Live ASX News Today
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23rd Jul 05:43 PM AEST
Tech, healthcare propel ASX to end week at new record; Nuix surges
Australian shares closed marginally higher in choppy trade on Friday as gains in health care and tech stocks were offset by losses in energy and financial stocks. After strong rally in the past two sessions, the equity market witnessed subdued trade today as rise in COVID-19 cases and a delay in vaccination roll-out dampened sentiment.
The S&P/ASX200 rose 8 points or 0.11% to hit a new closing high of 7,394.4 points. Over the last five sessions, the benchmark index gained 0.63%.
Earlier today, ASX200 opened lower and fell as much as 0.4% to touch an intraday low of 7,357, undermining firm cues from Wall Street.
The market staged smart recovery in the final hour of the day’s trade despite resurgence of COVID-19 cases in the country. The state of New South Wales?has recorded 136 new locally acquired COVID-19 cases in the 24 hours, compared to 124 registered Thursday. This was?the highest daily case tally since the highly contagious Delta variant outbreak began last month.?
Among the individual stocks, mineral exploration firm Nickel Mines (ASX: NIC) was the top percentage gainer on the ASX, rising 6.75%. Some of the other notable gainers were tech firm Nuix (ASX: NXL), gold miner Evolution Mining Limited (ASX: EVN) and global online marketplace Redbubble (ASX: RBL).
On the flip side, gold miner Silver Lake Resources Limited (ASX:SLR) was?the top loser on the ASX, falling 8.65%.??Some of the other worst performers include fellow gold stock Northern Star Resources Limited (ASX:NST), media firm Nine Entertainment (ASX: NEC), energy firm Santos (ASX:STO) and casino operator Crown Resorts (ASX: CWN).
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23rd Jul 04:32 PM AEST
Poseidon Nickel (ASX:POS) jumps 25% on cash flow hopes from gold tailings project
Poseidon Nickel Limited (ASX:POS) stock jumped as much as 25% to AU$0.137 per share at 3:25 PM AEST.
The miner shared it sees positive cash flow from its Windarra gold tailings project that could be invested in its primary nickel business.
POS is on track for best single-day performance since 20 November last year and the top percentage advancer on the ASX All-Ordinaries index AORD.
More than 43 million shares have been traded, three times the 30-day trading average of 15.4 million.
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23rd Jul 04:20 PM AEST
Aussie miners set to snap four weeks of gains as China steel curbs hit iron ore
Australia's metals and mining index AXMM eases 0.2%, eyes finishing the week 1.4% lower and snap a streak of four weekly gains.
Iron ore prices fell for the fifth session and were set for their steepest weekly drop in 17 months, as China's intensified drive to lower steel output prompted mills to start cutting production to avoid sanctions.
Prices of the steelmaking ingredient are now off 17% from a record peak touched in May
Mining behemoth BHP Group Limited (ASX:BHP) fell 0.4%, set for weekly drop of 1.2% despite a week where it announced a supply deal with Tesla and reported record annual iron ore output.
Rio Tinto (ASX:RIO) eases 0.8% and eyes a 3.2% weekly loss, while Fortescue Metals Group Limited (ASX:FMG) headed for a weekly drop of 2.5%.
AXMM has gained 14.6% this year, as of the last close.
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23rd Jul 04:09 PM AEST
Bigtincan (ASX:BTH) rises as FY revenue in line with forecast
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Shares of Bigtincan Holdings Limited (ASX:BTH) rose as much as 10.4% to AU$1.17 per share, their biggest intraday percentage gain since 17 June 2021.
The artificial intelligence provider has posted annual recurring revenue of AU$53.1 million, up 48% from prior year.
The Company shared it sees FY21 audited revenue to be in excess of AU$43.5 million, in line with previous guidance of AU$43 million-AU$44 million.
BTH added that it’s top of the pipeline lead generation returned to pre-pandemic levels and the stock trading at its highest since 6 July 2021.
About 2.8 million shares have been traded so far as compared with the 30-day average volume of 1.2 million shares.
The stock is down 3.6% this year, as of the last close but was 5.188% up at AU$1.115 per share towards the end of the day today.
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23rd Jul 02:50 PM AEST
Australia's tech stocks track Nasdaq higher
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Australian tech sub-index AXIJ climbed as much as 1.8%, marking its best intraday since 7 July 2021.
Aussie tech stocks take cues from the tech-heavy Nasdaq, which closed higher overnight.
Software firm Nuix Limited (ASX:NXL) biggest gainer on the sub-index, up as much as 6.8% in its third straight session of gain.
Buy-now-pay-later firm Afterpay Limited (ASX: APT) advanced as much as 3.6% to its highest in more than a week.
AXIJ has hit its highest in more than a week though, is down 5.1% YTD, as of the last close.
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23rd Jul 02:35 PM AEST
Western Areas (ASX:WSA) climbs on upbeat June-quarter output
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Shares of nickel miner Western Areas Limited (ASX:WSA) rose as much as 5.8% to AU$2.54, their highest since 8 July 2021.
The Company stated it met FY21 guidance by producing 16,180 tonnes of nickel over FY21 at a cash unit cost of AU$4.23/lb of production.
It said that production at its flagship Forrestania mine in Western Australia climbed 16% in the June quarter to 4911 tonnes.
The stock is down 8.8% YTD, as of the last close but was trading 4.791% higher at AU$2.515 per share.
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23rd Jul 02:19 PM AEST
Australia's PVW Resources (ASX:PVW) rises on acquiring further land in WA project
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Shares of PVW Resources Limited (ASX:PVW) rose as much as 8.474% to AU$0.160, posting their biggest intraday percentage gain since 8 July 2021.
Gold-focused miner said it has entered deal with adjoining tenement holders to increase prospective Kalgoorlie tenement package by 50%.
Also, the Company has acquired Stark Resources, a private miner which owned a portion of Kalgoorlie land package, located in Western Australia.
The firm stated recent positive sampling results have provided impetus for PVW to undertake the transaction.
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23rd Jul 01:23 PM AEST
Sunland Group (ASX:SDG) hits over thirteen-year high on property sales
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Shares of residential property developer Sunland Group Limited (ASX:SDG) gained as much as 2.8% to AU$2.56 – their highest since April 2008.
The Company stated it has sold properties in Ingleside, New South Wales to Ingleside Wilga Development Pty for AU$35.3 million.
The firm stated sale proceeds will contribute about AU$11.9 million net profit after tax in FY22.
The stock is on track for a second consecutive session of gain. SDG had risen 11.6% this year, as of the last close.
As on 1:08 PM AEST, the stock was 0.401% up at AU$2.500 per share.
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23rd Jul 01:09 PM AEST
Myer (ASX:MYR) to construct national distribution centre in Victoria, shares rise
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High-street retailer Myer Holdings Limited (ASX:MYR) gained as much as 2.2% to AU$0.475 per share on Friday.
The Company stated it has secured a ten-year lease on a new 40,000 square metre facility in Victoria as its national distribution centre (NDC) for both stores and online fulfilment.
MYR expects that for online business, 70% of fulfilment will be performed by the NDC.
The stock posted its biggest intraday percentage gain since 16 July 2021.
Construction of the site is underway, and Myer is expected to start using the NDC in a phased approach from Aug 2022, said the Company.
MYR stock is down 60.3% this year so far.
At 1:00 PM AEST, the stock was trading at AU$0.460 per share.
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23rd Jul 12:42 PM AEST
DDH1 (ASX:DDH) shares jump on upbeat annual outlook
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Drilling services provider DDH1 Limited (ASX:DDH) gained as much as 12.727% to AU$1.240, at 12:00 PM AEST on Friday.
The Company stated it expects full-year pro-forma EBITDA to be AU$74.8 million, 7.9% higher than the AU$69.3 million forecast in its IPO prospectus.
The Company added it expects pro-forma EBIT to be AU$51.1 million.
DDH informed improved performance is mainly due to revenue exceeding forecast by about 5%; AU$2.3 million additional training incentives have also been received.
DDH has hit its highest since 2 July 2021 and is set to add 5% for the week.
More than 371,000 shares have been traded so far.
DDH is up 30% since March 9 debut on ASX.
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23rd Jul 12:03 PM AEST
ASX back in green; here’s why the stock market rebounded
Australian shares?were trading marginally higher by afternoon, as gains in health and technology sectors helped the market reverse opening losses. The market witnessed subdued trading today as investors took some breather after strong rally in the last two sessions. Concerns over rising cases of the Delta coronavirus variant also weighed on market sentiment.
The?S&P/ASX200?was trading?higher by just 2 points at 7,388 by?the lunch.?Early today, the index opened?lower, undermining firm cues from Wall Street, and declined as much as 0.4% to hit a low of 7,357.
On the COVID front,?the state of New South Wales?recorded 136 new locally acquired COVID-19 cases in the 24 hours, compared to 124 registered yesterday. This was?the highest daily case tally since the current hDelta variant outbreak began last month.?
Moving on to the?sectoral front,?seven of?the eleven sectors were trading in green.?Health care was the?best?performer with?1.3%?gain, followed by?information technology which?rose?1.2%.??
Among others, industrial, consumer discretionary and A-REIT were trading higher with?modest?gain.???
On the flip side, energy was the worst performer, down 0.7%. Some of the other sectors that witnessed selling pressure includes financial, material, utilities.?
Among the individual stocks, global online marketplace Redbubble (ASX: RBL) was the top percentage gainer on the ASX pack, rising 4.3%.??Some of the other notable gainers were gold miner Evolution Mining Limited (ASX: EVN), Nickel Mines Limited (ASX: NIC), fintech firm ZIP Co Limited (ASX:Z1P) and corporate bookmaker PointsBet Holdings (ASX: PBH).
On the flip side, Silver Lake Resources Limited (ASX:SLR) was?the top loser on the ASX, falling over 9%.??Some of the other worst performers include fellow gold miners Northern Star Resources Limited (ASX:NST), St Barbara Limited (ASX:SBM), WestGold Resources Ltd (ASX:WGX) and Ramelius Resources Limited (ASX:RMS).
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23rd Jul 12:03 PM AEST
Australia's Silver Lake Resources (ASX:SLR) tumbles on weak quarterly output
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Shares of gold miner Silver Lake Resources Limited (ASX:SLR) sank as much as 11.3% to A$1.565, in their biggest intraday percentage fall since 10 November 2020.
SLR has posted group production of 64kozs gold equivalent for the June quarter, down 12% from 73kozs ounces a year earlier.
SLR posted FY21 group sales of 249k ounces gold equivalent, compared with 263k ounces in 2020.
The stock has hit its lowest since 21 June 2021.
About 6.8 million shares have been traded as compared to the 30-day average volume of 4.9 million shares.
SLR stock is down 1.4% this year, as of the last close and was 9.632% down at AU$1.595 per share at 11:50 AM AEST.
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23rd Jul 11:25 AM AEST
MaxiTRANS Industries (ASX:MXI) skyrocket on A$36 million divestment
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Shares of MaxiTRANS Industries Limited (ASX:MXI) climbed as much as 44.4% to AU$0.65, in their biggest ever intraday percentage gain on the ASX.
MXI, which manufactures and sells transport equipment, said it will be divesting Trailer Solutions business and several properties for total sale price of AU$48.3 million.
MXI expects to pay special dividend of AU$0.125 per share from sale proceeds.
The firm added it will focus on its commercial parts distribution business and change name to MaxiPARTS Ltd.
The stock has hit its highest since 10 May 2018.
More than 1.6 million shares have been traded as compared to the 30-day average volume of ~242,000 shares.
The stock is up 55.2% this year, as of the last close.
At 11:20 AM AEST, the stock was 29.999% higher at AU$0.585 per share.
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23rd Jul 11:24 AM AEST
Freeport-McMoRan records strong quarter on copper’s rally
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The world’s copper giant, Freeport-McMoRan's second-quarter earnings were benefited by strong demand and high prices.
- Copper touched the all-time-high level of US$10,747.50 per tonne during May on the back of robust economic recovery after an ease in global lockdowns and strong green energy investments.
- The miner's net income attributable to common stock during the June ending quarter was US$1.14 billion compared to US$44 million, a year earlier.
- The company's copper production in the last quarter increased to 913 million pounds, nearly 19% up whereas the average realised price for the red metal rose 70%.
- Molybdenum production during the quarter stood at 20 million pounds compared to 19 million pounds of the previous corresponding period.
- In addition to that, Freeport lowered its capital expenditure guidance for 2021 to US$2.2 billion from US$2.3 billion excluding Indonesia smelter expenditures.
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23rd Jul 11:23 AM AEST
Oil jumps on tight supplies and strong demand
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Crude oil prices climb up on Thursday on expectations of tight supplies through 2021 as the world economy recovers from COVID-19 pandemics.
- September delivery crude oil futures traded 0.18% down at US$71.78 per barrel, whereas September delivery WTI crude oil futures traded 0.13% down at US$71.78 per barrel as of 23 July 2021 at 10:29 AM AEST.
- OPEC and its allies, together known as OPEC+ agreed to increase the production by 400,000bpd from August to December, in a significant meeting held on Sunday.
- Since the demand for crude oil is more relative to the supply in the second half of 2021, the prices of crude oil is expected to play around US$70 per barrel in 2021, as per Morgan Stanley's forecast.
- Russia on the other hand may start to ban gasoline exports from next week if prices on the domestic exchanges remain at current levels, making supply tighter.
- Crude oil inventories at Cushing, Oklahoma have plunged and hit the lowest mark since January 2020 in the last week, signaling strong demand.
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23rd Jul 11:13 AM AEST
Weebit Nano (ASX:WBT) completes first commercial integration, shares go up
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Weebit Nano Ltd (ASX:WBT), a developer of next-gen semiconductor memory technology, provided an activity update and cash flow report for Q4-FY21, which ended 30 June 2021. WBT made significant progress in productisation and commercialisation during the quarter.
WBT demonstrated the industry’s first commercial integration of OTS selector with oxide-based ReRAM cell for the discrete memory market. The development was three months ahead of schedule. The discrete memory market is the largest addressable market for WBT’s ReRAM technology. It has broad applications spanning from AI and 5G to IoT devices.
In the embedded market, WBT completed the tape-out of its memory module design in July. It is integrated with the sub-system, and potential customers shall now test the effectiveness of WBT’s embedded memory technology within their applications. It will fast-track the development of new IoT devices and sensors and the adoption of WBT technology in future products.
WBT shares traded 4.147% higher at AU$2.260 at 11:00 AM AEST.
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23rd Jul 10:36 AM AEST
Costa (ASX:CGC) completes retail shortfall bookbuild
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Costa Group Holdings Limited (ASX:CGC), producer and marketer of fresh fruit and vegetables, announced the completion of the retail shortfall bookbuild for its fully underwritten, accelerated, renounceable, Retail Entitlement Offer.
Book building commenced after market close on 22 July 2021. CGC had offered approximately 8.5 million retail entitlements under the Retail Shortfall Bookbuild.
The retail shortfall bookbuild clearing price was AU$3.32 per new share. It represented an AU$0.32 premium on the offer price of AU$3.00 per new share. It is expected to be paid to renouncing and ineligible retail shareholders on 30 July.
The completion of the Retail Shortfall Bookbuild represents the final stage of the entitlement offer announced by CGC on 23 June 2021. It raised gross proceeds of approx. AU$190 million for CGC.
CGC shares were 0.301% up at AU$3.330 at 10:35 AM AEST.
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23rd Jul 10:33 AM AEST
Pendal (ASX:PDL) completes acquisition of US-based TSW
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Pendal Group Limited (ASX:PDL), the assets management company, announced the completion of its acquisition of US-based investment manager, Thompson, Siegel & Walmsley LLC (TSW).
PDL has secured 96% consent of TSW clients and expects to achieve 100% consent shortly after the close. It has achieved early transaction completion, reflecting cultural and commercial alignment and strong mutual commitment towards potential growth.
John Reifsnider, the TSW CEO, will lead PDL’s consolidated US business and join the PDL Group Global Executive Committee.
After the acquisition, PDL’s FUM will be more than doubled, with US FUM going to AU$62.5 billion. It will increase total Group FUM by 31% to AU$139.3 billion. As per the release, PDL is expected to have double-digit EPS accretive in the first full year, post-completion.
PDL shares traded last at AU$8.000, down 0.498% at 10:30 AM AEST.
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23rd Jul 10:17 AM AEST
PointsBet (ASX:PBH) launches iGaming in New Jersey, announces Canadian CEO
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Corporate bookmaker PointsBet Holdings Limited (ASX: PBH) shared today that its wholly owned subsidiary PointsBet New Jersey LLC has been lawfully approved by the New Jersey Department of Gaming Enforcement (NJDGE) and now it can start iGaming operations in that state.
The launch of iGaming operations in New Jersey follows PointsBet’s inaugural iGaming launch in Michigan on 5 May 2021.
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The Company’s release mentioned that iGaming revenues in the United States have grown extraordinarily since the repeal of Professional and Amateur Sports Protection Act in May 2018.
The Company informed that across all states in which PointsBet has iGaming market access - New Jersey, Pennsylvania, Michigan, and West Virginia, iGaming revenues have reached nearly US$900 million in the June 2021 quarter which if annualised would equate to greater than US$3.5 billion per annum.
New Jersey iGaming revenues, as per the release, have risen at a CAGR of 25% between 2014 to 2018. The revenues have increased at 62% and 101% in 2019 and 2020 respectively.
PointsBet also announced today that it has appointed Scott Vanderwel as Chief Executive Officer for PointsBet Canada, effective 17 August 2021.
The stock PBH was spotted trading last at AU$12.090 per share on the ASX.
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23rd Jul 10:16 AM AEST
Milton (ASX:MLT) reports record NTA and a final dividend of 8 cps
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Milton Corporation Limited (ASX:MLT), the investment company, reported a record number of Net Tangible Assets (NTA) on 30 June 2021. NTA per share was AU$5.50 out of reported total assets of AU$3.7 billion.
MLT reported a total portfolio return of 33.2% in FY21, with a strong income recovery in H2-21. In addition, it reported a 17.8% increase in dividend income vs. PCP. For FY21, MLT reported a Net profit after tax at AU$92.4 million on total investment revenues of AU$103.5 million.
MLT also declared a final, fully franked dividend of 8 cents per share(cps) and a full year, fully franked dividend of 13.75 cps.
MLT also reported that the previously announced proposed merger with Washington H Soul Pattinson (ASX:SOL) was now subject to a shareholder vote. A Scheme Booklet was to be dispatched to shareholders in August. As per the release, total shareholder returns for FY21 of 59.1% reflect a strong MLT and SOL share price performance post proposed merger announcement.
MLT shares traded last at AU$6.09 and SOL shares at AU$33.25 on the ASX.
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23rd Jul 10:15 AM AEST
Kincora (ASX:KCC) starts drilling at Fairholme Project, shares watchful
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Kincora Copper Limited (ASX:KCC) shared on Friday that it has started drilling activities at the Fairholme Project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.
The Company release informed that the first phase diamond drilling at the Gateway prospect of five holes for approximately 1,700 metres will follow up multiple shallow to moderate depth, broad width and high-grade gold-copper intervals from previous explorer drilling.
The Gateway prospect hosts a north-south trending 2km long by 300m wide gold-copper-zinc corridor.
The Company announcement also stated that there are plans of a programme of up to 6,000 metres of drilling including follow up diamond and air core programmes at the Gateway prospect. Also, air core drilling of other under explored known mineralised prospects is proposed as well.
Meanwhile, the stock KCC traded last at AU$0.240 per share on the ASX.
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23rd Jul 09:58 AM AEST
The Star Entertainment Group (ASX:SGR) withdraws merger proposal made to the Crown (ASX:CWN)
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The Star Entertainment Group Limited (ASX:SGR) announced on Friday that it has decided to withdraw its conditional, non-binding proposal to merge with Crown. Star announced the proposal on 10 May 2021.
However, as per Star’s official release, Crown still is willing to engage with The Star in relation to a potential merger in terms acceptable to both the business entities.
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The last traded share prices of the two stocks CWN and SGR are AU$10.250 and AU$3.550 per share on the ASX.
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23rd Jul 09:34 AM AEST
ASX 200 to open lower despite Wall Street's higher closing
The Australian share market is expected to open on a weak note on Friday even as US shares closed higher overnight. However, earlier in the day, Wall Street witnessed choppy trading after the latest data showed a rise in jobless claims as the economy faced challenges due to the coronavirus pandemic.
According to the latest ASX futures, the ASX 200 may start the day 23 points or 0.3% lower. On Thursday, the benchmark index closed 1.06% higher at 7,386.40.
Dow Jones rose 0.1%, the S&P 500 climbed 0.2%, and the NASDAQ Composite surged 0.35% higher. Tech stocks lifted Wall Street to close higher on Thursday.
Analysts were of the view that the market is probably digesting some volatility from the last few days. Even as the unemployment data by the US Labour Department added concerns, it also showed that more people are returning to work, a trend that bodes well for July's employment report, they added.
Read more: Gold prices inch higher