Live ASX News Today
-
22nd Jul 05:28 PM AEST
Australian lithium miners surge on robust demand outlook; Orocobre leads
Image © Gavinp101 | Megapixl.com
Australian lithium miners surge with Orocobre Limited (ASX:ORE) and Pilbara Minerals Limited (ASX:PLS) hitting record highs.
Orocobre soared as much as 12.6% to AU$7.84 on strong quarterly production, followed by Pilbara Minerals, jumping 10.1% to AU$1.69.
Galaxy Resources (ASX:GXY), a constituent of the Aussie mining sub-index AXMM, also hit a multi-year high after the Company posted record lithium concentrate output for June quarter.
The optimism was further boosted by GXY and ORE flagging accelerated demand for lithium and spodumene, used in electric vehicles and their batteries, respectively.
GXY is bullish about global lithium demand outlook and aims to become a major producer of lithium products.
ORE said demand for lithium chemicals remained strong across all key geographies and customer segments.
Lithium stocks have rallied this year, ORE up 55.7%, PLS up 76.4% and GXY up 79.4%, as of the last close, as compared with an 11% increase in the ASX 200 index AXJO.
-
22nd Jul 05:12 PM AEST
Australian Vanadium (ASX:AVL) jumps on A$2.71 million government manufacturing grant
Shares of titanium explorer Australian Vanadium Limited (ASX:AVL) rose as much as 16.7% to AU$0.021, marking their best day since 8 June 2021.
The Company stated it has been awarded a AU$3.69 million grant from the Australian government under the Resources Technology and Critical Minerals Processing National Manufacturing Priority Grant.
The Company stated it has secured grant to design, build and operate an Australian vanadium battery electrolyte plant and to develop local vanadium redox flow battery prototypes.
The stock has hit its highest level since 8 July 2021.
The shares are up 28.6% YTD, as of the last close and ended today’s session 11.111% higher at AU$0.020 per share.
-
22nd Jul 04:51 PM AEST
Recce Pharmaceuticals (ASX:RCE) jumps on grant of anti-viral patent in U.S.
Shares of Recce Pharmaceuticals Ltd (ASX:RCE) rose as much as 5.6% to AU$1.130, their highest since 31 May 2021.
The Company stated that U.S. Patent and Trademark Office has granted Patent Family 3 "Anti-Virus Agent and Method for Treatment Of Viral Infections".
It stated granted patent relate to RECCE 327 antibiotic and anti-viral formulation RECCE 529, which are used in treatment of viruses.
The stock is up 1.4% YTD, as of the last close and ended today’s session at AU$1.105 per share, up 3.271%.
-
22nd Jul 04:37 PM AEST
ASX ends 1.1% higher; here’s why stock market defied COVID-19 concerns
Australian?shares?closed higher for the second straight session on Thursday, led by strong rally in blue-chip mining, energy and banking stocks. The equity market witnessed surge in buying despite rise in COVID-19 cases as investors seemed to set aside virus jitters for now and shifted focus to corporate earnings.
The?S&P/ASX200?ended 77.70 points or 1.06% higher at 7,386.40, setting a new 20-day high. Earlier today, the benchmark index opened higher,?following strong finish at Wall Street in overnight trade,?and rallied nearly 1.1%. Over the last five sessions, the index has gained 0.7% and is currently 0.27% below its record high.?
The market sentiment was also lifted by stronger-than-expected trade data. As per the data released by the Australian Bureau of Statistics, the merchandise trade surplus hit AU$13.3 billion in June, driven by strong demand for iron ore. The exports rose by 8% to AU$41.3 billion and imports stood at AU$28 billion. ???
On the pandemic front, NSW recorded 124 new locally acquired COVID-19 cases in the 24 hours, while Victoria registered 26 cases.
Among the individual stocks, mineral exploration firm Orocobre Ltd (ASX:ORE) was the top percentage gainer on the ASX, rising 9.8%.? Some of the other notable gainers were miner Pilbara Minerals (ASX: PLS), resource company Lynas Rare Earths (ASX: LYC) and multinational contractor CIMIC Group (ASX: CIM).
On the flip side, fintech firm Zip Co Limited (ASX:Z1P) was the top loser on the ASX, falling over 7.8%. Some of the other worst performers include e-retailer Kogan.com Ltd. (ASX:KGN), dairy and cheese company Bega Cheese Limited (ASX:BGA) and Australian conglomerate company Metcash Limited (ASX: MTS).
The market breadth, indicating the overall strength of the market, was strong with ten of the 11 sectoral indices ending in green. The energy and material sectors were the best performers with over 2 gain. Among others, financial, industrial, utilities and telecom added over 1% gain.
Meanwhile, the health care sector emerged as the worst performer with a 0.3% loss.
-
22nd Jul 04:29 PM AEST
Damstra Holdings (ASX:DTC) jumps 22% after strong revenue growth
Damstra Holdings Limited (ASX:DTC) stock soared 22% to AU$0.97, on track for its best single-day performance since 7 October last year.
The software firm reported a 75% jump in quarterly revenue on higher usage among existing clients and acquisition of new ones.
"We remain in productive contractual negotiations with several potentially material clients in the United Kingdom and North America," the firm said in a statement.
The stock has touched its highest level since 15 June 2021 and is the top percentage gainer on the ASX All-Ordinaries index AORD.
Share surge is supported by vigorous trading with more than 3.6 million shares changing hands, 4 times the 30-day average.
The stock closed 20.754% higher at AU$0.960 per share today.
-
22nd Jul 04:00 PM AEST
Orocobre hits record high as lithium demand boosts production, pricing
Shares of lithium miner Orocobre Ltd (ASX:ORE) hit a record high, jumped as much as 12.6% to AU$7.84 per share on Thursday.
The Company stated its quarterly realised average price was AU$8,476/tonne, more than double from a year ago.
For June quarter, lithium production rose 31% to 3,300 tonnes and sales jump 59% to 2,549 tonnes from prior year.
ORE said demand for lithium chemicals remained strong across all key geographies and customer segments and percentage of battery grade product sales is expected to remain above 50% during FY22.
The stock is on track for its biggest intraday percentage gain since 17 March 2020.
About 2.9 million shares change hands, compared with the 30-day average volume of 2.8 million.
ORE is the biggest percentage gainer on the benchmark index AXJO.
The stock is up 55.7% this year, as of the last close, compared with an 11% increase in the ASX 200 index.
The stock at 3:40 PM AEST, traded 9.913% higher at AU$7.650 per share.
-
22nd Jul 03:45 PM AEST
Galaxy Resources (ASX:GXY) at 3-1/2-year high on strong spodumene demand, output
Image: © Fambros | Megapixl.com
Shares of Australia's Galaxy Resources Ltd (ASX:GXY) jumped up to 11.5% to AU$4.46, hitting their highest levels since 10 Jan 2018.
The lithium-focused mineral explorer stated it continues to see strong demand for its spodumene concentrate as rising global EV sales increase the utilisation of spodumene converters in China.
The Company said due to strong output at Mt Cattlin operations in H1, the firm has produced sufficient uncontracted volumes to enable a spot shipment to be sold in addition to contracted volumes.
For June quarter, the Company has posted a 35% jump q-o-q to 63,321 dry metric tonne (dmt) in lithium concentrate production from Mt Cattlin.
Galaxy targets production of up to 210,000 dmt of lithium concentrate from Mt Cattlin in 2021.
The stock is on track for best session since 5 Jan 2021.
About 7.2 million shares change hands, as compared with the 30-day average volume of 4.7 million shares.
GXY is among the biggest gainers in the mining sub-index AXMM.
The stock is up about 80% this year, as of the last close.
-
22nd Jul 01:21 PM AEST
Moneyme (ASX:MME) jumps on strong trading update
Shares of MoneyMe Limited (ASX:MME) jumped as much as 9% to AU$2.07, post their biggest intraday percentage gain since 30 June 2021.
Digital customer credit Company has reported originations of AU$161 million for Q4, up nearly five-fold from a year earlier.
Revenue rose 73% from a year ago to AU$19 million.
MME stated strong originations predominantly achieved through personal loan and freestyle products, and through direct-to customer channels.
MME stock is up 30.1% this year so far.
The stock was 7.105% higher at AU$2.035 per share at 1:10 PM AEST.
-
22nd Jul 01:07 PM AEST
Santos (ASX:STO) jumps most in one month on lifting production, sales outlook
Image: © Pichitbo | Megapixl.com
Shares of Santos Limited (ASX:STO) gained as much as 3.2% to AU$6.78, their biggest intraday percentage gain since 22 June 2021.
The country's second-largest independent gas producer has raised the lower end of its annual production outlook and reported a 37% jump in Q2 revenue, benefiting from increased demand for natural gas.
STO now expects to produce between 87 million barrels of oil equivalent (mmboe) and 91 mmboe in 2021, up from previous forecast of 84 mmboe to 91 mmboe.
The Company anticipates an annual sales volume to hover between 100 mmboe and 105 mmboe, as compared to earlier outlook of 98 mmboe to 105 mmboe.
STO stock is up 4.8% this year, as of the last close as was spotted trading 2.891% up at AU$6.760 per share at 12:30 PM AEST today.
-
22nd Jul 12:48 PM AEST
Energy, miners lift ASX to 0.9% gain; BNPL player Zip Co falls 5%
Australian shares continued to trade higher by afternoon, led by gains in energy and mining stocks. The firm cues from global peers also supported the market’s rally. Investors seem to have shrugged-off fears over the Delta coronavirus variant and shifted their focus to corporate earnings season.
The?S&P/ASX200?was trading?higher by 51.30 points or 0.7% at 7,360 by the lunch.?Early today, the index opened higher,?tracking strong cues from Wall Street,?and rallied as much as 0.9%.????
On the COVID front, NSW recorded 124 new locally acquired COVID-19 cases in the 24 hours, while Victoria registered 26 cases.
On the sectoral front, seven of the eleven sectors were trading in green.?Energy?was the best?performer with?2.2?per cent?gain, followed by?materials which?rose 1.9?per cent.
Among others, financial, utilities, telecom and industrial stocks were trading higher with modest gain.
On the flip side, health care was the worst performer, down 0.3%. Some of the other sectors that witnessed selling pressure includes consumer staples, information technology and consumer discretionary.
Among individual stocks, mineral exploration firm Orocobre Ltd (ASX:ORE) was the top percentage gainer on the ASX pack, rising nearly 11%.? Some of the other notable gainers were miner Pilbara Minerals (ASX: PLS), multinational contractor CIMIC Group (ASX: CIM), resource company Lynas Rare Earths (ASX: LYC).
On the flip side, fintech firm Zip Co Limited (ASX:Z1P) was the top loser on the ASX, falling over 5%.? Some of the other worst performers include PointsBet Holdings Limited (ASX:PBH), e-retailer Kogan.com Ltd. (ASX:KGN), IDP Education Limited (ASX:IEL) and tech firm Codan Limited (ASX:CDA).
-
22nd Jul 12:47 PM AEST
Lynas (ASX:LYC) shares post huge gains backed by government grant
Image: © Tbe | Megapixl.com
Shares of Lynas Rare Earths Limited (ASX:LYC) climbed as much as 8.503% to AU$6.380 per share at 12:30 PM AEST.
Rare earths producer has received a AU$14.8 million grant as part of Australian government's Modern Manufacturing Initiative.
The Company has said that the grant will enable commercialising a rare earth carbonate refining process, which has been developed in-house.
LYC said the process will be installed during construction of the Company’s AU$500 million rare earth processing facility in Kalgoorlie, Western Australia.
The firm added new refining process will contribute to reducing chemical consumption and processing costs.
LYC stock is up 47.7% this year so far.
-
22nd Jul 12:47 PM AEST
Oil Search (ASX:OSH) extends gains fuelled by takeover bid rejection
Image: © Trondur | Megapixl.com
Australian oil and gas producer Oil Search Limited (ASX:OSH) extended gains into third session, up as much as 3.2% to AU$4.170 on Thursday.
The stock has hit its highest level since 17 June 2021.
OSH has rejected AU$8.80 billion takeover bid from Santos Limited (ASX:STO) on Tuesday.
Both the companies said they were open to further talks
OSH is up 8.9% this year, as of the last close while STO shares are up 3.2% at AU$6.78 on Thursday.
-
22nd Jul 12:44 PM AEST
Oil rises despite a rise in US crude oil inventories
Source: © Designer491 | Megapixl.com
Crude oil prices jumped nearly 4% on Wednesday despite an unexpected rise in the US crude oil inventories.
- September delivery crude oil futures traded 0.18% up at US$72.26 per barrel, whereas September delivery WTI crude oil futures traded 0.01% up at US$70.31 per barrel as of 22 July 2021 at 10:20 AM AEST.
- Oil futures rebounded after tumbling nearly 7% on Monday after OPEC+ agrees to boost the output by 400,000bpd from August through December.
- US crude oil inventories rose unexpectedly by 2.1 million barrels to 439.7 million barrels, in the last week, as per the data shared by U.S. Energy Information Administration.
- On the flipside, distillates and gasoline inventories recorded a drop of 1.3 million barrels and 121,000 barrels respectively.
- The rising cases of delta variant of coronavirus in major markets like the United States, Britain, and Japan is a matter of concern that can affect global crude oil demand and put weight on the prices.
-
22nd Jul 12:16 PM AEST
Northern Star (ASX:NST) reports strong June quarter, shares move up
Image Source: © Bendicks | Megapixl.com
Northern Star Resources Ltd (ASX:NST), the gold producer and explorer, released its quarterly activities report for the period ending June 2021. NST has reported solid operational and financial results for the June quarter of 2021.
Gold sold by NST during the quarter totaled 444,012oz. June quarter sales have taken gold sales, in line with FY21 guidance.
The net mine cash flow of NST in the quarter was AU$182 million. The amount was arrived at after considering an investment of AU$176 million in growth capital and AU$39 million in exploration.
NST has a cash and bullion balance of more than AU$800 million as of the end of the financial year. NST also reported that the scale of its business is exceptional and is now underpinned by Reserves of 21Moz exclusively in tier-one locations.
NST is also expected to release its pre-recorded 2021 Investor Day presentation on ASX later today.
NST shares traded 2.938% higher at AU$10.510 per share at 11:50 AM AEST.
-
22nd Jul 12:16 PM AEST
Carbine Resources (ASX:CRB) completes acquisition of Muchea Silica project
Image Source: © Solucionfotografica | Megapixl.com
Carbine Resources Limited (ASX:CRB), the gold and copper-focused miner from Queensland has completed the acquisition of the Muchea West Silica Sand Project in Perth.
The 100% acquisition of the Muchea West follows CRB’s transaction to acquire Australian United Silica Corporation Pty Ltd (Ausco) in April 2021.
CRB has successfully raised AU$3 million at AU$0.03 per share to fully fund two years of exploration activities at the Muchea West Project. The current cash is approx. AU$5.2 million.
Mapping and drilling at Muchea have defined a target of 82 drill holes returning white sand profiles of greater than 99.0% Silicon dioxide (SiO2).
CRB has also submitted applications to the Department of Mines for the next phase of drilling. It has been designed to enable the estimation of a maiden resource. CRB has appointed a new team to drive the strategy forward, with Peter Main as Non-Executive Chairman and Peter Batten as MD.
CRB shares traded at AU$0.043 at 11:20 AM AEST.
-
22nd Jul 11:35 AM AEST
ASX 200 climbs higher, turns positive for the week
Global equity markets continued their upward momentum on Wednesday and US Treasury yields climbed higher due to cheering corporate earnings. Markets have recovered sharply from the sell-off earlier in the week, on the back of rising COVID-19 cases which spurred a flight to safety mode for investors.
Wall Street extended gains on Wednesday, snapping a several-day losing streak. The Dow Jones was up 0.83%, to 34,798.01, while the broader market index, the S&P 500 was up 0.82% to 4,358.98. The NASDAQ Composite climbed higher by 0.92%, to 14,631.95.
Stocks that are supporting the ASX 200 are Iluka resources Limited (ASX:ILU) and Orocobre Limited (ASX:ORE), gaining 6.9% and 4.74%, respectively. There are also some stock weighing down on the index, namely: Altium Limited (ASX:ALU) losing 1.43% and Perseus Mining Limited (ASX:PRU), falling 0.97% in the early trade.
Santos Limited (ASX:STO) clocked quarterly sales of US$1.1 billion in June 2021 quarter, totaling to a record 1H FY21 sales of over US$2 billion. The company’s low-cost model keeps business on track to achieve a free cashflow breakeven oil price of US$25 a barrel.
-
22nd Jul 11:10 AM AEST
Swoop (ASX:SWP) completes Beam internet acquisition
Image: © Wiscan | Megapixl.com
Swoop Holdings Limited (ASX:SWP), the internet and telecom service provider, has reportedly completed the acquisition of 100% of Wan Solutions Pty Ltd or Beam Internet. Beam Internet is a South Australian-based wireless broadband provider.
The transaction for acquisition has been completed by SWP, 4 weeks ahead of schedule. Accordingly, it has met the conditions precedent under the Share Purchase Agreement and completed the transaction.
The cash component of the acquisition was funded from the existing cash reserves of SWP. From the cash consideration AU$1.3 million has been agreed to be held back for 12 months for any potential claims or adjustments.
SWP has issued consideration in the form of 718,686 shares. Shares have been issued at a price of AU$0.974 per share, based on 30- day VWAP (volume-weighted average price) at the completion date. Shares are subject to 12 months escrow.
SWP shares traded 3.636% up at AU$1.140 per share at 11:10 AM AEST.
-
22nd Jul 11:09 AM AEST
Australia's CIMIC Group (ASX:CIM) extend gains on positive HY results
Shares of engineering contractor CIMIC Group Limited (ASX:CIM) continued to post gains, rose as much as 4.685% to AU$20.780 per share at 11:00 AM AEST on Thursday.
CIMIC posted strong HY results on Wednesday with HY net profit up 1.3% and revenue up 10.6%.
The stock is on track for a third consecutive session of gains and has hit its highest level since 28 June 2021.
CIMIC stock, overall, is down 18.5% this year so far.
-
22nd Jul 10:44 AM AEST
BHP Group (ASX:BHP) shares climb over 3% on Tesla nickel supply deal
Image: © Ifeelstock | Megapixl.com
The share price of BHP Group Limited (ASX:BHP) gained 3.006% to reach AU$51.390 per share at 10:35 AM AEST on Thursday.
The Company has signed an agreement to supply nickel to Tesla Inc (TSLA.O).
Nickel makes batteries energy-dense, so cars can run further on a single charge.
The Stocks in Action || Why Are ASX Stocks PAA, ESK, Z1P, WGB, BHP Under Investors' Radar Today?Tesla in June said it expects to spend more than US$1 billion a year on raw materials for batteries from Australia to diversify supply chains away from major producer China.
The two companies will also be looking at end-to-end raw material tracing using blockchain and also work on energy storage solutions.
Broader market AXJO is up 0.8%, while BHP rival Rio Tinto (ASX:RIO) is up 1.5%.
-
22nd Jul 10:37 AM AEST
Adbri (ASX:ABC) signs a new long-term gas deal with Senex (ASX:SXY)
Image Source: © VanderWolfImages | Megapixl.com
Adbri Limited (ASX:ABC), the Australian construction material manufacturer, reported a long-term gas deal, signed with Senex (ASX:SXY). As a part of the deal, Senex has agreed to supply up to 11 petajoules (PJ) of natural gas, to support ABC’s South Australian manufacturing work.
The deal period is till 2030. Senex will supply natural gas from January 2023 to ABC at the Moomba Gas Hub. The sale will be at a fixed price, in line with current market levels.
Gas is an integral part of ABC’s low-carbon fuel portfolio. The agreement helps ABC underpin its low-cost and low-carbon cement manufacturing operations in South Australia. ABC is looking forward to building its new partnership with Senex.
ABC is a new long-term customer for Senex and is now a part of its growing portfolio of leading manufacturers and power generators on the east coast of Australia.
While ABC shares traded 1.461% up at AU$3.470 per share, SXY shares were 0.952% up at AU$3.180 per share at 10:30 AM AEST.
-
22nd Jul 10:31 AM AEST
WAM Global (ASX:WGB) marks record operating profit of A$137 million in FY 2021 full year result
Image: © Dpanuwatmsu | Megapixl.com
One of Australia’s leading LICs, WAM Global Limited (ASX:WGB) shared its full year result for FY2021 today. The Company has achieved a record operating profit before tax of AU$137.0 million against AU$7.1 million in FY 2020 and a record profit after tax of AU$95.9 million as compared to AU$5.0 million of FY 2020.
The Company announced the intended fully franked full year dividend provides the shareholders with a fully franked dividend yield of 3.8% and a grossed-up yield of 5.4% on the 21 July 2021 share price of AU$2.65 per share.
Also, the WAM Global investment portfolio rose 30.7% in the twelve months to 30 June 2021.
The last traded price of the stock WGB on the ASX was AU$2.650 per share.
-
22nd Jul 10:18 AM AEST
Zip Co (ASX:Z1P) builds on global momentum, gets record Q4-21 results
Image Source: © Andreypopov | Megapixl.com
Zip Co Limited (ASX:Z1P), the digital payments facilitator, announced its Q4 results for the period ending 30 June 2021.
Group quarterly revenue was up 104% Y-o-Y to Australian Dollar 129.9 million. Quarterly transaction volume worth AU$1.8 billion experienced a growth of 116% Y-o-Y. Customer numbers increased to 7.3 million, representing a 87% increase Y-o-Y. Merchants on the platform grew to 51.3K, up 84% Y-o-Y.
During the quarter, Z1P agreed to acquire the remaining shares in Twisto Payments (Europe) and Spotii Holdings Ltd (Middle East). The quarter also saw Z1P enter Canada and Mexico.
It completed an extension and increase to the Goldman Sachs debt facility in the US, now at US$300 million with a material improvement in weighted average cost of capital. It also raised AU$400 million from zero-coupon senior convertible notes.
Continued strong growth in app downloads was seen, with over 1.5 million downloads for Zip US and 241k downloads for Zip ANZ. As a result, Z1P maintained BNPL margins at 7.2%.
Z1P shares traded on ASX at AU$7.580 on 21 July 2021.
-
22nd Jul 10:11 AM AEST
Live Verdure (ASX:LV1) starts distributing TheraJoint+ on Amazon Australia Marketplace
Image: © Shorabkareem4 | Megapixl.com
Live Verdure Ltd (ASX:LV1) has announced today that “13 Seeds” TheraJoint+ product is now available on Amazon Australia. TheraJoint+ is available for purchase by customers who prefer to shop on the Amazon marketplace. The orders will be fulfilled from the stock held at Amazon’s distribution centre in Melbourne.
With total annual sales exceeding AU$1 billion, Amazon Australia is one part of the global marketplace Amazon.
Amazon Australia provides Live Verdure with another channel to broaden its customer base and increase TheraJoint+ visibility and sales, initially in the Australian market.
LV1 and their customers also benefit from Amazon’s advanced transaction services, including payment processing and fraud protection.
-
22nd Jul 09:58 AM AEST
Etherstack (ASX:ESK) signs A$11.6 million Samsung Carrier Deal
Image: © Arastorguev | Megapixl.com
Wireless technology company Etherstack plc (ASX:ESK) shared on Thursday that its subsidiary, Etherstack Wireless Ltd, has signed an AU$11.6 million deal with Korea based Samsung Electronics Co. Limited. Etherstack will be supplying network elements to Samsung for delivery to a telecommunications carrier client of Samsung’s for public safety use.
In June 2020, Samsung and Etherstack had announced that they had have struck a Global Teaming Agreement under which both the firms will jointly pursue opportunities to provide MCPTX (mission critical push-totalk/voice/video) solutions globally within the telecommunications carrier sector. Both the firms deploy 5G networks and Samsung is the prime contractor incorporating Etherstack network elements within these MCPTX solution deployments.
Etherstack stated that Samsung has entered a binding deal with a carrier, and therefore, Etherstack and Samsung have struck this contract as per which Etherstack will be supporting Samsung.
The key terms of the contract are:
- Total revenues for Etherstack comprising licence fees, project deployment revenues and support revenues are US$8.5 million (~AUD$11.6 million), which includes US$1.2 million revenue previously announced.
- The contract is signed for five years.
- Additionally, further long-term annual support revenues, while not yet currently contracted, are likely to renew in FY2025.
The stock ESK traded last at AU$0.620 per share on the ASX.
-
22nd Jul 09:43 AM AEST
PharmAust (ASX:PAA) files patent for monepantel in viral diseases
Image: © Angellodeco | Megapixl.com
PharmAust Limited (ASX: PAA), a clinical-stage biotechnology firm, on 22 July 2021, updated on its patent applications for the use of monepantel in viral diseases.
PharmAust has filed a PCT application which, amongst other aspects, is directed towards the use of monepantel and aminoacetonitrile derivatives as antiviral agents and claims an earliest priority date of 11 May 2020.
It is expected that the application will be open for public inspection around November 2021.
The stock PAA traded last at AU$0.096 per share on the ASX.
-
22nd Jul 09:43 AM AEST
ASX 200 to open higher after strong Wall Street closing
The Australian stock market is expected to open higher on Thursday despite fears over the Delta coronavirus variant and inflation after Wall Street continued its rebound as investors shifted their focus to corporate earnings season.
The ASX 200 may open the day 70 points or 0.1% higher. On Wednesday, the benchmark index closed 0.78% higher at 7,308.70.
The S&P 500 recorded its biggest one-day gain since late March, surging 35.63 points, or 0.8%, to 4358.69. The Dow Jones Industrial Average rose 286.01 points, or 0.8%, to 34798.00, and the NASDAQ Composite advanced 133.08 points, or 0.9%, to 14631.95.
The positive earnings from Verizon Communications, Coca-Cola, United Airlines and Chipotle Mexican Grill also helped fuel the gains on Wall Street.
Analysts said that Monday’s growth scare, which led to the markets falling sharply, was an over-reaction. The economy was on a recovery path, and investors should stay long on the market, they added.