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12th Jul 05:55 PM AEST
ASX ends 0.8% higher; BHP, Fortescue lead
The Australian shares closed on a positive close on Monday, driven by strong rally in miner, realty, health care and bank stocks. However, the concerns about rising COVID-19 infections in the country capped market’s gain. As per latest update, the?country's most populous state of New South Wales has reported 112 locally acquired COVID-19 cases in the past 24 hours.
The?S&P/ASX200?ended 60.20 points or 0.83% higher at 7,333.50. Earlier today, the index opened higher and gained as much as 1.1% to hit an intraday high of 7,353, crossing above its 20-day moving average.
The market breadth, indicating the overall strength of the market, was positive with eight of the 11 sectoral indices ending in green. The material sector was the top performer with 2.23% gain. Among others, A-REIT, health care, financial, information technology and consumer discretionary were notable gainers.
Meanwhile, utilities sector was the worst performer on the ASX with 0.35% loss. Among others, consumer staples and energy were top laggards.
Civil and mining contractor NRW Holdings Limited (ASX:NWH) was the top percentage gainers on the ASX pack, rising 13.26% on plan to sell its major mining equipment to Boggabri Coal Operations Pty Ltd (BCO). Some of other notable gainers were energy firm Viva Energy Group Limited (ASX: VEA), miners BHP Group (ASX:BHP), Fortescue Metals Group (ASX:FMG) (ASX:NIC), and tech firm Nearmap Ltd. (ASX:NEA).
On the flip side, global online marketplace Redbubble (ASX: RBL) was the top loser on the ASX, falling 2.56%. Some of the other notable losers include professional services company Worley Limited (ASX: WOR), fintech firm HUB24 Limited (ASX: HUB), investment firm Washington H. Soul Pattinson and Company Limited (ASX:SOL) and infant formula company A2 Milk Company Limited (ASX:A2M).
Also read: Top gainers and losers of the day
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12th Jul 04:25 PM AEST
K-Tig (ASX:KTG) has best day in over a month on UK expansion
Shares of welding technology maker K-Tig Ltd (ASX:KTG) rose as much as 7.7% to AU$0.420, marking their biggest intraday percentage gain since 2 June 2021.
The Company said it will set up a UK-based unit Keyhole TIG, which will follow in its U.S. unit's footsteps to form a strategic partnership in Europe and have its own sales force.
The Company has appointed an ex-KPMG officer Benjamin Hall as general manager. He has previously worked in London as a strategic consultant.
Hall said his first priority will be to reach a formal agreement in the nuclear waste storage market in the UK, then expand collaborations in hydrogen storage.
The stock is up 18.2% this year, as of the last close and ended today’s session 1.282% higher at AU$0.395 per share.
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12th Jul 04:13 PM AEST
Rumble Resources (ASX:RTR) to issue new shares for project acquisition, shares slip
Shares of Rumble Resources Limited (ASX:RTR) fell as much as 7.9% to AU$0.525, their biggest intraday percentage loss since 15 June 2021.
The base metal explorer stated it has consolidated the Braeside project in Western Australia by securing 100% of tenements.
The Company will issue a total of 2.3 million more shares to vendors of the tenements Maverick Exploration and Great Sandy.
The stock is up nearly fivefold this year, as of the last close.
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12th Jul 03:58 PM AEST
Swoop Holdings (ASX:SWP) posts huge gains on internet firm acquisition
Wireless service provider Swoop Holdings Limited (ASX:SWP) gained as much as 15.555% to reach AU$1.040 per share on Monday.
The Company stated it will acquire South Australian-based wireless broadband provider Wan Solutions Pty Ltd, operating as Beam Internet, for an enterprise value of AU$7.2 million.
The Company said that acquisition will mark Swoop's entry into South Australia.
Beam's FY22 EBITDA is expected to be at least AU$1.6 million and be materially earnings accretive to the firm, said SWP.
SWP also informed it has no bank debt as at date, progressing a material working capital and acquisition debt facility.
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12th Jul 03:41 PM AEST
Australia's Bell Financial (ASX:BFG) slides after H1 outlook
The shares of Bell Financial Group Limited (ASX:BFG) fell as much as 5.7% to AU$1.67, their lowest level since 29 March 2021.
The stockbroker shared it sees a tepid 3% growth in pre-tax profit for the first half of fiscal 2021 at A$24 million.
The Company stated revenue growth was partially offset by higher investment cost in technology and staff.
The stock is on track for its biggest percentage decline since 5 March 2021.
More than one million shares have been traded, 6 times the 30-day trading average.
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12th Jul 03:34 PM AEST
Titomic (ASX:TTT) rises on completing acquisition of U.S.-based Tri-D Dynamics
Shares of industrial additives developer Titomic Limited (ASX:TTT) gained as much as 4.7% to AU$0.450 per share, their biggest intraday percentage gain since 1 July 2021.
The Company stated its U.S. unit, Titomic USA, has completed the acquisition of Tri-D Dynamics Inc, a smart pipe infrastructure provider.
The acquisition of Tri-D business is an important part of our U.S. strategy into the defence and aerospace industries, said TTT.
The stock is down 15.7% this year, as of the last close.
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12th Jul 01:54 PM AEST
Higher iron ore prices underpin Australia's mining index
Australia's benchmark mining index AXMM rose 2.8% to 6,016.60, its highest level in nearly a month.
The mining sub-index was underpinned by a 3% rise in iron ore futures on the Dalian Commodity Exchange.
Index heavyweights BHP Group Limited (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals Group Limited (ASX:FMG) advanced in a range of 3% to 3.7%.
BHP is set for its best single-day performance since February-end.
Steelmaker BlueScope Steel Limited (ASX:BSL) among the top three percentage gainers on the benchmark ASX 200 index AXJO.
The Aussie mining index is up nearly 11% this year, as of the last close.
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12th Jul 01:54 PM AEST
Iron Road (ASX:IRD) jumps on further acquiring port precinct land
Shares of Iron Road Limited (ASX:IRD) gained as much as 8.3% to AU$0.26, in their biggest intraday percentage gain since 8 June 2021.
The iron ore miner said it has executed contracts to acquire 24 hectares of gulf front land at Cape Hardy.
This adds to the 1,100 hectares of port precinct land already owned by the firm.
Iron Road said total consideration for the purchase and ongoing Cape Hardy development costs is expected to be about AU$1 million this quarter.
The stock is trading at its highest since 30 June 2021 and is 41.2% up this year so far.
At 1:38 AM AEST, the stock was trading 4.166% higher at AU$0.250 per share.
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12th Jul 01:40 PM AEST
Range International (ASX:RAN) drops on COVID-19 cases in its Indonesian facility
Shares of Range International Limited (ASX:RAN) fell as much as 14.286% to AU$0.012 at 1:27 PM AEST today.
The plastic pallet manufacturer says 28 staff in Indonesia facility turned positive for COVID-19 test. It stated impact on the Company operations is currently minimal.
It added the Company will reduce 1 shift per day for the time-being and will make up this loss in production by extending other shifts with overtime and employing new daily workers as required.
There may be intermittent losses in production as a result and there may also be reductions in raw material availability due to restrictions in collecting waste, informed RAN.
The stock is down 26.3% this year, as of the last close.
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12th Jul 01:35 PM AEST
Fertoz (ASX:FTZ) at over 6-1/2-year high on new partnerships for carbon unit
Shares of phosphate maker Fertoz Limited (ASX:FTZ) gained as much as 16.1% to AU$0.325, their highest since 5 January 2015.
The Company stated its carbon division, Fertoz Carbon has executed an agreement with U.S.-listed Trimble Inc to allow carbon credits generated in the Fertoz's agriculture and reforestation projects to be traded.
Fertoz also entered an agreement with DataPLP, a mathematical algorithm development company to develop suitable algorithms for drone flightpaths and use these drones across reforestation and cropping land of FTZ.
The stock has posted its biggest intraday percentage gain since 5 July 2021.
FTZ is on track to post a fifth consecutive session of gains.
The stock is up near five-fold this year, as of the last close.
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12th Jul 12:51 PM AEST
ASX rises over 1% on miner, energy boost; NRW, Viva, BHP lead
Australian shares?were trading higher on Monday, rebounding from Friday’s sell-off, led by gains in iron ore miners, banks, and energy stocks. The market sentiment was lifted by rally in resource stocks which surged after The People’s Bank of China slashed the reserve requirement ratio (RRR) for all banks by 50 basis points, the amount of cash most banks must hold in reserve, in order to boost lending. The firm cues from Wall Street and an uptick in oil prices also boosted investors’ appetite for risker assets.
Meanwhile,?the?S&P/ASX200?was up by 54.30 points or 0.75% at 7,327 by afternoon. The index opened on a positive note and gained as much as 1.1% to hit a high of 7,353 during the day’s trade so far.
On the sectoral space, seven of eleven indices were trading in green.?The material sector was the?best?performer with?2.25% gain, followed by A-REIT, which?rose nearly 1%.?Among others, energy, financial, health care stocks were trading higher with modest gain.??
On the flip side, information technology was top laggard, undermining firm cues from US counterpart, NASDAQ. Some of the other worst performing sectors include consumer staples and industrials.
Civil and mining contractor NRW Holdings Limited (ASX:NWH) was top percentage gainers on ASX pack, rising 7.5% on plan to sell its major mining equipment to Boggabri Coal Operations Pty Ltd (BCO). Some of other notable gainers were energy firm Viva Energy Group Limited (ASX: VEA), miner BlueScope Steel Limited (ASX: BSL), iron ore giant BHP Group Limited (ASX: BHP) and minerals exploration company Orocobre Ltd (ASX: ORE).
On the flip side, tech firm NEXTDC Ltd. (ASX:NXT) was top loser on ASX, falling 1.8%. Some of the other notable losers include gaming and entertainment firm Crown Resorts Limited (ASX: CWN), health care firm Cochlear Limited (ASX: COH), fintech major IRESS Ltd. (ASX:IRE) and tech company Megaport Limited (ASX:MP1).
Read more: Shares in news
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12th Jul 12:36 PM AEST
Australian Pharmaceutical Industries (ASX:API) surges on buyout offer from Wesfarmers
Shares of pharmacy chain Australian Pharmaceutical Industries Limited (ASX:API) surged as much as 20.5% to AU$1.38, matching an offer by Wesfarmers Limited (ASX:WES) - sharpest rise since 2008.
The retail giant's offer values API at around AU$687 million, a near 21% premium to API's last close of AU$1.145 on Friday.
WES stated it has secured the backing of API's top shareholder, Washington H Soul Pattinson Co (ASX:SOL), which owns 19.3%.
SOL is also granting WES a call option on its holdings.
API separately said it would stop making personal care and over-the-counter products in New Zealand in a move to simplify its business.
API has downgraded EBIT forecast to between AU$66 million and AU$68 million from AU$75 million due to the impact of COVID-19 lockdown.
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12th Jul 12:17 PM AEST
Okapi Resources (ASX:OKR) acquires uranium assets, hits 3-year high
Shares of Okapi Resources Limited (ASX:OKR) climbed as much as 38.6% to AU$0.305, their highest since 2 July 2018.
The gold explorer is all set to acquire Tallahassee Resources Pty Ltd, which holds a portfolio of uranium projects in the United States.
OKR said Tallahassee holds interest in mineral rights that cover about 7,500 acres in Tallahassee Creek Uranium District of Colorado, along with an option to acquire projects in Utah.
The Company has also received firm commitments to raise AU$2.84 million via share placement.
The stock has posted its biggest intraday percentage gain since 17 April 2020.
About 2 million shares have been traded so far as compared to the 30-day average volume of around 140,000 shares.
The stock is up 12.8% this year, as of the last close.
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12th Jul 12:16 PM AEST
QuickFee (ASX:QFE) reverses course to fall on bigger loss forecast
Digital lender QuickFee Limited (ASX:QFE) fell as much as 3.8% to AU$0.255, after advancing earlier 11.3% to Au$0.295, their highest since 7 May 2021.
The Company stated it expects FY21 loss after tax to be between AU$8.0 million to AU$9.0 million, bigger than FY20's loss of AU$3.8 million.
However, the firm anticipates FY21 revenue from contracts with customers to be between AU$3.5 million to AU$4.5 million, higher than AU$2.8 million recorded in FY20.
QuickFee shared it expects FY21 gross profit to be between AU$6.0 million and AU$7.0 million, above last year's AU$5.7 million.
About 833,000 shares got traded versus the 30-day average of about 395,000 shares.
QFE is down 33.8% this year, as of the last close.
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12th Jul 11:40 AM AEST
Australia's Sayona Mining (ASX:SYA) drops 13% after discounted share placement
Sayona Mining Limited (ASX:SYA) dropped 13.4% to AU$0.084 after a discounted equity raise on Monday. The shares fell most since 22 June 2021.
Image: © Teprzem | Megapixl.com
The lithium producer has raised AU$45 million via share placement and has plans to raise another AU$5 million in a retail offering.
As per the Company, the proceeds will help fund purchase of North American Lithium with top shareholder Piedmont Lithium Inc and in moving ahead with the Abitibi lithium hub in Quebec, Canada.
The placement was oversubscribed at AU$0.075 per share, a 22% discount to Wednesday's closing price; SYA has been on a trading halt since Thursday.
Piedmont took part in the placement, subscribing AU$8 million worth of shares.
As of 11:30 AM AEST, the share price was quoted 8.248% down at AU$0.089 per share.
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12th Jul 11:30 AM AEST
Wesfarmers (ASX:WES) to acquire Australian Pharmaceutical Industries.
Wesfarmers (ASX:WES), the diversified business group, has submitted a non-binding, indicative offer to the Board of Australian Pharmaceutical Industries Limited (ASX:API) to acquire 100% shares. WES has offered to acquire APPI shares at AU$1.38 cash per share. The proposal price represents a 21% premium to API’s last traded price on Friday.
API’s major shareholders Washington H. Soul Pattinson and Company Limited (ASX:SOL), owner of 19.3% of API’s shares, have agreed to vote in favour of the Proposal. Accordingly, SOL has granted its call option in respect of its holdings in favour of WES.
API has a diversified wholesale and retail businesses in the health, beauty and well-being sectors. WES is well-positioned to add capital and unique capabilities to support investment t and strengthen the competitive position of API.
The Proposal is subject to the satisfaction of limited conditions, including due diligence and obtaining clearance from the Australian Competition and Consumer Commission (ACCC).
WES shares traded 0.224% up at AU$58.130 per share at 11:20 AM AEST.
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12th Jul 11:28 AM AEST
Objective Corporation’s (ASX:OCL) revenue jumps 36% in FY21
Objective Corporation Limited (ASX:OCL), the information and governance solution software company, shared a trading update for FY21.
Key Highlights-
- OCL revenues grew 36% as compared to FY20.
- Annual Recurring Revenue (ARR) has also reportedly gone up 31% as against FY20.
- OCL recognised strong revenue growth in crucial subscription product lines, including a 73% rise in ECMaaS.
- EBITDA of OCL improved 49%, and NPAT grew by 45% pcp, driven by strong organic growth.
- OCL also reported a cash balance of AU$48.4 million as of 30 June 2021, after the acquisition outflow of Itree.
OCL’s investment in R&D has given it back 24% revenue, which reflects the importance of innovation for it. FY21 has reportedly been a record year for OCL.
OCL shares traded 0.574% up at AU$17.500 at 11:20 AM AEST.
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12th Jul 11:02 AM AEST
Decline in US inventories make oil prices rise over 2%
Image Source: © Tomas1111 | Megapixl.com
On Friday, a rise was noted in the oil prices for a second day in response to the declining US inventories, and indications of robust Asian demand from both China and India provided further backing.
- At US$75.55, Brent crude oil futures were up by 1.93% while US West Texas Intermediate futures were noted at $74.56, up 2.2%.
- According to Reuters, a decline was seen in the US crude and gasoline stocks while gasoline demand touched its highest since 2019.
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12th Jul 10:44 AM AEST
Live Verdure (ASX:LV1) launches first TGA registered product, shares zoom up
Live Verdure Ltd (ASX:LV1) has announced the launch, distribution and first sales of their new, scientifically formulated, and Therapeutic Goods Administration approved Turmeric capsules - TheraJoint+.
Image: Pixabay
Australian plant-based food, nutraceutical and skincare company, Live Verdure owns the rapidly growing hemp consumer brand “13 Seeds” and “8 Seeds”, with 100% Tasmanian hemp as its hero ingredient.
Meanwhile, TheraJoint+ capsules were created after conducting a deep dive survey. The responses revealed significant consumer demand for a solution to the discomfort of joint pain and general whole-body inflammation. LV1 worked with Australia’s pharmaceutical scientists to create a product which would help. The result, TheraJoint+, a highly potent turmeric supplement.
TheraJoint+ is launched after an 8-month R&D initiative.
TheraJoint+ capsules are the first 13 Seeds product to achieve TGA approval listing.
TGA approval allows LV1 to make specific claims around the effects of TheraJoint+ on joint pain and inflammation.
Meanwhile, the stock LV1 was spotted trading at AU$0.200 per share, 5.263% up at 10:30 AM AEST.
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12th Jul 10:21 AM AEST
NRW Holdings (ASX:NWH) to sell mining assets to Boggabri Coal
Image Source: © Cta88 | Megapixl.com
NRW Holdings Limited (ASX:NWH), the mining services company, announced that it would sell its major mining equipment to Boggabri Coal Operations Pty Ltd (BCO).
Boggabri Coal is a part of Idemitsu Group and can exercise options to acquire a majority of mining equipment of Golding Contractors Pty Ltd (a wholly-owned subsidiary of NWH). Golding is engaged in the Maintenance of the Boggabri Coal Mine.
The Agreement is for the sale of 38 major mobile mining assets from Golding to BCO. The target completion date is by the end of July 2021. NWH will sell the equipment for AU$81 million, from which it will use AU$64 million to pay down asset financing debt. The transaction will also reduce pro forma net debt (unaudited) from AU$115 million to AU$34 million. NWH CEO and Managing Director Jules Pemberton said the transaction would reduce debt and increase return on capital employed (ROCE).
NWH will continue to support BCO to ensure it is best placed to provide services beyond December 2022.
NWH shares were spotted trading at AU$1.545 per share on ASX.
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12th Jul 10:02 AM AEST
Australian Ethics grants approval for Medlab’s (ASX:MDC) NanaBis™ PIII Australian Sites
Medlab Clinical Limited (ASX:MDC), an Australian biotech using delivery platforms to enhance medicines has shared that it has got human ethics approval for Australian sites for the NanaBis™ Cancer bone pain Phase III trial.
Image: Pixabay
Belberry Limited, a well-known Australian Human Research Ethics Committee (HREC) has granted approvals for the following sites and Principal Investigators:
- Prof Stephen Clarke at GenesisCare, Sydney
- Prof Phil Good at the Mater Hospital, Brisbane
About NanaBis™:
NanaBis™ is Medlab’s most advanced non-opioid pain medication utilising Medlab’s patented, delivery platform, NanoCelle®.
To date under significant clinical and non-clinical longitudinal investigation Medlab is currently tracking more than 900 Australian patients ethical and lawfully using NanaBis™ for treating cancer and non-cancer pain and associated conditions.
NanaBis™ is currently being readied for global Phase III trials involving Australia, the United Kingdom and the United States of America.
As per Medlab, its regulatory strategy is to meet the US Food and Drug Administration (FDA) for Cancer Bone Pain by 2024 and then undertake a marketing claims expansion trial to seek secondary claims approval for cancer pain.
Meanwhile, the stock MDC was spotted trading last at AU$0.160 per share on the ASX.
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12th Jul 09:43 AM AEST
Healius’ (ASX:HLS) Imaging Division buys Axis Diagnostics, rebrands as Lumus Imaging
Country’s leading healthcare company Healius Limited (ASX:HLS) announced today that it has acquired Axis Diagnostic Holdings Pty Limited.
Image: Pixabay
Axis is a high-quality Queensland-based imaging business with earnings of approximately AU$2 million. The firm has three radiology practices located in Brisbane and one practice in the Whitsundays.
The Company also shared that it is rebranding its diagnostic imaging division, Healthcare Imaging Services and all its sub-brands as Lumus Imaging.
The rebrand will begin with seven sites across NSW and the ACT transitioning to Lumus Imaging in August 2021. The rest of the sites across the country are likely to be completed over the next 18 months.
The stock HLS traded last at AU$4.630 per share.
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12th Jul 09:41 AM AEST
ASX 200 to open on a strong note amid record closing highs on Wall Street
On the first day of the week, the ASX 200 is set to open 1% higher, as Wall Street indices registered record closing highs, while an uptick in oil prices is expected to support energy stocks in today’s session.
Image: Image source: Andrey_Popov,Shutterstock
Concerns about a slowing pace of economic recovery had reduced investors' risk appetite early in the last week and prompted a bond-buying spree.
This action had taken 10-year US government bond yields to a 4-1/2 month low on Thursday. According to data released on Friday, investors were aggressively cutting down their short bond positions through 6 July 2021, which also weighed on yields. Still, the yield on 10-year Treasury notes ticked up 7.7 basis points to 1.365% on Friday.
On Friday, crude oil prices ticked up for a second consecutive day as commodity traders increased their positions, reacting to falling US inventories. The signs of strong Asian demand from both India and China added support
The most actively traded iron ore futures contract for the September month delivery on the Dalian Commodity Exchange (DCE) closed 3.7% down on Friday, at 1,163 yuan (US$179.25) per tonne. It was down 1.6% for the week.
Read more: Updates on technology shares, crude oil and metals