Live ASX News Today
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3rd Aug 07:24 PM AEST
Aussies at the Tokyo 2020 Olympics today
The Australian Olympic team was looking for more medals on Tuesday. The day 11 started with an extravagant schedule that commenced on the track and closing with three quarter-final competitions.
The Australians woke up to three Aussies in the Men’s 1500m race competitions. Oliver Hoare, Stewart McSweyn and Jye Edwards fought on the track. Hoare came second and through to the semi-final followed by McSweyn who finished third. It should be noted that since 1984, this is the first time two Australian athletes have made through to the Men’s 1500m semi-final.
Also, three players from the country have made it to the final of the Women’s javelin.
In the Men’s Sprint category, Matthew Richardson, Nathan Hart and Matthew Glaetzer broke the Olympic record in their qualifying run with a time of 42.371.
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3rd Aug 06:19 PM AEST
Mayne Pharma (ASX:MYX) slumps on class action proceeding
The shares of Mayne Pharma Group Limited (ASX:MYX) fell as much as ~6% to AU$0.315, their biggest intraday percentage loss since 4 May 2021.
Pharma firm said it has been served with a class action proceeding alleging the Company of anti-competitive conduct in the U.S.
Plaintiff, who is an individual, stated MYX misled and breached disclosure obligations.
The Company has denied all allegations of wrongdoing and said it will defend the proceeding.
The stock has lost 2.9% this year, as of the last close.
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3rd Aug 05:59 PM AEST
Gold miner West Wits (ASX:WWI) slides to 6-mth low on discounted placement
Shares of gold explorer West Wits Mining Limited (ASX:WWI) fell as much as 8.696% to close today’s session at AU$0.063, their lowest since 1 February 2021.
The Company will be raising AU$7 million in a share placement to advance development program at Witwatersrand Basin Project in South Africa.
The Company will be issuing around 116.8 million new shares under the placement, making up ~14% of the Company’s free float.
New shares are priced at AU$0.06 a piece, a discount of 13% to stock's last close on 29 July 2021, after which the firm went on trading halt.
The stock posted its biggest intraday percentage fall since 27 July 2021.
The stock has lost almost 2.8% this year, as of the last close.
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3rd Aug 05:58 PM AEST
Patrys (ASX:PAB) tumbles on manufacturing delays of cancer treatment
Shares of Patrys Limited (ASX:PAB) sank as much as 18.368% to AU$0.040, their biggest intraday percentage fall since 16 September 2020.
The cancer therapy developer stated it was informed by its manufacturer that delays are anticipated in procuring key components required for the production of cancer therapy PAT-DX1.
The Company stated delays are due to the impact of the COVID-19 pandemic on global reagent production and supply chains.
Patrys added the engineering run for PAT-DX1 is now anticipated to be delayed until Q4 and the start of good manufacturing practice toxicology studies rescheduled to Q1 2022 and expects to now submit human research ethics application for phase 1 clinical study in H2 CY2022.
The stock is at its lowest level since 17 June.
The Company said in a range of pre-clinical studies, PAT-DX1 has shown significant ability to kill cancer cells in cell models, human tumour explants, among others.
PAB stock has more than doubled this year, as of the last close.
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3rd Aug 05:49 PM AEST
Comet Ridge (ASX:COI) posts substantial gains on acquiring stake in project
Shares of Comet Ridge Limited (ASX:COI) rose as much as 27.8% to AU$0.115, their highest since 23 June 2021 last year.
The gas explorer said it will acquire Australia Pacific LNG's 30% stake in Mahalo Gas Project in Queensland for AU$20 million.
The Company said its joint venture partner, Santos Limited (ASX:STO), will provide a loan to fund the consideration in exchange for an option to increase its stake to 42.86% in the project.
Santos stated it also has the right to negotiate with COI to increase its stake to 50% in the project; Santos currently has a 30% stake in the Mahalo Gas Project.
The stock is on track for its biggest intraday percentage gain since 21 September 2020.
The stock is up 25% this year, as of the last close and ended at AU$6.420 per share.
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3rd Aug 04:07 PM AEST
Good Drinks Australia (ASX:GDA) hits three-week high on strong FY results
Shares of Good Drinks Australia Ltd (ASX:GDA) jumped as much as 7.1% to AU$0.091, their highest since 13 July 2021
The Australia-based brewer has posted FY21 EBITDA of AU$10.7 million, as compared to AU$0.6 million in FY20.
The Company said revenue for FY21 rose 40% from a year earlier to AU$51.6 million.
GDA stated total sales volume in FY21 rose 39% from a year ago to 17.1 million litres
The stock has posted its biggest intraday percentage gain since 26 May 2021.
GDA stock is up 10.4% this year so far as of the last close and ended today’s session at AU$0.089 per share, up 4.705 per share.
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3rd Aug 03:45 PM AEST
Aussie miners dip as iron ore drags on China concerns
Australia's metals and mining index AXMM has fallen as much as 1.4% to mark its biggest percentage loss since 20 July 2021.
Mining stocks are the biggest laggards on the benchmark S&P/ASX 200 index AXJO, which is down 0.3%.
China's steel futures - rebar and hot rolled coils - both plunged another 3%, as worries that Beijing's move to update its stance on carbon reduction work would prompt a revision of steel output cut by the top metals consumer.
Benchmark iron ore futures DCIOcv1 closed lower for fifth straight session overnight.
World's biggest listed miner BHP Group Limited (ASX:BHP) dropped as much as 2%, while rival Rio Tinto (ASX:RIO) eased 1.4%.
Rio Tinto, world's top iron ore miner, is set to drop for third day.
Fortescue Metals Group Limited (ASX:FMG) declined as much as 2.3% to a near one-month low.
AXMM is up 18.5% this year, as of the last close.
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3rd Aug 02:39 PM AEST
Magnis Energy (ASX:MNS) jumps on securing funding for expansion
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Shares of lithium-ion battery producer Magnis Energy Technologies Ltd (ASX:MNS) rose as much as 16.7% to AU$0.315, their biggest intraday percentage gain since 5 March 2021.
The Company said that it has grabbed an AU$20 million funding from two U.S.-based institutions. This amount will be used in the Company’s expansion in the lithium-ion battery industry.
MNS stated it will immediately invest $13 million into its majority-owned energy storage systems provider Imperium3 New York (iM3NY).
MNS added iM3NY is in the final stages of signing a mandate to begin its U.S. listing process.
The stock is up 35% this year, as of the last close and was trading 7.407% higher at AU$0.290 per share at 1:30 PM AEST.
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3rd Aug 01:32 PM AEST
Star Entertainment Group (ASX:SGR) posts huge losses on lockdown extension
Shares of Star Entertainment Group Limited (ASX:SGR) fell as much as 1.745% to reach AU$3.380 per share at 1:20 PM AEST on Tuesday.
The Company said that the lockdown extension in Queensland till 8 August will impact its operations at The Star Gold Coast and the Treasury Casino & Hotel Brisbane.
The stock has marked its biggest intraday loss since 28 July 2021.
The rapid spread of the Delta variant of the coronavirus has forced Australia to lock down large parts of the country, with New South Wales particularly hit hard by infections.
The stock is down 6.5% this year as of the last close.
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3rd Aug 12:49 PM AEST
Credit Corp (ASX:CCP) posts huge gains on robust FY22 earnings forecast
Shares of Credit Corp Group Limited (ASX:CCP) rose as much as 5.9% to AU$30.210, their biggest intraday percentage gain since 3 February 2021.
The Company anticipates FY22 net profit after tax to range from AU$85 million to AU$95 million due to an increase in organic purchased debt ledger (PDL) investments and charge off volumes.
The anticipated increase in organic PDL investment, together with the ongoing impact of the Collection House PDL acquisition is expected to produce solid earnings growth of 8% at the top end of the FY22 guidance range, informed CCP.
Credit Corp said it has posted an 11% increase in its NPAT to AU$88.1 million and declared a final dividend of 36 Australian cents per share.
The stock has hit its highest since 6 July 2021.
The stock is down 3.9% this year as of the last close and at 12:40 PM AEST, it was trading 1.157% down at AU$28.200 per year.
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3rd Aug 12:40 PM AEST
Bellevue Gold (ASX:BGL) reports high-grade infill, shares trade strong on ASX
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Bellevue Gold Limited (ASX: BGL) has reported a high-grade infill and extensional drilling results on Tuesday that triggered the stock’s price to trade 1.401% higher at AU$1.085 per share at 12:20 PM AEST.
The Company shared that it has potential to increase the Resource and mine life at its Bellevue Gold Project beyond the imminent Stage 2 Feasibility Study.
Key highlights:
- The Company's stage 2 feasibility study has been designed to demonstrate its ability to increase production and cash flow.
- The Company has strategised to achieve this by increasing the processing capacity by 33% to 1 Mtpa and indicated the recently discovered gold resources 1.4 Moz @ 11.0 g/t gold.
- The latest results include outstanding intersections from the Armand Lode not included in the current Resource and outside of the imminent Stage 2 Feasibility Study. Drilling continues from surface with recent results including:
- 7.5m @ 53.3g/t gold from 348.2m including 4.1m @ 91.6g/t gold from 348.2m in DRDD720W1
- 2.0m @ 21.5g/t gold from 363.6m in DRDD561
- 2.5m @ 20.2g/t gold from 458.2m and 4.5m @ 3.8g/t gold from 473.5m in DRDD573
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3rd Aug 12:23 PM AEST
ASX edges lower ahead of RBA policy; Afterpay extends rally, Qantas skids
Australian shares were trading lower by lunchtime as weak global cues and selling across material and energy space dragged the market. Investors also turned cautious ahead of the Reserve Bank of Australia’s (RBA) monetary policy announcement to get more clarity on bond tapering. While the central bank is expected to keep cash rate unchanged at record low, it may give some insight on economic stimulus program.
The benchmark index, ASX 200, was down 15.90 points or 0.21% at 7,475.50 by the lunch. The index opened lower today, tracking muted cues from Wall Street.
The equity market witnessed cautious trading ahead of monetary policy announcement. The apex bank is widely expected to delay its decision to taper bond-buying program as Sydney remains under a coronavirus lockdown. Earlier in June, the central bank had said it would reduce its debt purchases from September due to better-than-expected economic outcomes.
In the banking space, 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) – were under stress.
On the sectoral front, eight of the eleven sectors were trading in red zone. Information technology topped the chart for the second day by surging over 4.5%, followed by utilities and consumer staples.
Meanwhile, material was the worst performer, dropping over 1% due to fall in commodity price. Energy sector was also down 0.6%, owing to slip in crude oil prices.
BNPL major Afterpay (ASX: APT) emerged as the top gainer on the ASX for the second straight session, trading 12.5% higher by the lunchtime. The rival firm Zip Co (ASX:Z1P) also extended rally and added 4.5%.
Some of the other notable gainers on ASX pack were gold miner Chalice Mining (ASX:CHN), software firm Appen (ASX:APX) and payment solutions firm EML Payments (ASX:EML).
On the losing side, online bookmaker PointsBet Holdings (ASX: PBH) was leading the chart with 13.4% loss. Some of the other worst performers were coal miner Whitehaven Coal (ASX:WHC), miner Perseus Mining (ASX:PRU), gold mining firm Evolution Mining (ASX:EVN) and steel manufacturer BlueScope Steel (ASX:BSL).
Shares of Qantas Airways (ASX: QAN) dropped 1.7% to AU$4.47 on plans to stand down employees temporarily. The Australia largest airline by fleet size has announced that around 2,500 workers will be stood down from mid-August for an estimated period of two months.
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3rd Aug 11:49 AM AEST
Aussie BNPL firms extend rally on Afterpay (ASX:APT) boost
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Australia's buy now, pay later (BNPL) firms extended gains into a second session, with sector leader Afterpay Limited (ASX:APT) advancing as much as 15%.
The tech sub-index AXIJ rose as much as 4.8% to its highest level since 25 June, a day after it posted its biggest gain since March last year.
On Monday, APT agreed to a $29 billion buyout offer by the Twitter-backed payments firm Square Inc.
APT has added as much as AU$10.08 billion to its market value since the offer and has hit its highest in nearly six weeks on Tuesday.
Zip Co Limited (ASX:Z1P), APT's rival in Australia, jumped 5.1% after adding more than 9% in the previous session. Sezzle Inc (ASX:SZL), which is set to list in the U.S., climbed 2.7%.
The APT-SQ transaction further validates what companies are doing in the BNPL space, Sezzle said.
APT is the top percentage gainer on the ASX 200 benchmark index AXJO for a second consecutive day.
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3rd Aug 11:45 AM AEST
Piedmont Lithium delays first lithium shipment to Tesla
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Australia’s lithium player, Piedmont Lithium (ASX:PLL) delayed its first shipment of lithium chemicals to the world’s leading electric vehicle (EV) maker Tesla (NASDAQ:TSLA).
- The miner doesn't have a definite period for when the deliveries could start in the future. However, the decision was mutual between both parties.
- PLL and TSLA inked an agreement in last September where PLL agreed to supply lithium to TSLA sometime between July 2022 and July 2023 from its North Carolina mine.
- North Carolina officials raised concern about PLL's project last month which may block or delay the project. Although the lithium player plans to apply for a state mining permit.
- Tesla is building a plant that will convert spodumene concentrate supplied by PLL into lithium hydroxide, used in the manufacturing of EV batteries. The plant is located in Texas.
- PLL is trying its best to synchronise its development with that of Tesla.
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3rd Aug 11:39 AM AEST
PPK Group’s (ASX:PPK) BNNT bags supply agreement with partner Fligen
PPK Group Limited (ASX:PPK), the coal mining equipment company, reported that its 51%-owned subsidiary, BNNT Technology Limited, has bagged a Supply and Distribution Agreement with Japan-based partner Filgen Inc. The agreement is a non-exclusive one for the sale and international distribution of high purity Boron Nitride Nanotubes (BNNT).
High purity BNNTs are produced by BNNTTL using patented Deakin University technology. Filgen is Japan's specialist distributor of nanomaterials. It has an extensive network of international customers.
As per the agreement, Filgen is granted non-exclusive rights to market and sell BNNT products worldwide until BNNTTL appoints exclusive agents for a twelve-month term. It excludes marketing and sale of BNNT for any applications related to lithium-sulphur batteries.
In anticipation of increasing demand, BNNTTL is substantially scaling up its production capacity. It recently added a second 4-furnace module production unit.
As a significant shareholder in BNNTTL, PPK is highly cognizant of the potential of BNNTL in international markets. Accordingly, PPK expects partnering with Filgen will accelerate BNNTTL's penetration into new industries markets and international R&D centers.
PPK shares traded 1.643% down at AU$13.770 at 11:30 AM AEST.
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3rd Aug 11:39 AM AEST
Oil dips on weak demand from the US and China
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Crude oil prices dipped more than 3% on Monday after weak economic data from the US and China stoked fear of weakness in demand.
- October delivery Brent Crude oil futures traded 0.29% up at US$73.30 per barrel, whereas September delivery WTI crude oil futures traded 0.56% up at US$71.66 per barrel as of 3 August 2021 at 10:40 AM AEST.
- China’s factory activity growth dipped in the last month on the back of squeezed demand, first time in more than one year, as per a survey result.
- US manufacturing activity has also grown slowly for the second consecutive month, as per the data released by the Institute for Supply Management (ISM).
- The ISM’s index for factory activity tumbled from 60.6 in June to 59.5 in the last month, the lowest since January.
- Additionally, the rising cases of delta variant of coronavirus across the globe is a matter of concern that can weigh crude oil prices.
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3rd Aug 11:38 AM AEST
Electro Optic System (ASX:EOS) and Nova Systems form the Sovereign Missile Alliance
The shares of capital goods firm Electro Optic Systems Holdings Limited (ASX:EOS) zoomed up 5.060% to trade at AU$4.360 per share at 11:30 AM AEST today.
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The Company, along with Nova Systems Pty Limited shared that they have formed the Sovereign Missile Alliance, a 100% Australian-controlled joint venture. This JV has EOS and Nova as equal partners.
Key points:
- The commonwealth has shared that it is likely to spend AU$1 billion from mid-2022 to install a Sovereign Guided Weapons, (mainly missiles) and Explosive Ordnance Enterprise (GWEOE) to manage the Commonwealth’s portfolio of GWEO.
- The enterprise will involve the Commonwealth Department of Defence and one or more Sovereign Industry Partners.
- The Commonwealth has forecast GWEO needs exceeding AU$40 billion till 2040 while industry and analyst estimate it to reach AU$100 billion.
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3rd Aug 11:23 AM AEST
PointsBet (ASX:PBH) completes A$81 million institutional equity sale
Corporate bookmaker PointsBet Holdings Limited (ASX: PBH) shared on 3 August 2021 that it has successfully completed the institutional component entitlement offer of fully paid ordinary shares in PointsBet with retail rights trading that was announced to ASX on Thursday, 29 July 2021.
Key highlights:
- The Institutional Entitlement Offer successfully completed, raising A$81 million at AU$8.00 per Share.
- Strongly supported by Australian and international institutional shareholders.
- The Institutional Shortfall Bookbuild cleared at a price of AU$10.00, a 25% premium to the Entitlement Offer Price of AU$8.00.
- Approximately 10 million new Shares will be issued under the Offer.
The stock PBH was spotted trading 13.552% lower at AU$9.760 per share at 10:50 AM AEST.
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3rd Aug 10:57 AM AEST
Humm group (ASX:HUM) partners with LG Energy Solution for VPP market
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Financial services company Humm Group Limited (ASX:HUM) has partnered with LG Energy Solution to provide Virtual Power Plant (VPP) solutions. Diamond Energy, the renewable energy company, has been appointed as the electricity retailer.
HUM is a leading financier of solar installations in Australia. It has financed over AU$2.2 billion of residential rooftop solar panels. It equates to 68.9 million trees planted. Making renewable energy affordable for Australian homeowners is a cornerstone of HUM. It has AU$547 million of Climate Bond certified Green bonds issued presently.
Forging into the VPP market, with technology partner LG Energy Solution and retail partner Diamond Energy enables HUM to deliver quality, simplicity, and significant energy savings.
A VPP is an alternative to traditional power stations. It delivers energy by aggregating it from rooftop solar panels and battery storage systems. It has remote controls too.
VPP is a natural progression for HUM. The new channel advances HUM’s leadership, adding to its existing home sales and corporate energy finance channels.
HUM shares traded 1.030% higher at AU$0.980 per share at 11:15 AM AEST.
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3rd Aug 10:56 AM AEST
ASX 200 trades lower as Wall Street sees a weak closing
The Australian benchmark index, the ASX 200 has opened with a slight uptick of 4.3 points to 7,495.7 on Tuesday. However, weak commodity prices are expected to weigh down local resource shares, while investors await the Reserve Bank of Australia’s policy meeting later in the day.
As of 10:30 AM AEST, the ASX 200 dropped lower by 18.4 points or 0.25% to 7,473. Same scenario continued with the ASX All Ordinaries Index, which has fallen by 0.22% to 7,743 so far, weighed down by Poseidon Nickel Limited (ASX:POS) and Grange Resources Limited (ASX:GRR).
On Tuesday, the A-VIX has gained 0.07 points or 0.55% and is trading at 11.88. Over the last five days, the index has risen by 2.93%. The market breadth is depicting a cautious state of investors ahead of RBA’s meet, with eight out of the 11 sectors are trading in red. Metals and mining sector is losing the most, with a 0.34% fall, while the IT index has surged over 4.28%, primarily driven by the rally in Afterpay.
PointsBet Holdings Limited (ASX:PBH) has sold a decent equity worth AU$81 million to institutional investors and will now open a retail entitlement offer this week which is to be closed two weeks later.
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3rd Aug 10:51 AM AEST
Aguia (ASX:AGR) receives environmental license from IPHAN for TEPP
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Miner company Aguia Resources Limited (ASX:AGR) has received consent from the National Historical and Artistic Heritage Institute (IPHAN) for the Três Estradas Phosphate Project (TEPP) environmental licence.
The granting of consent on the Preliminary Licence by IPHAN is required for the granting of Installation Licence. Thus, AGR surveyed to assess the impact of the TEPP on local archaeological heritage. As a result, a Lasca Arqueologia (A Lasca) has surveyed the project area and prepared the Impact Assessment report on Archaeological Heritage (RAIPA).
The field survey was conducted over five thousand hectares corresponding to the Direct Influence Area of the project (ADA). However, AGR elected to perform a broader and more complete survey over the entire area. As a result of the AGR’s efforts, twenty-nine archaeological sites got mapped, of which three are inside the Phase 1 ADA.
In May 2021, Aguia filed the RAIPA with IPHAN, with complete description of the work undertaken. It has now received approval and consent to the LP for TEPP Phase 1.
AGR shares traded last at AU$0.038 on the ASX.
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3rd Aug 10:39 AM AEST
Engage BDR (ASX:EN1) to welcome eight new customer integrations, sees a rise in revenue
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Engage BDR (ASX: EN1) has joined its hand with eight new customer integrations. Out of these eight new customer integrations, four are real-time bidding buyers integrations. The other four are publishing integrations.
Key highlights:
- Engage BDR joined its hands with InMobi, Bidswitch, IQ Zone, and Navio as buyers.
- These buyers would purchase the advertising inventories from Engage BDR.
- Engage BDR joined its hands with publications such as Tumblr, Clipmeup, Leaf Group, and Kwalee.
- The publishing integrations are supposed to monetized solutions and technical support from Engage.
- No estimation related to revenue was announced by the company as of now. But it is expected to come up in the company's next quarterly report.
Engage BDR is a Melbourne-based company founded in 2009. It mainly offers advertising and digital marketing solutions to advertisers, publishing houses across various platforms such as mobiles, television, tablet, smart TV, online platforms, etc.
EN1 stock traded last at AU$0.005 per share on the ASX.
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3rd Aug 10:35 AM AEST
Crown (ASX:CWN) Melbourne CEO Xavier Walsh steps down
Casino operating giant Crown Resorts Limited (ASX:CWN) shared today that Xavier Walsh, will cease his role as Crown Melbourne Chief Executive Officer on 20 August 2021. Walsh will remain available to assist the Company until his employment at Crown ends on 9 December 2021.
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Walsh joined Crown in 2008, working on secondment as the Chief Operating Officer of Cannery Casino Resorts which operated in Nevada and Pennsylvania in the United States of America before returning to Australia in 2013 to assume the position of Chief Operating Officer of Crown Melbourne. In December 2020, Xavier was appointed as Crown Melbourne Chief Executive Officer.
Crown said in the announcement that it will announce an interim appointment for the role of CEO Crown Melbourne after consulting the Victorian Commission for Gambling and Liquor Regulation.
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3rd Aug 10:30 AM AEST
Qantas (ASX:QAN) to stand down 2,500 crew members
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Airline brand Qantas (ASX:QAN) has stood down about 2,500 frontline employees for approximately two months in response to ongoing COVID-19 outbreaks. However, the drop is temporary and the Company will deal with the significant drop in flying from new COVID-19 restrictions in Greater Sydney.
There will be no job losses. However, the decision will directly impact domestic pilots, cabin crew, and airport workers, mainly in New South Wales and other states. Employees will get two weeks’ notice before effective stand down. QAN has promised to continue their pay until mid-August. Income support from government disaster payments will be essential to help eligible employees amidst the challenging period.
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The QAN stand down reflects the reality confronting many businesses in New South Wales. QAN has already absorbed a significant amount of cost since recent lockdowns and continued paying employees. But it is hopeful of domestic levels getting resumed once borders open back. Based on the current case numbers, QAN has assumed Sydney’s borders will be closed for at least another two months.
The challenge around opening international borders remains. The international crew has been on long periods of stand down since the pandemic began.
QAN shares traded last at AU$4.56 on the ASX.
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3rd Aug 10:24 AM AEST
Anson Resources (ASX:ASN) signs MOU with TETRA Technologies, Inc.
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Perth-based mineral explorer Anson Resources Limited (ASX:ASN) has entered into a non-binding Memorandum of Understanding (MOU) with TETRA Technologies, Inc. (NYSE: TTI) to jointly develop Anson’s Paradox Brine Project located in Utah, USA.
Both the firms will discuss a development framework. The framework will allow ASN and TETRA to negotiate an off-take agreement. It will help use TETRA’s patented process technology at the Project and manage the planned Bromine production facility operation.
ASN’s Paradox Brine Project consists of claims and leases from the USA government, Bureau of Land Management (BLM), Schools Institutional Trust Lands Administration (SITLA), Utah, and SITLA Special Use Surface Agreements (SULA) for industrial use. The BLM placer claims and the SITLA mineral leases include rights to lithium, bromine, boron, and iodine.
ASN is developing plans to extract lithium and bromine at a production facility located on one of the SULA leases. It is currently finalising a Pre-feasibility Study initially for bromine and then lithium in the next stage.
ASN shares traded last at AU$0.075 on the ASX.
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3rd Aug 10:20 AM AEST
Axiom (ASX:AXI) and PARKD (ASX:PKD) to jointly take care of car parks in Australia
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Axiom Properties Limited (ASX:AXI) PARKD Limited (ASX:PKD) shared on Tuesday that have signed a Heads of Agreement to jointly source and investigate opportunities for developing and building car parks across Australia.
As per the announcement, PARKD is an Australian construction technology company that has created an innovative modular, multi?storey carpark structure called the PARKD Car Park System. The company can offer faster build times and reduced costs when compared to traditional concrete car parks.
As per Axiom, commuter numbers are returning to higher levels now as they emerge from the COVID?19 pandemic. There is a continuous underpinning by state and federal government infrastructure spending across the Country. This triggers the possibility of additional capacity requirements in both permanent and temporary car parking solutions.
As per the release, both the companies are bound by the terms of the agreement for the period 18 months.
The stocks AXI and PKD traded last at AU$0.080 per share and AU$0.037 per share respectively on the ASX.
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3rd Aug 10:02 AM AEST
News Corp (ASX:NWS) to acquire OPIS
News Corporation (ASX:NWS) announced today that it has struck a deal to acquire the Oil Price Information Service (OPIS) and all associated assets from S&P Global and IHS Markit.
The top, extremely lucrative and constantly expanding digital data, analytics and insights provider will become part of Dow Jones’ burgeoning Professional Information Business (PIB), that features Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva.
The Company release stated that OPIS’s revenue base is almost 100% digital, 95% recurring and it operates at around 50+% Adjusted EBITDA margins.
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As per the announcement, News Corp is taking over OPIS for $1.150 billion in a cash transaction. NWS also anticipates to get around $180 million of tax benefit as part of the deal.
It should be underlined that S&P Global and HIS Markit declared in May that they will be divesting their businesses to ensure a timely merger of both companies.
OPIS was established in 1977 and provides insights and analytics in renewables and carbon pricing. It is a world-recognised industry standard for benchmark and reference pricing and news and analytics for the oil, natural gas liquids and biofuels industries.
NWS stock traded at AU$32.160 per share on the ASX.
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3rd Aug 09:33 AM AEST
ASX 200 to open lower after US stocks, oil fall
The Australian share market is expected to open lower on Tuesday due to weak commodity prices, while investors await the Reserve Bank of Australia’s (RBA) monetary policy meeting later today. The domestic benchmark index ASX 200 may open down nearly 0.4% after closing at 1.34% higher at 7,491.40 on Monday.
The concerns over fast-spreading Delta variant of coronavirus weighed on US stocks, crude oil, and Treasury prices in the overnight trade. On Wall Street, the S&P 500 added 0.18%, the Dow Jones declined 0.28%, and the NASDAQ Composite added 0.06%.
The weakness in US stocks was despite the market initially cheering announcements on Sunday by US senators of nearly US$1 trillion proposed infrastructure stimulus. In addition, strong corporate profits and optimism around economic recovery failed to support the markets during the trade.
US manufacturing continued to record growth in July, even as the pace weakened for the second straight month.
Read more: Bond yields and dollar