Live ASX News Today
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15th Jul 05:37 PM AEST
BNPL stocks extend fall on report Apple entering sector
Australia's buy now, pay later (BNPL) stocks head into a second day of losses on a report that Apple was likely entering the sector.
Afterpay Limited (ASX:APT) slided 2.6% while Zip Co Limited (ASX:Z1P) dropped 3.3%.
The sector suffered sharp losses on Wednesday, with the big three Australia-listed firms, APT, ZIP and SZL, falling as much as 10%.
The prospect of competing with AAPL, and others such as PayPal, will be the biggest test yet to pure-play BNPL firms that have so far gone unchallenged in a fertile U.S. market.
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15th Jul 05:36 PM AEST
Australian gold stocks hit one-month high on bullion strength
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Australia's gold stocks AXGD climbed as much as 2% to their highest since 16 June 2021.
The Index tracks bullion prices which hover near a four-week peak after U.S. Federal Reserve Chairman Jeremy Powell signalled powerful support for economic recovery, boosting the metal's appeal as an inflation hedge.
Gold miners St Barbara Limited (ASX:SBM) and Bellevue Gold Limited (ASX:BGL) advanced up to 5.95% and 4.6%, respectively.
Newcrest Mining Limited (ASX:NCM), the country's biggest listed gold miner, climbed as much as 1.8%.
AXGD is down 3.9% YTD so far.
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15th Jul 05:15 PM AEST
Whitehaven Coal (ASX:WHC) sees strong coal demand outside China, shares jump
Australia's largest independent coal miner, Whitehaven Coal Limited (ASX:WHC), rose as much as 4.545% to close today’s session at AU$2.070 as the Company flagged strong demand and prices in the coming months.
China's ban on Australian-origin coal continues but there has been strong Asian seaborne thermal coal demand between Aug 2020 and last week of June 2021, stated WHC.
The Company added that there is no sign of demand weakening, natural gas prices are high and a strong summer demand period is forecast for northern Asia.
The Company posted 2021 run of mine (ROM) coal production of 20.6 million tonnes (Mt), slightly above its forecast of 20.4 Mt.
WHC was among top percentage gainers in the ASX 200 benchmark index AXJO today.
The stock outperformed the benchmark which is down up to 0.2%.
The stock is up around 20.4% this year versus a 11.7% increase in the ASX 200 benchmark index.
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15th Jul 04:44 PM AEST
Pure Hydrogen (ASX:PH2) to acquire stake in an oil & gas firm, shares gain
Shares of oil and gas explorer Pure Hydrogen Corporation Limited (ASX:PH2) gained as much as 5.6% to AU$0.19 today, their best day since 1 July 2021.
The Company said it will swap 21% of its share in the Serowe Gas Project in Botswana for a 19.99% post-IPO interest in Australian oil and gas company BotsGas Pty Ltd.
Pure Hydrogen also stated that BotsGas intends to get listed on the ASX and raise AU$7 million in new funds.
PH2 shared it will retain a 30% stake in Serowe Gas Project.
PH2 and BotsGas will be establishing the Serowe Hydrogen Hub, which will be a 50/50 Joint Venture, focused on developing a hydrogen project within Botswana.
Meanwhile, the stock PH2 has more than doubled so far this year and closed today’s session at AU$0.180 per share.
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15th Jul 04:37 PM AEST
ASX ends lower as lockdown fear looms; healthcare, tech stocks drag
Australian?shares?closed lower in volatile trade as gains in mining stocks were offset by losses in bank, tech and healthcare stocks. The market witnessed sharp selling post lunch amid report that Melbourne will go into a snap lockdown from midnight tonight to break the chain of the growing COVID-19 pandemic.
The?S&P/ASX200?fell 18.80 points or 0.26% to settle at 7,335.90. Earlier today, the index opened lower following muted cues from US stocks that settled mixed overnight.
The market shrugged off robust jobs data that showed the unemployment rate fell to a 10-year low 4.9% in June, as focus remained on lockdowns in Sydney and Melbourne.
The concerns about the COVID-19 situation in the country continued to weigh on the market. In the last 24 hours, NSW reported 65 new locally acquired cases, compared to 97 registered yesterday. Victoria reported two new cases, while list of exposure sites grew by more than 70. The administration is reportedly considering a snap lockdown from midnight to contain another outbreak.
Among the individual stocks, Health care firm Polynovo Limited (ASX:PNV) was the top percentage loser on the ASX, falling over 9%. Some of the other worst performer were BNPL player Zip Co Ltd (ASX:Z1P), tech form Nuix, financial services firm Credit Corp Group Limited (ASX:CCP), corporate bookmaker PointsBet Holdings Limited (ASX: PBH) and travel firm Corporate Travel Management Ltd. (ASX:CTD).
On the winning side, automobile parts manufacturer ARB Corporation Limited (ASX:ARB) was the top performer on the ASX with 7.5% gain. Some of the other notable gainers were utility firm Spark Infrastructure Group (ASX:SKI), mining firm St Barbara Limited (ASX:SBM), coal miner Whitehaven Coal, industrial firm CSR, and global online market place Redbubble Ltd. (ASX:RBL).
On the sectoral front, nine of 11 indices ended in red.?The health care was the?worst performing sectors with?nearly 1.5%?loss, followed by tech, which?dropped 1.2%.?Among others, A-REIT, financial, industrial, telecom and consumer staples were among top loser.??
On the flip side, material sector emerged as the top performer, rising 1.3%. Utilities stock also ended higher with 0.4% gain.
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15th Jul 03:40 PM AEST
Coventry (ASX:CYG) hits over six-year high as FY21 sales jump
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Shares of Automotive parts distributor Coventry Group Limited (ASX:CYG) gained as much as 3.1% to AU$1.51, their highest since 22 May 2015.
CYG said its FY21 sales rose 16.8% to AU$289.3 million from a year earlier.
The stock has posted its biggest intraday percentage gain since 30 June 2021.
About 51,647 shares got traded as compared to the 30-day average volume of about 24,000 shares.
CYG is up 52.6% this year, as of the last close.
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15th Jul 03:29 PM AEST
Buy-now-pay-later firm Sezzle (ASX:SZL) jumps on Discover's plan to invest US$30 million
Shares of Sezzle Inc. (ASX:SZL) buck sector-wide losses to rise 7.412% on Discover Financial Services' plan to invest US$30 million. The stock’s price is quoted at AU$8.550 per share as of now.
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The U.S.-based buy-now-pay-later firm said Discover would buy the newly issued shares at $6.58, or AU$8.83.
SZL plunged 10.3% on Wednesday, mirroring losses by peers, on a report that Apple may enter the sector.
The Company will be expanding partnership with Discover to add a BNPL network solution to the U.S. credit card company's network.
SZL plans to list in the United States but keep its Australian berth.
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15th Jul 02:33 PM AEST
Unemployment rate falls to 4.9% in June 2021: ABS
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The Australian Bureau of Statistics revealed the seasonally adjusted unemployment rate for the month of June 2021 which fell to 4.9%, 0.4 percentage points below March 2020 (5.3%).
This eighth consecutive monthly fall in the unemployment rate is the lowest since December 2010, ABS mentioned.
Head of labour statistics at the ABS, Bjorn Jarvis shared that the falling unemployment rate continues to coincide with employers reporting high levels of job vacancies and difficulties in finding suitable people for them.
- The number of unemployed people fell by 22,000 in June, down to 678,000.
- Youth unemployment rate declined by 0.5 percentage points to 10.2%.
- In June, employment increased by 29,000 people, 1.2% higher than at the start of the pandemic.
- Hours worked fell nationally by 1.8% between May and June.
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15th Jul 01:22 PM AEST
Tech, healthcare drag ASX; BNPL stocks extend fall
Australian?shares?edged lower in choppy trade as gains in utilities and material stocks were offset by losses in tech and health care stocks. The market swung between gains and losses as investors tried to try to make sense of the outlook for inflation in the US. Adding to it, persistent concerns over COVID-19 situation in the country and unemployment data also kept investors edgy.
The?S&P/ASX200?was down by 6.30 points to 7,348.40 by afternoon. The index opened lower today, following muted cues from US stocks that settled mixed overnight.
On the sectoral front, six of 11 indices were trading in red by the lunch time.?The utilities and energy were the?best performing sectors with?nearly 1.5%?gain, followed by materials, which?rose 0.6%.?Among others, A-REIT, consumer staples and consumer discretionary were trading higher with modest gains.??
On the flip side, the information technology sector emerged as top loser for the second day, falling over 1% in line with the US counterpart NASDAQ.
Health care firm Polynovo Limited (ASX:PNV) was top percentage loser on ASX, falling nearly 6%. Some of the other notable losers include financial services firm Credit Corp Group Limited (ASX: CCP), BNPL player Zip Co Ltd (ASX:Z1P), corporate bookmaker PointsBet Holdings Limited (ASX: PBH) and travel firm Corporate Travel Management Ltd. (ASX:CTD).
On the other hand, automobile parts manufacturer ARB Corporation Limited (ASX:ARB) was top performer on ASX with nearly 9% gain. Some of the other notable gainers were utility firm Spark Infrastructure Group (ASX:SKI), mining firm St Barbara Limited (ASX:SBM) and global online market place Redbubble Ltd. (ASX:RBL).
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15th Jul 01:22 PM AEST
Woodside’s (ASX:WPL) sales revenue jumps 15% in Q2 2021
Woodside Petroleum Limited (ASX:WPL) shared the second quarter report for the period ending 30 June 2021. The Company shared that it has achieved sales revenue of AU$1,285 million, up 15% from Q1 2021.
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Other key highlights include:
- The Company delivered production of 22.7 MMboe, down 4% from Q1 2021.
- WPL’s sales volume went up 9% to 28.1 MMboe.
Woodside Acting CEO Meg O’Neill said that higher realised prices in the second quarter of 2021 helped underpin a 15% rise in sales revenue compared with the first three months of the year.
He also informed that revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of AU$75/barrel, while revenue from LNG sales climbed 14%.
As per Woodside statement, it has launched sell-down processes for Scarborough and Pluto Train 2, timed to align with the targeted final investment decision (FID) in H2 2021.
The Company has also started the drilling in Sangomar Field Development Phase 1 in July 2021 and has finished acquiring FAR’s interest in the RSSD (Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore) joint venture in July 2021 and launched a sell-down process.
As per the release, the firm has also executed three sale and purchase agreements (SPA) for the supply of domestic LNG from the Pluto LNG truck loading facility.
In the concerned quarter, WPL also signed a heads of agreement (HOA) with IHI Corporation and Marubeni Corporation to investigate the production and export of green ammonia from renewable hydroelectric power in Tasmania.
Meanwhile, the stock WPL was spotted trading 1.078% lower at AU$22.950 per share at 1:00 PM AEST.
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15th Jul 12:54 PM AEST
Pendal Group (ASX:PDL) June-quarter FUM up 5%, shares rise
Investment management services provider Pendal Group Limited (ASX:PDL) gained as much as 2.4% to AU$8.21, their highest since 6 July 2021.
The firm shared that June-quarter funds under management (FUM) stand at AU$106.7 billion, up 5% from March quarter.
The Company added that it continues to see strength of the U.S. region and its potential for future growth with regards to flows, FUM and margins.
The stock is set to post its fourth straight session of gains and is among top 10 percentage gainers in the ASX 200 benchmark index AXJO.
PDL is up around 23% this year, as of the last close, as compared to an 11.7% increase in the ASX 200 benchmark index.
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15th Jul 12:25 PM AEST
Spark Infrastructure (ASX:SKI) rises most in 12 years on $3.7 billion buyout offer
Electricity infrastructure investor Spark Infrastructure Group (ASX:SKI) jumped as much as 7.5% to AU$2.665, its biggest intraday percentage jump since June 2009.
The Company stated it has received a buyout proposal from a consortium led by Canadian pension fund, Ontario Teachers' Pension Plan Board, and U.S. private equity KKR & Co.
The consortium has offered to buy Spark at AU$2.80 per share - a nearly 13% premium to SKI's last close of AU$2.48 - valuing SKI at AU$4.91 billion.
SKI said offer "undervalues" the firm and did not agree to open its books to the consortium.
SKI elaborated it was "prepared to provide limited information on its business and its prospects", essentially leaving the door open on the offer.
SKI has hit its highest since July 2019 and is on track to post a third straight session of gains.
Spark is second-biggest percentage gainer in the ASX 200 benchmark index AXJO today.
Up 17.5% this year, as of the last close, the stock was trading 6.854% up at AU$2.650 per share at 12:00 PM AEST.
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15th Jul 12:03 PM AEST
Dacian Gold (ASX:DCN) falls on weak FY21 gold production
Gold explorer Dacian Gold Limited (ASX:DCN) fell as much as 6.452% to AU$0.290 at 11:50 AM AEST on Thursday.
The Company said its production for FY 2021 stands at 106,919 ounces, lower than previously announced outlook of 110,000-120,000 ounces.
Rainfall events experienced on site-affected conditions in both the Heffernans and Mt Marven open pits, resulting in contributing to the lower than planned production for the quarter, the firm clarifies.
The stock has posted its biggest intraday percentage fall since 2 June 2021.
Dacian is down nearly two-fold this year, as of the last close.
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15th Jul 12:03 PM AEST
Sydney Airport (ASX:SYD) drops after rejecting A$16.7 billion buyout proposal
Shares of Sydney Airport (ASX:SYD) fell as much as 1.9% after the company rejected a AU$22.26 billion takeover proposal.
The operator of Australia's largest airport said the AU$8.25 per share offer by a group of infrastructure funds undervalued the company.
The Stocks in Action || How ASX Performing After Global Stocks Ended Flat Overnight?Jefferies says the rejection was expected, but there is potential for a revised bid closer to AU$9.
Also says a rival offer is possible by another consortium.
Bloomberg News last week reported a consortium led by Macquarie Group (ASX:MQG) was considering a rival offer, citing sources.
If the deal went through, it would have been one of Australia's biggest buyouts.
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15th Jul 11:45 AM AEST
Yunnan has re-imposed the electricity usage limit on metal producers
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Yunnan province of Southwest China has again started asking local metal producers to reduce their power consumption, after May 2021.
- Tin and Zinc smelters present in the region received notices asking them to decrease power usage by 25%. However, this move doesn’t affect the aluminium producers present in the area as they are already operating at lower rates due to earlier curbs.
- The province has a vast hydropower energy source due to which it became a hub for energy-intensive metal production.
- A severe drought in May has restricted the use of electricity in zinc, tin, and aluminium smelting plants, squeezing the supply of these metals.
- Yunnan was named as one of the worst-performing regions of China, based on energy consumption targets in the first quarter.
- The province is under pressure to reduce power use.
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15th Jul 11:44 AM AEST
Nex Metals (ASX:NME) Champion prospect delivers consistent grades
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Nex Metals Explorations Ltd (ASX:NME), the gold and Nickel explorer, reported delivery of consistent grades at significant widths for its Champion prospect at the Kookynie Gold Project in Western Australia.
NME reported that sixteen of the twenty-four drill holes returned a significant intercept. These results bode very well for the pending mineral resource estimate at Champion Prospect as per the Company. In addition, NME clarified that all of these prospects reside on mining licences and remain open in one or more directions.
The widths and consistent grades returned add to the remarkable results returned in recent past, at McTavish and Leipold. These have enhanced the exciting potential of these projects for NME.
These results continue to expand mineralisation and further validate the ones already observed by NME. As per the Company, this is just the beginning for Leipold, McTavish and Champion. NME reported that it is now planning to clear areas and define targets for the next drilling program.
NME shares traded 1.887% lower at AU$0.052 at 11:30 AM AEST.
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15th Jul 11:21 AM AEST
Auteco Minerals (ASX:AUT) resources increase 71% to 1.7 Moz at Pickle Crow Project
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Auteco Minerals Ltd (ASX:AUT), the gold and minerals explorer, announced that its Inferred Mineral resource estimate had increased by 71% to 1.7 million ounces of gold at Pickle Crow Project in Canada.
The outstanding result includes a high-grade vein-hosted resource of 4.5 million tonnes for 1.47 Moz of gold, which is an increase of 47%. In addition, the new estimate contains a maiden JORC Inferred Resource of 2.1Mt for 242,000 oz of gold hosted within the adjacent Banded Iron Formation.
AUT also reported that recent drilling done has intersected more high-grade gold outside the Resource. As per AUT Executive Chairman Ray Shorrocks, it is an exceptional result. Achieving it at the cost of around AU$15/oz is even better.
The Pickle Crow project now has a genuine scale and has been termed by the company as truly high-grade by all measures. Follow up drilling at the Carey discovery is in progress, and results are expected this quarter. AUT is now fully funded for growth, with AU$26.8 million cash on hand on 31 March 2021.
AUT shares traded 4.347% up at AU$0.120 at 11:15 AM AEST.
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15th Jul 11:14 AM AEST
Rhythm Biosciences (ASX:RHY) drives expansion in the US with a new entity
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Rhythm Biosciences (ASX:RHY), the medical diagnostics company, reported that it had established a 100% owned US domiciled entity. The new US entity, IchorDX, Inc., has been established as part of its US market entry plan.
The US is one of the world’s largest diagnostic markets. The US entity will enable RHY with optionality and a more focused commercial pathway for ColoSTAT® in the US.
David White, one of the non-executive directors, has resigned from RHY’s board to join US subsidiary Board. Initial US Board has been appointed, and discussions with the US-based advisers underway. RHY aims to increase its corporate capabilities for partnership discussions, business development and regulatory activities in the US.
According to the company, IchorDX, Inc. has been established to create a global footprint for RHY’s transformative cancer detection technology in the US. The global need for a simple and accurate mass screening blood test for colorectal cancer is growing. With IchorDX, Inc., RHY has moved closer to meeting this need.
RHY shares traded 4.117% higher at AU$0.885 at 11:10 AM AEST.
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15th Jul 10:55 AM AEST
Forbidden Foods (ASX:FFF) signs distribution agreement for Philippines
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Forbidden Foods Ltd (ASX: FFF), the food & beverage company, announced that it had signed an exclusive distribution agreement for FUNCH & Sensory Mill in the Philippines. The agreement has been signed with Moshi Wellness OPC (Moshi). It will allow FFF to sell, market and distribute its infant & toddler, health & nutrition brand FUNCH® and its plant-based food brand Sensory Mill®.
The Philippines is a net food importer with the food and non-alcoholic drinks category valued at AU$164 billion. Therefore, FFF views the Philippines as an attractive market. Furthermore, increased incomes are expected to bring further opportunities for premium food and beverage offerings.
FUNCH® has already launched stores on the top two websites in the Philippines. In addition, Moshi’s offline distribution channels will extend FFFs products to grocery stores, pharmacy stores and baby stores. FFF has already sold and supplied a trial order to Moshi and received positive feedback from key stakeholders.
The agreement further extends FFF’s growing presence in Asia. It follows recent distribution agreements in China, Vietnam and Malaysia.
FFF shares traded at AU$0.260 at 10:50 AM AEST.
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15th Jul 10:52 AM AEST
Oil tumbles on fears of oversupply as the spat between Saudi and the UAE ended
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Crude oil prices tumbled more than 2% on Wednesday after major oil producers arrive at a compromise for crude oil supply.
- September delivery crude oil futures traded 0.28% down at US$74.39 per barrel, whereas August delivery WTI crude oil futures traded 0.56% down at US$72.72 per barrel as of 15 July 2021 at 10:19 AM AEST.
- The spat between Saudi Arabia and the United Arab Emirates came to an end as both the countries compromised that may unlock an OPEC+ deal to boost global crude oil supply amid strong energy demand.
- Crude oil inventories have continued to fall in their eighth consecutive week as per the data released by the U.S. Energy Information Administration; however, a significant decline in diesel and gasoline demand has weighted oil prices.
- Meanwhile, the revival of the 2015 US-Iran Nuclear deal is also expected to increase the potential supply glut however the timing of execution of the deal is still a question.
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15th Jul 10:26 AM AEST
Total Brain (ASX:TTB) signs three-year contract with Eastman
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Total Brain Limited (ASX:TTB) announced today that it has entered into a three-year, renewable contract to provide its mental health software to Eastman, a U.S.-based, global specialty materials company.
Founded in 1920 and based in Kingsport, Tennessee, United States, Eastman serves customers in more than 100 countries, and is a part of the Fortune 500.
Under the terms of the contract, Total Brain will be rolled-out to approximately 10,500 U.S. employees and their spouses/domestic partners, representing AU$250k in Annual Recurring Revenue to TTB.
Total Brain Limited is a firm that has developed and offers Total Brain, the world’s first mental health self-monitoring & self-care platform powered by the largest standardised brain database.
This announcement signifies a critical breakthrough for the Total Brain’s value plan for leading employers globally and the significant market demand for scalable, tech-enabled mental health solutions.
The stock TTB was spotted trading at AU$0.310 per share on the ASX at 10:40 AM AEST.
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15th Jul 10:18 AM AEST
Tasman Resources (ASX:TAS) reports significant growth of OptiBlend® in Indian Market
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Tasman Resources Limited (ASX:TAS) shared on Thursday that there is a significant growth of OptiBlend® in the Indian Market.
Eden Innovations Ltd (ASX:EDE) has provided an update on the growth occurring in sales of OptiBlend®, Eden’s proprietary dual fuel system that enables diesel generator sets to run on a combination of Natural Gas (up to approximately 70%) thereby reducing the diesel fuel consumption down to approximately 30% of the total fuel requirement.
Key highlights:
- Indian OptiBlend® sales for Q4-FY21 - Total AUD $343,589.
- Indian OptiBlend® sales for FY21 - Total AUD $989,749.
- Sales are to large companies, driven by a combination of: Lower price of Natural Gas compared to diesel fuel; and various government regulations and decisions, prohibiting the operation of diesel generators on diesel fuel alone during the winter period due to the emission levels generated.
Tasman through its wholly owned subsidiary, Noble Energy Pty Ltd, holds 631,777,564 fully paid shares in Eden representing 30.33% of the total issued capital of Eden Innovations Ltd.
Meanwhile, the last traded share price of the stock was AU$0.030 per share.
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15th Jul 10:10 AM AEST
Australian stocks open lower after Wall Street settles mixed
The ASX 200 opened 5.10 points lower, at 7,359.80, on Thursday, taking cues from US stocks that settled mixed overnight. On Wednesday, the US Federal Reserve Chairman Jerome Powell soothed concerns of investors on rising inflation.
The ASX 200 index rose 0.31% to 7,354.7 points on Wednesday. By 10:10 AM, the ASX 200 was trading 0.087% lower, at 7,348.30.
On Wall Street, the Dow Jones rose 0.13%, the S&P 500 gained 0.12% and the NASDAQ Composite fell 0.22%. The US consumer prices in June surged by a 5.4% annual rate, the fastest in 13 years.
In a testimony to the US House of Representatives Financial Services Committee, Powell said he was confident that the recent price hikes are associated with the country's post-pandemic reopening and would fade.
The 10-year Australian bond yields were trading 4.07% lower, at 1.295. The Australian dollar was trading 0.01% lower, at 0.7479.
Meanwhile, Sydney Airport (ASX:SYD) said that AU$22 billion takeover bid from a group of institutional investors led by IFM Investors was “not in the best interests of security holders”.
Dacian Gold (ASX:DCN) reported total production for the financial year 2021 of 106,919 ounces, missing its guidance of between 110,000 and 120,000 ounces.
Woodside Petroleum’s (ASX:WPL) second quarter revenue surged 15% from the March quarter to AU$1.3 billion despite a decline in production.
Read more: What all has happened so far on the ASX
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15th Jul 10:09 AM AEST
Schrole Group (ASX:SCL) releases Connect 3.0
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Schrole Group (ASX:SCL) , the global SaaS provider to education professionals & institutions, reported today that it had released its Schrole Connect 3.0. Currently, the first stage of upgraded Connect 3.0 has been released.
Schrole Connect is an online SaaS platform enabling international schools to streamline teacher recruitment and candidate management activities. It also provides interview scheduling, calendar integration, DocuSign integration and customisable email management as enhancements.
SCL has started receiving upgraded customer contracts and is expanding its sales pipeline. It is currently focused on growing sales through a three-faced growth strategy – including direct sales, cross/upsell opportunities and Faria co-marketing. In addition, SCL is expected to continue investment in the sales team to drive growth.
SCL is actively exploring other potential cross and upsell opportunities across its customer base.
It is also working with its strategic partner Faria for releasing its products on its platform. The management has reported a positive outlook in this regard.
SCL shares traded last at AU$0.013 on the ASX.
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15th Jul 10:07 AM AEST
Actinogen (ASX:ACW) enrolls first patient in XanaMIA trial
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ASX-listed biotechnology firm Actinogen Medical Limited (ASX:ACW) announced on 15 July that it has enrolled the first patient in Part A of its two-part XanaMIA trial, which targets patients with mild Cognitive Impairment due to Alzheimer’s disease. This follows Actinogen receiving ethics approval from the Bellberry Human Research Ethics Committee to start the XanaMIA Part A study which was announced on 2 June 2021.
As per the announcement, Part A is being conducted at 4 outpatient sites in Australia and will enroll 105 older healthy volunteers, aged 50-80 years old, in a dose-ranging study to confirm the minimum effective dose.
The study will determine the safety and efficacy of a 5mg and 10mg Xanamem dose on cognition (ability to remember and think), over 6 weeks. The trial will utilise an iPad testing method with the sensitive endpoints of the Cogstate Neurological Test Battery, incorporating the Digit Symbol Substitution Test - a previously FDA-approved endpoint for cognition.
The results from Part A will inform the dose(s) to be used in the Part B study, which will assess the efficacy of Xanamem in patients with biomarker-positive Alzheimer’s Disease. Part B will measure the effects of Xanamem on biomarkers indicative of the underlying disease processes in addition to those on cognition.
The stock ACW traded last at AU$0.115 per share.
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15th Jul 09:39 AM AEST
ASX 200 may open lower after US stocks settle flat
The Australian share market is expected to open lower on Thursday after global stocks ended flat overnight as US Federal Reserve Chairman Jerome Powell eased concerns by saying that a recent inflation surge would soon fade. The lockdown in Sydney and muted oil prices are also expected to drag down the domestic stocks.
The ASX 200 may open 11 points or 0.15% lower on Thursday, giving away some of the gains recorded in the previous trading session. The ASX 200 index rose 0.31% to 7,354.7 points on Wednesday.
Meanwhile, on Wall Street, the Dow Jones rose 0.13%, the S&P 500 added 0.12% and the NASDAQ Composite slipped 0.22%. Powell also said that that US economy was "still a way off" from levels the Fed wanted to see before tapering its quantitative stimulus support. The inflation data for June showed that prices rose more than expected.
The 10-year benchmark US bond yields fell six basis points on Wednesday to 1.356%.
The US dollar pared recent gains on Wednesday after Federal Reserve Chair Jerome Powell’s speech. The dollar index was down 0.43% at 92.404, after rising as high as 92.832.Read more: Updates on Crude oil, bond yields and dollar