Live ASX News Today
-
30th Jul 04:35 PM AEST
Australia sees its best opening week in Olympics since Beijing
Image: © Qwer230586 | Megapixl.com
It would not be untrue to write Australia commenced and completed its best Olympic week so far in the pool.
While on Monday, Ariarne Titmus won the 400 metres freestyle final, Kaylee McKeown won 100 metre backstroke final on Tuesday.
On Tuesday itself, Australia won gold in the Women’s category of 4x100 metre freestyle relay.
On Wednesday, Ariarne Titmus won 200 metre freestyle followed by Zac Stubblety-Cook winning the same in the Men’s category of 200 metre breaststroke.
On Friday, Emma McKeon set a new Olympic record in the 100 metre of freestyle.
Australia, so far, has nine gold medals in its kitty – six from swimming, two from rowing and one from whitewater canoeing.
-
30th Jul 04:34 PM AEST
ASX ends 0.3% lower; Afterpay, Fortescue, CSL sink
Australian shares ended lower on Friday, weighed down by losses in blue-chip stocks such as Afterpay, Fortescue Metals, CSL, Origin Energy and Redbubble. The market also tracked the fragile COVID-19 situation in Sydney, which reported a spike in case tally despite an extended lockdown.
The ASX200 fell 24.80 points or 0.33% to close at 7,392.60. The index opened marginally higher early today, following firm cues from Wall Street, but soon pared gains. The equity benchmark settled the week marginally lower, albeit it closed the month on positive note. This is the tenth straight monthly gain for the index.
Among the individual stocks, debt and equities manager Janus Henderson (ASX: JHG) emerged as top gainer, ending 7.9% higher. On the losing side, miner Orocobre Ltd (ASX: ORE) topped the chart with 10.4% loss.
The equity market witnessed broad-based selling as eight of the 11 sectoral indices ended bleeding in red. IT was the worst performer with 2.4% loss, followed by utilities which declined 1.8%.
Among others, heath care, telecom, consumer discretionary, energy and consumer staples also settled in negative territory.
Bucking the trend, A-REIT was the top performer, closing 1.35% higher. Financial sector also ended higher with marginal gains, led by National Australia Bank which announced share buyback program.
In the banking sector, all the Australia’s big four lenders - Westpac Banking Corporation (ASX:WBC), Commonwealth Bank of Australia (ASX:CBA), Australia and New Zealand Banking Group Limited (ASX:ANZ) and National Australia Bank Limited (ASX:NAB) – ended higher.
In the IT sector, most of the stocks ended in red. Buy-now-pay-later giant Afterpay (ASX:APT) was the top losers, followed by Sezzle (ASX: SZL), EML Payments (ASX: EML). In IT space, Nearmap Limited (ASX:NEA), Megaport Limited (ASX:MP1), Altium (ASX: ALU) were among the worst performer.
In the miners space, index heavyweights BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) ended higher after hitting their record highs during the day’s trade. Meanwhile, Fortescue Metals Group (ASX:FMG) ended lower, reversing its previous session gains.
-
30th Jul 02:59 PM AEST
Miner Turquoise Hill records strong quarter on metals’ rally
Source: © Yurolaitsalbert | Megapixl.com
Canadian mineral exploration and development company, Turquoise Hill Resources Ltd has beaten estimates for second-quarter profit, backed by higher gold and copper prices.
- Copper prices hit record highs during May due to strong demand from the automobile sector for the manufacturing of electric vehicles and other clean energy investments.
- Gold prices also rose in the second quarter as coronavirus and weaker dollar bolstered its appeal as a safe-haven investment.
- The company's copper production from Oyu Tolgoi, one of the largest copper-gold-silver mines landed 36,735 tonnes in this quarter. At the same time, its gold output almost tripled to 113,054 ounces.
- Turquoise Hill’s AISC fell 32% to US$1.48 per pound of copper produced during this quarter.
- Oyu Tolgoi mine has been the center of a long-running funding spat between partners Turquoise Hill and Rio Tinto.
-
30th Jul 02:56 PM AEST
Race Oncology (ASX: RAC) updates its June quarter activities, reports rise in cash held
Image source: © Castaldostudio | Megapixl.com
Race Oncology reported in its June 2021 (Q4) activity report about the progress of its ‘Three Pillar Strategy’. It also announced the initiation of two clinical programs in Acute Myeloid Leukaemia (AML).
The first program is phase 2 of the combination drug story. The study will take place in Israel, led by professor Anon Nagler.
The second program announced by Race Oncology is about its collaboration with Parexel, which is a clinical research organisation. Parexel will be collaborating with Race on its phase 2 of the AML clinical program in Australia.
Race Oncology also announced that it has successfully raised AU$5.4 million in funding for supporting pre-clinical, clinical and other relevant activities. Race has also hired a new Principal Scientist who will effectively carry out the Three Pillar Strategy with the help of an extended team.
The Company statement mentioned that the cash held with RAC as of 30 June 2021 was AU$9.32 million compared to the AU$6.47 million as of 31 March 2021.
The RAC stock at 2:23 PM AEST traded at AU$3.39 per share, down 2.02% on the ASX.
-
30th Jul 02:11 PM AEST
Incannex (ASX:IHL) showcases a progressive fourth quarter
Image: © Ironjohn | Megapixl.com
Clinical stage pharmaceutical development company, Incannex Healthcare Limited (ASX:IHL), on 30 July 2021, shared its quarterly activities report for the period ended 30 June 2020.
Incannex is enterprising six U.S. Food and Drug Administration (FDA) programs for cannabinoid pharmaceutical products and psychedelic medicine therapies.
Key Highlights:
- Incannex has completed a clinical trial protocol for psilocybin-assisted psychotherapy for Generalised Anxiety Disorder (Psi-GAD).
- The Company recruited therapists for the Psi-GAD program started during the quarter and is nearing completion, with the therapist training program to commence in Q3 2021.
- IHL shared it is co-ordinating two clinical trials in the Psi-GAD clinical development program targeting getting FDA approval for psilocybin-assisted therapy.
- Incannex has engaged the University of Western Australia Centre for Sleep Science as an additional site for the ongoing phase 2b clinical trial assessing IHL-42X in patients with Obstructive Sleep Apnoea.
- IHL has got ethics approval to start an open label extension to the IHL-42X clinical trial - patients that have finished their dosage regimen are immediately eligible to participate.
- IHL has also started a phase 1 clinical trial to assess IHL-675A soft gel capsules in healthy volunteers.
- Incannex reports it has expanded IHL-675A development program to assess its potential to become a multi-use pharmaceutical drug applicable to inflammatory lung conditions like COPD, asthma and bronchitis; rheumatoid arthritis and inflammatory bowel disease.
The stock IHL traded at AU$0.250 per share at 2:00 PM AEST.
-
30th Jul 01:42 PM AEST
Keytone Dairy (ASX:KTD) posts considerable profits in June quarter
Image: © Wisconsinart | Megapixl.com
Manufacturer and exporter of formulated dairy products Keytone Dairy Corporation Ltd (ASX:KTD) provided an update on its activities and Cash Flow Statement for the quarter ending 30 June 2021.
Keytone operates on a 31 March 2022 financial year and consequently, the 30 June 2021 quarter was the first quarter of its financial year 2022 (Q1 FY22).
The Stocks in Action || Why MIN, WSP, KTD are in the news today?
The quarter from 1 April 2021 to 30 June 2021 represents Keytone’s first quarter of the financial year 2022.
Key highlights:
- Q1 FY22 recorded strong financial results and the continued delivery of strategic business development objectives resulting in a growing and robust sales pipeline for the balance of FY22.
- Total consolidated sales for Q1 FY22 were approximately AU$13.4 million, 17% growth over AU$11.3 million from the prior corresponding period of Q1 FY21.
- The New Zealand Dairy business recorded sales of $3.1 million through a seasonally quieter quarter, realising growth of 60% over the prior corresponding period of Q1 FY21.
- Q1 FY22 sales for the Australian divisions totalled AU$10.3 million with an uplift in margins.
- Through the quarter the net cash used in operating activities materially decreased to AU$1.0 million from more than AU$3.0 million in the prior quarter, and AU$4.3 million in the prior corresponding period being Q1 FY21.
The stock KTD traded at AU$0.135 per share, down 3.572% at 12:50 PM AEST.
-
30th Jul 01:41 PM AEST
Origin Energy (ASX:ORG) top loser on ASX on bleak earnings outlook for next two years
Power and gas retailer Origin Energy Limited (ASX:ORG) slumped as much as 8.7% to AU$4.07, its worst intraday performance since 16 April 2021.
The Company has cut its core earnings outlook for the next two years, saying energy markets faces "significant headwinds" in FY22.
It expects underlying EBITDA from its energy markets unit of between AU$450 million and AU$600 million for FY22, below the AU$1 billion to AU$1.14 billion forecast for 2021.
In FY23, underlying EBITDA is expected to rebound slightly to between AU$600 million and AU$850 million.
ORG also warned of a non-cash, post-tax charge of AU$2.25 billion for FY21 owing to impairment in its power generation business.
ORG is top loser in the ASX 200 benchmark index AXJO; has hit its lowest since 2 June 2021.
Fellow energy retailer AGL Energy (ASX:AGL) has lost as much as 3.2% to hit record low of AU$7.21.
ORG is down 6.3% and AGL down 37% this year so far.
-
30th Jul 12:11 PM AEST
Beston Global Food (ASX:BFC) jumps on securing supply contract
Image: © Olgany | Megapixl.com
Shares of Beston Global Food Company Limited (ASX:BFC) gained as much as 9.1% to AU$0.120, their biggest intraday percentage gain since 23 July 2021.
The Company shared it has secured contract to supply mozzarella and other cheese requirements to a leading food firm based in Australia.
The deal, representing a sale of ~3,600 metric tonnes of products for the next 18 months, is valued in excess of AU$20 million per annum
The stock is up more than half this year, as of the last close.
-
30th Jul 12:04 PM AEST
Mineral Resources (ASX:MIN) shipments and production improve in Q4-21
Image: © Solucionfotografica | Megapixl.com
Mineral Resources Limited (ASX:MIN), the mining services company, presented its quarterly exploration and mining activities report for the period to 30 June 2021.
Key Highlights –
- The mining services production volumes increased 20% in FY21.
- Iron ore shipments were 27% higher than Q3 FY21. Shipments for FY21 increased 23%, slightly below the full-year guidance range provided in April.
- Iron ore production for the quarter was up 6% on the prior quarter. FY21 production was 38% higher than FY20.
- MIN’s average realised iron ore price for the quarter was 23% higher than the previous quarter.
The Stocks in Action || Why MIN, WSP, KTD are in the news today?
- During the quarter Mayur Resources Limited (ASX:MRL) and Brockman Mining Limited (ASX:BCK) amended their Joint Venture Agreement to include the development of the Marillana and Ophthalmia projects.
- MIN secured a drilling rig for the conventional gas exploration well Lockyer Deep 1, situated in the onshore Perth Basin, where drilling commenced this month.
- Construction by Albemarle Corporation (NYSE: ALB) of the 50ktpa Kemerton Lithium Hydroxide Plant continued. The first production of battery grade hydroxide is expected by MIN by the end of 2021.
MIN share traded 1.860% up at AU$64.600 per share at 12:00 PM AEST.
-
30th Jul 12:02 PM AEST
Utilities, tech stocks drag ASX; BHP, Rio Tinto hit fresh record high
Australian shares edge lower in choppy trade by lunch, led by sharp selling across utilities and tech stocks. However, gains in blue-chip miners Rio Tinto and BHP capped the market’s losses.
The ASX 200 was trading lower by 10.50 points or 0.14% at 7,406.90 by lunch. The index opened marginally higher early today, following firm cues from Wall Street, but soon pared the gains due to selling in index heavyweights such as Origin Energy, Afterpay, Redbubble, and A2 Milk Company.
Moving on to the sectoral front, ten of the eleven sectors were trading in the red zone. Utilities were the worst performer, falling nearly 3% loss. Information technology also witnessed a sharp sell-off, dropping 1.55%.
Health care, telecom, consumer staples, consumer discretionary and energy index were also trading lower.
Bucking the trend, the materials index was the only sector that traded higher. The gain in material space was led by index heavyweights BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) which hit their fresh record highs. Meanwhile, Fortescue Metals (ASX:FMG) was down nearly 2% after hitting 52-week in the previous session.
On the COVID front, the state of New South Wales reported a decline in locally acquired COVID-19 cases. The case tally in the past 24 hours dropped to 170 compared to 239 infections reported on Thursday. Meanwhile, Victoria has recorded three new local cases.
Among the individual stock, energy firm Origin Energy (ASX: ORG) was the top percentage loser on ASX, falling nearly 9%. The company has disclosed its earnings to take AU$2.2 billion hit due to the write-down of its core assets.
Some of the other worst performers were the global online marketplace Redbubble (ASX: RBL), AGL Energy Limited (ASX:AGL), infant formula company A2 Milk Company Limited (ASX:A2M) and auto retailer Eagers Automotive Limited (ASX:APE).
Meanwhile, asset management firm Janus Henderson Group Plc (ASX: JHG) topped the winners' chart, rising 7.3%. Some of the other notable gainers were miner Orocobre Ltd (ASX: ORE), coal producer Whitehaven Coal Ltd (ASX:WHC), gold miner Ramelius Resources Limited (ASX:RMS) and real estate investment trust Waypoint REIT (ASX: WPR).
-
30th Jul 11:42 AM AEST
Ampol (ASX:ALD) partners with ARENA for national fast-charging grid for BEVs
Image Source: Copyright © 2021 Kalkine Media
Ampol Limited (ASX:ALD), the petroleum products business, announced its funding agreement with the Australian Renewable Energy Agency (ARENA) via Future Fuels Fund on Friday.
Ampol has plans to come up with a national-level fast-charging network for battery electric vehicles (BEVs) in Australia.
ALD will deliver fast charging yaps at over 100 sites across its national retail network. It will cover Greater Sydney, Melbourne, Brisbane and Perth regions alongside Newcastle, Wollongong, Central Coast, Gold Coast, Sunshine Coast and Geelong.
The agreement is part of the first round of Future Fuels Fund (FFF), ARENA will co-fund with a contribution of AU$7 million. ALD’s national retail network will help minimise range anxiety for EV users. ALD is confident in its ability to evolve as a retail network to support BEV adoption.
ALD will start working on the network in the second half of 2021. ALD sites will feature chargers using renewable energy or covered under green certificates. These will be capable of delivering charges to a BEV, and each site will have the capacity to charge two BEVs concurrently.
ALD shares traded 0.386% up at AU$28.590 per share at 11:38 PM AEST.
-
30th Jul 11:32 AM AEST
Bubs Australia (ASX:BUB) revenue up 8% in fourth quarter
Image: © Teresaterra | Megapixl.com
Bubs Australia Limited(ASX:BUB), the producer of infant and children nutrition products, shared its quarterly activities report and cash flow statement.
In Q4 gross revenue of AU$12.8 million was registered. It was up 8% q-o-q. Second half gross revenue stands at AU$24.6m, up 10% on H1. However, yearly gross revenue is AU$46.8m, down 24% pcp from prolonged Covid-19 disruption.
In Q4-FY21 domestic retail gross revenue to major grocery and pharmacy chains went up 67% q-o-q.China and Cross-Border e-Commerce (CBEC) gross revenue went up 10% pcp. Group gross revenue from Infant formulations to Corporate Daigou Channel was up 166% pcp. Adult milk powder gross revenue went up 6% across all channels pcp.
In Q4 international gross revenue went up 224% pcp and 48% q-o-q. BUB produced and shipped its first batch of the FDA label compliant Aussie Bubs® Goat and Cow milk toddler formula on Walmart.com and Amazon.com in September.
Fabrizio Jorge has been appointed as COO and Katrina Rathie as a Non-Executive Director effective 21 July 2021.Cash Balances were at AU$27.9 million, sufficient to fund operating activities for eleven quarters.
BUB was spotted trading 1.087% lower at AU$0.455 per share at 11:20 AM AEST.
-
30th Jul 10:49 AM AEST
ASX 200 opens in green as Wall Street witness strong earnings season
The Australian share market has opened with an uptick of 0.1% on the last day of the week, as Wall Street closes higher on the back of robust earnings and a pickup in the US economic growth. However, an extended lockdown in New South Wales, Australia continues to cap gains of the Australian market.
On Thursday, US shares surged to record highs supported by strong earnings season and solid economic growth data. However, the Federal Reserve's statement earlier this week that it is not looking to taper stimulus in the near term pinned the US dollar at a one-month low.
As of 10:30 AM AEST, the ASX 200 is trading 0.19% or 14.3 points up, at 7,431.7. At the same time, the ASX All Ordinaries Index is 0.14% or 10.6 points up, to 7,705.8, contributed by Janus Henderson Group PLC (ASX:JHG) and De Grey Mining Limited (ASX:DEG), both surging 6.26% and 2.02%, respectively
Origin Energy Limited (ASX:ORG) expects to incur a massive non-cash post tax charge of AU$2.2 billion for FY21 as the company has written down its energy markets business and a deferred tax liability for its Australia Pacific LNG unit.
-
30th Jul 10:48 AM AEST
Crude oil jumps amid tight supplies from the US
Source: © Emeraldgreen | Megapixl.com
Crude oil prices inched higher on Thursday with Brent Crude Oil hitting US$76 per barrel as US supply increased further after reaching the smallest level since January 2020.
- October delivery Brent Crude oil futures traded 0.01% up at US$74.89 per barrel, whereas September delivery WTI crude oil futures traded 0.38% down at US$73.34 per barrel as of 30 July 2021 at 9:49 AM AEST.
- The inventories at the Cushing, Oklahoma stood at 36.299 million barrels by Tuesday afternoon, as per the data shown by Genscape. Inventories were down 360,917 bbls from 23 July.
- A day earlier, the U.S. Energy Information Administration (EIA) also reported a fall in US crude inventories by 4.1 million barrels in the week to 23 July.
-
30th Jul 10:43 AM AEST
Origin Energy (ASX:ORG) shares strong quarterly performance
Image Source: © Dpsfotogmailcom | Megapixl.com
Origin Energy Limited (ASX:ORG), the gas-focused energy company, shared its quarterly performance for the period ended June 2021.
Key Highlights-
In Integrated Gas:
In FY2021, sales were stable despite a 53% reduction in capital expenditure. The commodity revenue dipped 35%, as oil prices realised were lower. ORG received cash distributions from Australia Pacific LNG of AU$709 million. However, in the June quarter, commodity revenue increased 19% from the March quarter. It was because of higher realised oil prices and domestic volumes.
In Energy Markets:
COVID-19 subdued business even against higher residential demand in FY2021. Electricity sales volumes were flat compared to FY2020. Gas sales volumes decreased 11% due to expired business contracts and lower demand for gas-based energy. However, in June quarter electricity sales volumes rose 9% compared to March. A business recovery was seen alongside cooler weather. Gas sales volumes decreased 12% pcp cause by reasons similar to the yearly reduction. it was partially offset by increased retail customers and SME demand recovery.
The Stocks in Action || Why ASX stocks MDR, AMP, SZL, NAB, ORG on investors radar today
ORG expects to recognise non-cash, post-tax charges of AU$2,247 million in its FY2021 Statutory Income Statement. It will be released with its full-year results on 19 August 2021. ORG has also issued guidance for FY2022., where Energy Markets EBITDA is expected to be lower at AU$450-AU$600 million. However, it expects increased earnings from Australia Pacific LNG to over AU$1 billion cash from net oil hedging.
ORG share traded 8.521% down at AU$4.080 per share at 10:30 AM AEST.
-
30th Jul 10:37 AM AEST
National Australia Bank (ASX:NAB) to buy back A$2.5 billion shares, stock gains on ASX
Image: © Tktktk | Megapixl.com
National Australia Bank Limited (ASX:NAB), the Australian banking major, announced an on-market share buy-back of AU$2.5 billion ordinary shares on Friday.
It is undertaking to buy-back to progress managing its Common Equity Tier 1 (CET1) towards its target range of 10.75–11.25%.
NAB expects to start the buy-back in mid to late August 2021.
The Stocks in Action || Why ASX stocks MDR, AMP, SZL, NAB, ORG on investors radar today
As per the announcement, NAB currently has an opportunity to reduce surplus capital. It wants to have a strong balance sheet that supports growth to improve shareholder returns. NAB thus recognises that on-market buy-back is the most appropriate mechanism to achieve reduced share count and sustainable ROE benefits.
the announcement read that NAB continues to operate well above APRA’s strong benchmark of 10.50%, with a reported CET1 capital ratio of 12.37% at level 2 as of 31 March 2021. The AU$2.5 billion on-market buy-back will reduce the CET1 capital ratio at Level 2 by around 60 basis points. NAB’s pro forma March 2021 Level 2 CET1 ratio is 12.15%, inclusive of the intended share buy-backs.
NAB intends to purchase shares on-market to satisfy Dividend Reinvestment Plan requirements over the buy-back period.
NAB share traded 1.241% higher at AU$26.090 at 10:30 AM AEST.
-
30th Jul 10:03 AM AEST
Sezzle (ASX:SZL) reports 118.7% rise in merchant sales in June quarter
Image: © Innastok | Megapixl.com
Installment payment platform Sezzle Inc. (ASX:SZL), shared its cash flow report for the quarter ended 30 June 2021 (2Q21) on Friday.
Key Highlights:
- Underlying Merchant Sales (UMS) for 2Q21 rose 118.7% year-on-year to US$411.1 million (AU$550.4 million, +9.6% quarter-on-quarter).
- Sezzle Income (84.5% of Total Income in 2020) rose 122.6% YoY to US$24.1 million for 2Q21. As a percentage of UMS, Sezzle Income in 2Q21 remained relatively flat at 5.9%.
- Active consumers rose to 2.9 million, showing a 95.5% increase YoY. Sezzle added over 250,000 active consumers during the quarter.
- Due to the Company’s expansion (i.e., pilots, sign-ups) with larger, enterprise merchants, the Company is witnessing a downward pressure on Net Transaction Margin.
- Active merchants increased 150.0% YoY in 2Q21 to 40,200 (+18.4% QoQ). During the quarter, Sezzle added more than 6,200 active merchants.
The Stocks in Action || Why ASX stocks MDR, AMP, SZL, NAB, ORG on investors radar today
- Launched in the Spring of 2019, Sezzle Canada achieved a UMS run-rate in excess of US$100 million.
- Launched in July 2020, Sezzle India lowered processing costs, improved loss rates and is tracking similarly to Sezzle U.S. at the same stage in terms of consumer growth.
- Launch plans are just beginning in Brazil and are on track.
- On 03 June 2021, Sezzle shared it has struck a three-year deal with Target.
- As of 30 June 2021, the Company had total cash on hand of US$61.0 million.
The stock SZL was spotted trading at AU$8.100 per share on the ASX.
-
30th Jul 10:03 AM AEST
ASIC takes legal action against AMP Limited (ASX:AMP) for fees-for-no-service allegations
Image: © Mehaniq | Megapixl.com
The Australian Securities & Investments Commission (ASIC) has started civil penalty proceedings in the Federal Court against six companies of the AMP Limited group (ASX:AMP), alleging these entities charged fees for no service on corporate superannuation accounts.
ASIC claims that these AMP companies have charged advice fees to more than 1,500 customers despite being notified that those customers were no longer able to access the relevant advice. ASIC claims that AMP secured more than AU$600,000 as the advice fees from involved customers.
The Stocks in Action || Why ASX stocks MDR, AMP, SZL, NAB, ORG on investors radar today
AMP Superannuation Limited is the trustee of two superannuation funds: the AMP Superannuation Savings Trust and the AMP Retirement Trust.
The ASIC announcement stated that the proceeding will be listed for a case management hearing soon.
AMP has acknowledged the commencement of the civil proceedings and shared via an ASX announcement that the Company has taken an action to rectify the issue and started a remediation process. This remediation was completed in November 2019, with approximately 2,500 customers being remediated a total sum of approximately AU$900,000 covering fees charged and lost earnings.
AMP shares traded last at AU$1.065 per share on the ASX.
-
30th Jul 09:43 AM AEST
MedAdvisor (ASX:MDR) signs 5-year deal with Australian Pharmaceutical Industries (ASX:API)
Image: © Putilich | Megapixl.com
Medtech company, MedAdvisor Limited (ASX:MDR) shared that it has signed a new five-year agreement with pharmacy wholesaler, Australian Pharmaceutical Industries Limited (ASX:API).
Key Highlights:
- MedAdvisor has signed this deal with API, which owns the Priceline Pharmacy, Soul Pattinson Chemist and Pharmacist Advice pharmacy banner groups representing approximately 450 pharmacies;
- The agreement is expected to add 250+ new Priceline pharmacies to the MedAdvisor network, a rise of nearly 7%;
- MedAdvisor will develop a branded version of its mobile application for the Priceline Pharmacy network; and
- The agreement is likely to generate revenue of around AU$2.5 million in upcoming five years.
MedAdvisor will create a branded app for Priceline Pharmacy that will be developed as part of a total brand digital program to enable the API pharmacy network to better support its customers through innovative technology.
As per the announcement, MedAdvisor will get a monthly recurring licence fee from each participating API pharmacy. Also, MedAdvisor will generate additional revenue from transaction, messaging and health program fees.
API will be converting to the MedAdvisor service from September 2021, with first revenues expected in Q2 FY22.
The stocks API and MDR traded last at AU$1.440 per share and AU$0.325 per share respectively, on the ASX.
-
30th Jul 09:31 AM AEST
How would ASX 200 trade on the last day of the week?
The Australian shares are expected to open on a higher note on Friday, tracking strong cues from US peers, while an extended lockdown in New South Wales continued to exert pressure on the market.
The benchmark ASX 200 index may open the day 0.1% higher. On Thursday, the benchmark closed 0.5% higher at 7,417.4 points.
On Wall Street, US shares scaled record highs overnight, buoyed by robust company earnings and encouraging economic data. The Dow Jones rose 0.45%, the S&P 500 climbed 0.4%, and the NASDAQ edged 0.1% higher.
Read more: Update on metals and crude oil