mineral Resource of the Manono Lithium and Tin Project after including results from the recent pit floor drilling programme.
- Pit floor drilling of the ‘wedge’ has upgraded Inferred Resource material to predominantly Indicated Resource category.
- Total Mineral Resource tonnage and grades are similar to previous estimates, however Indicated Resources increased by 12 million tonnes as well as combined Measured and Indicated Resources increased to 274 million tonnes.
- An updated tin resource in remnant weathered pegmatite has been generated. There will be more investigation to this.
The stock was found trading 6.666% higher at AUD 0.160 per share at 12:00 PM AEST.
Infomedia (ASX:IFM) eyes worst day in nearly five years after CFO announces exit
The share price of Infomedia Limited (ASX:IFM) slipped as much as 8.7% to AUD 1.26, set for the biggest intraday percentage loss since 24 June 2016.
The stock is trading at its lowest levels since 3 April 2018.
The software providing firm informed that Chief Financial Officer Richard Leon will be leaving after FY21 annual results on 24 August 2021.
RBC brokerage stated that it is disappointing to see Leon depart IFM as they viewed him as a safe pair of hands.
The Broker said CFO stepping down adds possible downside risk to near term guidance.
IFM stated it has started the process of appointing a successor.
The stock is down 28.5% this year, as of the last close and was trading at AUD 1.270 per share, down 7.972% at 11:40 AM AEST.
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Kin Mining (ASX:KIN) reports likely extensive shallow gold intercepts at Eagle-Crow
Kin Mining NL (ASX:KIN) reported the final results of recently completed follow-up air-core (AC) drilling at the Eagle-Crow prospect. The Assay is located near Leonora in Western Australia and have returned significant shallow, high-grade gold mineralisation zones.
- Results from previously reported high-grade intercepts indicate the extensive nature of the mineralisation.
- Defined two parallel zones of deposits, highlighting the potential for an extensive shallow gold discovery.
- Mineralisation is the same style as deposits at the CGP, Bruno-Lewis and Cardinia Hill.
Drilling has been completed across 18 lines, spanning 3.8km, including several in-fill lines. Initial Diamond (DD) and Reverse Circulation (RC) drilling will confirm the orientation and extension of further shallow gold mineralisation. It shall commence after completion of drilling at the Rangoon and Cardinia Hill deposits.
KIN shares traded on the ASX at AUD 2.820 on 24 May, 10:32 AM AEST.
Dynamic Drill and Blast (ASX:DDB) surges on securing funds for US expansion
Dynamic Drill and Blast Holdings Limited (ASX:DDB) rose as much as 17% to AUD 0.550, its highest since 18 February 2021.
The drilling services provider informed it has received commitments to raise AUD 10 million by issuing 22.2 million shares in the company.
DDB stated it will use some funds to acquire U.S.-based Orlando Drilling Pty Ltd and the rest for future growth plans.
A major shareholder of Orlando has subscribed for shares worth 13.7% stake in DDB, the Company revealed.
Around 180,000 shares were traded as compared to the 30-day average volume of 34,774 shares.
Though, the stock is down 16.1% this year, as of the last close, it was spotted trading 8.510% higher at AUD 0.510 per share at 11:00 AM AEST.
Synlait (ASX:SM1) slashes down its FY21 targets
Synlait Milk Limited (ASX:SM1, NZX:SML) (Synlait) has updated its full-year guidance for FY21 after Board and Management reviewed the impact of previously disclosed risks affecting Synlait’s performance.
- The company expects ongoing shipping delays to result in the sale of some ingredient products occurring post FY21 balance date.
- It expects to achieve lower than usual prices for ingredient products because of sales phasing and volume pressure.
- It is adopting a more conservative approach to value and obtain year-end inventory volume targets.
- Synlait now expects to deliver a net profit after tax loss, between NZD20 million to NZD30 million, in FY21.
Synlait’s banking syndicate has supportively granted a waiver of relevant covenants in FY21. The company is working to ensure it has the appropriate funding for FY22 as it does not intend to undertake a capital raising.
SM1 shares traded on the ASX at AUD 2.820 on 24 May, 10:32 AM AEST.
Brookside Energy (ASX:BRK) advances drilling operations at Jewell Well, shares surge on ASX
Brookside Energy Limited (ASX:BRK) shared via an ASX announcement that drilling operations at Jewell Well located in Brookside’s SWISH Area Of Interest in Anadarko Basin are proceeding safely on schedule.
The Company informed that Jewell Well curve successfully landed in the Sycamore Formation at the designed depth and the liner has been set and cemented.
As of now, the drilling is on in the horizontal section at a measured depth of ~8,715 feet, the Company said.
The information had the shares soaring on the ASX. The stock was spotted trading at AUD 0.024 per share, up 6.521% at 10:33 AM AEST.
CSIRO’s research for Ardea (ASX:ARL) offers positive nickel sulphide and gold prospects.
Ardea Resources Limited (ASX:ARL) via an ASX release, updated about the collaborative study with Australia’s national science agency CSIRO on 24 May 2021.
The Company has completed the gold in nickel laterite study and has identified aspects that will significantly assist future gold exploration. The research suggests the potential for nickel sulphide mineralisation at depth.
The company said a second study would commence in July to fully assess the potential for nickel sulphides beneath the nickel laterite deposits. Nickel sulphide and gold targets will be tested using the new knowledge defined by CSIRO’s study.
ARL shares traded on the ASX at AUD 0.500 at 10:17 AM AEST.
Oil rises on Gulf of Mexico’s weather concerns
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Crude oil prices are trading higher on Monday, followed by a significant 2% gain on Friday amid cyclone fears in the Gulf of Mexico.
- Brent crude oil futures for August delivery traded 0.14% up at US$66.44 per barrel whereas, WTI crude oil futures for July delivery traded at US$63.70 per barrel, 0.19% up as of 24 May 2021 at 10:00 AM AEST.
- ON FRIDAY, the US National Hurricane Center stated that a weather system over the western Gulf of Mexico has 40% chances of becoming a cyclone; however, the most recent update from the centre states that the system weakens and expected to become a remnant low soon.
- Despite a significant rise on Friday, crude oil witnessed its first weekly loss in May due to a strong sell-off in commodities amid the progress of the US-Iran nuclear deal.
- Rising coronavirus cases in Asia and higher inflation concerns from Europe, China, and the US are offsetting crude oil gains.
Infinity Lithium (ASX:INF) posts update on EU Lithium Industry & San José
Infinity Lithium Corporation Limited (ASX:INF) presented an update on its San José Lithium Project in Spain at the European Battery Alliance Day in Madrid.
San José is a fully integrated industrial Project focused on the production of battery-grade lithium chemicals.
It is the 2nd Largest JORC hard rock lithium deposit in the EU and located in Spain, the 2nd largest market for battery-grade lithium after China.
The project has also secured the EIT InnoEnergy Funding.
The mine has an adjacent conversion plant and reports a low carbon footprint and sustainable operations.
INF shares last traded at AUD 0.067 per share.
ZIP (ASX:Z1P) expands in Europe and Middle East, acquires two BNPL firms
Australia's Zip Co Limited (ASX:Z1P) said on Monday it would acquire two buy-now-pay-later (BNPL) companies operating in Europe and the United Arab Emirates (UAE) for a combined consideration of about AUD 160 million.
The company said it will buy all the remaining shares of European BNPL company Twisto Payments and in the Middle East-focused peer Spotti Holdings Ltd, operational in the UAE and Saudi Arabia.
Zip is building its playbook in successfully identifying, completing, and integrating strategic acquisitions. Twisto and Spotii are now well-positioned to leverage the benefits of this competency and the synergies of a truly global payments organisation.
Twisto and Spotii are integrated into Zip’s global Single Merchant Interface (SMI), which provides merchants instant access to 11 countries across five continents.
Zip has adopted a similar approach to Quadpay too and this was highly successful.
The share price of the stock was quoted at AUD 7.040 per share.
Caspin Resources (ASX:CPN) reports intersection of broad sulphide zones at Yarabrook Hill
Caspin Resources Limited (ASX:CPN) shared an update on its diamond drill programme at the Yrawindah Brook Ni-Cu-PGE Project on Monday. CPN informed that drilling is now finished following the completion of two holes at Yarabrook Hill for a total of 601.6m.
As per the ASX release, both the holes have encountered significant widths of sulphides.
The last traded share price of the stock CPN was AUD 0.860 per share.
Uscom’s (ASX:UCM) SpiroSonic AIR approved for European CE Mark
USCOM Limited (ASX:UCM) notified via an ASX release today that its digital ultrasonic SpiroSonic AIR spirometer has secured the CE mark approval.
The CE mark stands for legal compliance with health, safety and environmental standards set by the European community. This mark is quintessential for sale of new medical technologies into the European Economic Area.
The SpiroSonic AIR is the leading technology in spirometry using Uscom’s patented multi-path digital ultrasonic technology, wireless induction charging and BT4 wireless communications.
The last traded share price of the stock was AUD 0.135 per share.
Australian Potash (ASX:APC) raises A$10 million in placement
Australian Potash Limited (ASX:APC) shared on 24 May 2021 that it has received firm commitments from investors for a placement of AUD 10 million. This will be accomplished via two-tranche placement, the Company informed.
As per the ASX announcement, the funds extracted will be used in:
- Pre-development activities at the Lake Wells SOP Project and;
- Starting the maiden DDH programme across the Laverton Downs nickel sulphide target areas.
The Company also confirmed that total 62,221,428 shares will be issued in the first tranche at AUD 0.14 per share.
The last traded price of the stock APC was AUD 0.175 per share.
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