Live ASX News Today
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10th Aug 07:51 PM AEST
What made Incannex (ASX:IHL) close higher today?
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Australian-based Incannex Healthcare Limited (ASX:IHL) submitted a research proposal to HREC for a phase 2a Psi-GAD clinical trial, which will commence this year. The research proposal was submitted in partnership with Monash University.
The phase 2a trial will be conducted at BrainPark, a neuroscience research platform, at Monash University.
The phase 2a Psi-GAD study mixes the administration of psilocybin with specialised therapy to patients suffering from generalised anxiety disorder (GAD). Simultaneously, the Clinical-stage pharmaceutical development Company has also submitted a comprehensive information package to the US FDA seeking a pre-investigational new drug (IND) meeting.
The phase 2a study is a randomised triple-blind, active-placebo-controlled trial comprising 72 participants who will experience two psilocybin or active-placebo dosing sessions and up to 11 non-drug, specialist psychotherapy sessions for ten weeks. The revelations from this trial will be used in the follow-up phase 2b trial, which the pharmaceutical company is actively planning.
Some characteristics of Generalised Anxiety Disorder (GAD) include - diffuse, excessive, uncontrollable anxiety that is not restricted to any specific environmental circumstances and occurs for more than six months.
Close to 3% of adults in the US and Australia are likely to suffer from this condition in any 12 months. This number is equivalent to an estimated 9 million people in the United States and roughly 1 million people in Australia.
The stock IHL closed 3.773% higher at AU$0.275 per share today.
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10th Aug 07:00 PM AEST
Red 5 (ASX:RED) completes 50% of King of the Hills milestone
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Red 5 Limited (ASX:RED) has achieved a new milestone upon completing the Western Australia gold drilling project named King of the Hills (KOTH). The Company has shared that the KOTH project is progressing towards scheduling the first gold in the quarter of June 2022. The project so far has stayed aligned with the budget.
Key highlights:
- The Company has shared that it has completed the engineering design for concrete, steel, and plate work necessary for the upcoming work.
- 77% of the steelwork is already present at the site as all steelwork and plate work for the process plant has been awarded.
- The Company has also shared that it has completed the concrete plinths for the SAG mill.
- The Company has also made progress towards the construction of TL tanks.
RED closed 2.632% lower at AU$0.185 per share on the ASX.
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10th Aug 06:26 PM AEST
Volt Resources (ASX: VRC) joins European Raw Materials Alliance, stock ends strong
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Volt Resources Limited (ASX:VRC) shared that it has joined the European Raw Materials Alliance, after acquiring a controlling 70% interest in the Ukraine-based business named Zavalievsky Graphite.
Key highlights:
- The European Raw Materials Alliance was formed in 2020 by the EU and it focuses on the development and strengthening the European raw materials alliance value chains.
- The membership of ERMA allows VRC to access the project investment, technical and regulatory advice, and support.
- Volt, also a member of the European Battery Alliance (EBA), gets support for its strategy to become an integrated graphite mine and battery anode producer in Europe.
- EU has recently signed an MOU with the Ukrainian government that helps to secure and strengthen the supply of critical raw materials and the battery value chains.
The stock VRC ended 3.225% higher at AU$0.032 per share today.
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10th Aug 05:45 PM AEST
KoBold teams-up with Bluejay for critical metals’ search in Greenland
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Jeff Bezos and Bill Gates-backed mineral exploration company - KoBold Metals has inked an agreement with London-based Bluejay Mining to search for critical metals in Greenland.
- KoBold will pay US$15 million as exploration funding for Greenland's Disko-Nuussuaq project in exchange for 51% stakes in the project.
- The funding will include the evaluation and initial drilling for copper, nickel, and cobalt in the license area.
- KoBold is owned by a climate and technology fund Breakthrough Energy Ventures which is backed by Bill Gates (Microsoft), Michael Bloomberg (Bloomberg), Jeff Bezos (Amazon), and Ray Dalio (Bridgewater Associates).
- Other significant investors of the KoBold include energy company Equinor and Silicon Valley venture capital fund Andreessen Horowitz.
- Studies indicate that the area's geology is similar to Russia's Norilsk region which is a significant nickel and palladium producer.
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10th Aug 05:09 PM AEST
ASX 200 continued its uptrend as financials took the charge
Aussie shares enjoyed another strong session today with the ASX 200 reaching fresh all-time highs early on Tuesday’s session. The rally was supported by financial stocks and strong earnings from blue-chip companies such as fibre cement maker James Hardie and annuities provider Challenger. The benchmark index reached a new high of 7,576.3. However, the local market did fade after a strong opening hour as NSW reported its own record for daily COVID-19 cases with 356 cases in the past day.
Among the individual stocks, Pilbara Minerals Limited (ASX:PLS) was the top gainer, gaining 10.95%. Apart from that, online bookmaker PointsBet Holdings (ASX:PBH) rose 10.16, while Orocobre Limited (ASX:ORE) was up by 8.74%
The technology sector had led to market improvements while other sectors such as materials, financials, communications with both consumer discretionary and staples also notched higher. Industrials are the worst performer while energy, healthcare and property trusts also declined.
Financials rose 0.75% as Commonwealth Bank of Australia gained 1.36%, while Australia and New Zealand Banking Group closed 0.21% down. Financial services firm IOOF Holdings Ltd led gains on the sub-index, rising 1.36%, followed by Suncorp Group Limited closed flat.
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10th Aug 04:57 PM AEST
Lucapa Diamond (ASX:LOM) shines after strong HY results, upbeat outlook
Shares of Lucapa Diamond Company Limited (ASX:LOM) soared as much as 9.8% to AU$ 0.056, biggest intra-day percentage gain since 8 July 2021.
The diamond miner's HY attributable rev more than triples y/y to AU$35.1 million.
Lucapa expects CY21 attributable cash operating margin to be at upper-end of its forecast of AU$17 million-AU$21 million.
The stock has hit its highest since 2 August.
More than 9.5 million shares got traded today. Up to Monday's close, the stock had lost 10.53% YTD and it closed 5.882% down at AU$0.054 per share today.
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10th Aug 04:31 PM AEST
Aussie shares of 8VI Holdings (ASX:8VI) slump on cybersecurity lapse
ASX-listed shares of Singapore-based financial data provider 8VI Holdings Limited (ASX:8VI) fell as much as 10.54% to a two-week low of AU$5.01.
The Company stated a user illegally accessed the stock watch lists and portfolio of number of other app users.
Initial findings reveal that the user did not access sensitive data, mentioned 8VI.
8VI stated it will notify small group of users whose data may have been accessed, legal action taken against perpetrator.
The incident has had no impact on ongoing ops as well as the business in Singapore, Malaysia, Taiwan and Shanghai, said 8VI.
The stock is up 229% so far this year, as of the last close and ended today’s session 4.465% lower at AU$5.350 per share.
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10th Aug 04:14 PM AEST
Archer Materials (ASX:AXE) rises on South Korea patent for quantum chip
Quantum computing chipmaker Archer Materials Limited (ASX:AXE), gained as much as 13.986% to end the day’s session at AU$1.630 per share today.
The Company stated South Korea granted patent for its quantum computing chip 12CQ.
12CQ patent earlier granted in Japan, with applications progressing in China, the United States and Europe, stated AXE.
AXE has outperformed the S&P/ASX 200 Materials (Industry Group) sector AXMAJD by 42.3 pct points in the past month.
AXE has nearly tripled this year, as of the last close.
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10th Aug 03:57 PM AEST
Perpetual Resources (ASX:PEC) grabs Arrowsmith West Exploration license
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Silica sands explorer Perpetual Resources Limited (ASX: PEC) shared today that it has received the formal license (E70/5798) for the Arrowsmith West exploration program from the Government of Western Australia.
Key highlights:
- The license granted a minimum expenditure commitment value of AU$20,000.
- The license has also allowed the Company to explore reconnaissance and evaluate activities to begin the search for high-grade silica sands.
- The Company has also shared that it will soon update the shareholders about the Arrowsmith exploration program.
Perpetual Resources Limited, an Australia-based mining company, was founded in 2011. The company operates on developing coal mines through its exploration interests in Indonesia.
PEC traded 3.572% down at AU$0.135 per share at 3:50 PM AEST.
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10th Aug 02:53 PM AEST
Why is EMvision (ASX:EMV) share price gaining on the ASX today?
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EMvision Medical Devices Ltd (ASX:EMV) shared on Tuesday that the Company’s alpha unit has finished manufacturing the first gen brain scanner. The Company is now getting ready for testing the device.
Key highlights:
- The Company has manufactured a portable device that can help a stroke patient to get point-of-care neuroimaging.
- As per EMvision, the value proposition of the device- portable, accessible, affordable, safe and fast.
- The 1st gen units will be subject to functional, reliability, integration (software and hardware), preliminary safety performance, compliance, and the other intended to meet international regulatory standards in preparation for expanded clinical studies.
The EMV stock was spotted trading 16.349% higher at AU$ 3.060 per share at 2:40 PM AEST.
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10th Aug 02:17 PM AEST
Comms Group (ASX:CCG) shares soar on acquisition and FY21 trading update
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Information and Communications Technology provider Comms Group Ltd (ASX:CCG) shares gained pver 10% on the ASX today. CCG has reported the acquisition of Switched On Australia. It has also shared a trading update of unaudited FY21 financial results on ASX, which aligns with previous guidance.
The acquisition multiple is around four-times Pro-forma FY21 EBITDA, including synergies. CCG has paid AU$4.3 million for assets and working capital of Switched On. It includes an upfront cash consideration of AU$3.65 million, funded from cash reserves. In addition, CCG is to pay, entire 12-month revenue or EBITDA contribution from existing business. Acquisition of Switched On will add nearly AU$3 million in annual revenue and AU$1 million in annual EBITDA.
Completion will happen before the end of August 2021 and complete integration in FY22. The acquisition will drive organic growth and add cross-selling opportunities in Melbourne for CCG. As a result, CCG expects to provide further financial guidance for FY22 with full-year results on 26 August 2021.
CCG shares traded 10.606% higher at AU$0.073 at 2:00 PM AEST.
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10th Aug 02:05 PM AEST
Thomson Resources (ASX:TMZ) shares gain on acquisition of Silver Spur Mine
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Silver explorer Thomson Resources Limited (ASX:TMZ) has executed a definitive agreement with Cubane Partners Pty Ltd to acquire 100% of Silver Spur Mining Lease.
The Silver Spur ML covers the historical high-grade Silver Spur Mine, located 3.5 kilometers southeast of the Twin Hills Silvermine, within the Texas Silver Project. The acquisition will give TMZ 100% control in the Texas Silver project located in south Queensland.
The Agreement replaces the binding Terms Sheet signed by the parties on 10 May 2021. It formalises the sale and purchase of Silver Spur.
In 2004 previous owner, Macmin Silver Ltd, announced a multi-million-ounce silver equivalent non-JORC compliant Mineral Resource at Silver Spur. TMZ at present is well advanced with a comprehensive re-evaluation of the Silver Spur deposit. TMZ’s objective is to deliver a Mineral Resource Estimate for the sulphide project during the 4th quarter of 2021.
TMZ shares traded 2.380% up at AU$0.107 at 2:00 PM AEST.
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10th Aug 02:01 PM AEST
Bardoc (ASX:BDC) signs LOI with GNG for processing facility at Kalgoorlie gold project
Australian mineral explorer Bardoc Gold Limited (ASX:BDC) has signed a Letter of Intent (LOI) for the appointment of GR Engineering Services (ASX:GNG) as the preferred tenderer for the construction of the Bardoc processing facility and associated infrastructure.
The appointment of GNG comes just a week after BDC initiated its Cash-flow Optimisation Study. It intended to increase the forecast production rate, margins, and cash-flow at its Bardoc Gold project near Kalgoorlie. Study shows strong potential to upscale total production over the first five years.
BDC will work with GNG to complete the Optimisation Study to relocate the processing facility to Aphrodite and include the flotation circuit. As part of the accelerated growth strategy, BDC has also started a significant drilling program to increase the Zoroastrian Resource. BDC is at present ramping drilling to grow the inventory and mine life.
BDC shares traded 2.899% down at AU$0.067 per share, while GNG shares were 3.620% higher at AU$1.502 per share at 2:00 PM AEST.
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10th Aug 02:00 PM AEST
Challenger (ASX:CGF) announces CEO retirement
Challenger Limited (ASX:CGF) announced today that Richard Howes will be stepping down as Managing Director and CEO in March 2022. Howes spent eighteen years with the Company.
Howes joined Challenger in 2003 and served the business in numerous roles, like that of Group CEO, Chief Executive of Distribution, Product and Marketing, and Chief Executive of Challenger’s Life business.
The announcement intimated that Board will perform an internal and external search process to select a successor and to aid the steadiness of leadership, Chris Plater has been appointed as Deputy CEO, effective 16 August 2021.
The stock CGF traded 0.086% higher at AU$5.785 per share at 1:40 PM on the ASX.
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10th Aug 12:59 PM AEST
NAB to acquire Citigroup’s Australian consumer business, shares trade strong
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National Australia Bank Limited (ASX:NAB) shared it has struck an agreement with Citigroup Pty Limited to purchase Citigroup’s Australian consumer business. NAB’s shares have been seeing an upward momentum since then.
As per the announcement, NAB will be compensating in cash for the Citigroup assets of Consumer Business unit. Also, a premium of AU$250 million will be paid to Citi.
The Proposed Acquisition features a home lending portfolio, unsecured lending business, retail deposits business, and private wealth management business.
The NAB declaration also mentioned that the acquisition will see senior management and around 800 Citigroup employees joining NAB.
NAB stock, at 12:00 PM AEST, traded 0.297% higher at AU$27.00 per share.
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10th Aug 12:59 PM AEST
Mesoblast (ASX:MSB) CFO to leave the organisation
Pharma company Mesoblast Limited (ASX:MSB), after releasing the financial results, shared that Chief Financial Officer Josh Muntner will be leaving the organisation.
Andrew Chaponnel will be appointed interim CFO effective 30 August 2021. Chaponnel has served Mesoblast for nine years, initially as Group Financial Controller and for the past three years as Head of Finance.
Mesoblast is touted as a world leader in developing allogeneic cellular medicines for the treatment of serious inflammatory conditions.
MSB stock was trading 2.577% higher at AU$1.990 per share at 12:20 PM AEST.
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10th Aug 11:52 AM AEST
Oil slips on China’s restrictions over new COVID-19 cases
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Crude oil prices fell more than 2% to reach the three-week lows on Monday on firm US dollars and rising coronavirus concerns in Asia, especially in China.
- October delivery Brent Crude oil futures traded 0.22% up at US$69.37 per barrel, whereas September delivery WTI crude oil futures traded 0.66% up at US$66.92 per barrel as of 10 August 2021 at 10:18 AM AEST.
- China reported nearly 125 new coronavirus cases on Monday, just after reporting 96 cases, a day earlier. Thailand and Malaysia are also hit by a huge number of new cases.
- China has reported a slower than expected growth in July after the COVID-19 outbreak followed by a flood in the country.
- The country's import growth also tumbled with a sharp fall in crude oil imports relative to record June levels.
- A rally in the US dollar followed by Friday's better than expected US job data also weighted crude oil prices.
- Meanwhile, fuel demand in India rose to the highest level in July since April with ease in lockdowns and rise in industrial activities.
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10th Aug 11:39 AM AEST
SelfWealth (ASX:SWF) ranks four in the online broking industry, hits 100k active traders benchmark
Image source: © Designer491 | Megapixl.comSelfWealth Limited (ASX:SWF) shared that it has achieved the milestone of achieving 100k active traders. In addition, the Company referred to an independent research as per which it is the fourth biggest player in the online broking industry of Australia.
Key highlights:
- SWF has successfully completed an AU$10 million placement to institutional and sophisticated investors in July 2021.
- The Company is currently working towards finalising an SPP of up to AU$2 million for the eligible shareholders.
- These funds are expected to accelerate investment in broadening product range, improving user experience, knowing better marketing strategies, and implement cutting-edge data analytics.
The Company also shared its growth strategy in the announcement. It aims to diversify revenue by offering a wide range of product portfolio investors, support their wealth creation mission, and continue to challenge the other bank-backed online Australia-based investment platforms.
SWF stock traded 5.633% higher at AU$0.375 per share on the ASX at 11:30 AM AEST.
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10th Aug 11:03 AM AEST
ASX 200 surges to a record high; gold miners trade lower
On Tuesday, Australian share market is showing signs of strength in the early session. The ASX 200 has inched up by 11 points or 0.15% to 7549.4, overlooking Wall Street’s retreat from last week’s record highs, with investors optimistic as the corporate earnings season gathered momentum.
The S&P 500 dipped 0.09% on Monday to 4,432.34 while the Dow Jones was down by 0.3% to 35,101.84. The NASDAQ Composite was mildly up by 0.16% to 14860.18.
The market breadth is very positive with 10 out of the 11 sectors are trading higher today. On the volatility front, the A-VIX has fallen by 2.13% to 11.09. Over the last five days, the A-VIX has lost 5.48%.
Megaport Limited (ASX:MP1) has reported a net loss of AU$55 million in FY21, while the revenue has grown by 35% to AU$78.3 million. At the end of the reported year, annualised recurring revenue had grown to AU$89.8 million, a 32% jump with total customers increasing 24% to 2285.
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10th Aug 11:03 AM AEST
Phillips 66 announces strategic investment in NOVONIX (ASX:NVX)
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Phillips 66 (NYSE:PSX) announced on 10 August 2021 that it has entered into an agreement to acquire a 16% stake in NOVONIX Limited (ASX:NVX), a Brisbane, Australia-based company that develops and supplies in-demand materials for lithium-ion batteries.
Phillips 66 produces specialty coke. This is a major component needed in the production of batteries for electric vehicles, electronics, medical devices and energy storage units.
The synthetic graphite manufacturer NOVONIX develops specialty coke to make high-grade anode stuff for these batteries.
According to the terms of the agreement, Phillips 66 will kick in for NOVONIX’s 77,962,578 ordinary shares for US$150 million. Also, one director from Phillips 66’s side will be nominated to NOVONIX’s Board of Directors.
It should be underlined that NOVONIX’s anode materials business is based in Tennessee. The Company is making efforts to raise the capacity to produce 10,000 metric tons per year of synthetic graphite by 2023.
The stock NVX traded 8.940% higher at AU$3.290 per share on the ASX.
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10th Aug 10:32 AM AEST
Mako (ASX:MKG) sells non-core Niou project in Burkina Faso for US$0.7M
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Gold-focused mining explorer Mako Gold Limited (ASX:MKG) sold its non-core; Niou Permit and Niou Sud Permit to Nord Gold SE (Nordgold). It received an upfront, full cash payment of US$700,000 (AU$945,000) on sale.
Under the Sale Agreement terms, MKG retains 1% Net Smelter Royalty (NSR), if Nordgold discovers a NI 43-101 compliant resource of at least 2Moz gold and advances production. Nordgold has the right to purchase the NSR at any time for US$ 4.5 million (AU$ 6.1 million).
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The funds received from the sale, and proceeds from MKG’s recent capital raising, have resulted in a strong cash balance of AU$14.9 million. In addition, the divestment of the Niou Project in Burkina Faso allows MKG to focus its exploration efforts and capital on its flagship Napié Project and Korhogo Project in Côte d’Ivoire.
MKG shares traded last at AU$0.088 on the ASX.
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10th Aug 10:11 AM AEST
BlueBet (ASX:BBT) and BlueWater Resort collaborate for sports betting licence
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Mobile-first online wagering provider, BlueBet Holdings Ltd (ASX:BBT) shared on Tuesday that it is continuing to progress its activities in the US online wagering sector. BlueBet’s wholly-owned subsidiary BlueBet Arizona LLC has entered into an exclusive agreement with the Colorado River Indian Tribes (CRIT) and BlueWater Resort & Casino, a wholly-owned unit of the CRIT to pursue online sports betting market access in Arizona.
The licence application has been submitted and a notification is expected in four weeks.
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In April 2021, the government legalised online sports betting in Arizona. As per the Sports Wagering Act, as many as 20 Sportsbooks can operate in Arizona.
Key features of the agreement:
- BlueBet will be the designee for CRIT and BlueWater Resort & Casino so that BlueBet could obtain licensure to operate online sports betting in Arizona;
- The new online sportsbook would be offered through BlueBet’s mobile app and website platform technology, with branding expected to be announced shortly;
- The deal for a period of ten years;
- BlueBet will pay CRIT a market access fee and a portion of Net Gaming Revenues derived from online sportsbook operations;
- BlueBet will be responsible for licencing and regulatory costs associated with the operation of the online sportsbook.
As per the announcement, BlueBet is entering FY22 with strong momentum. The Australian business brought a net revenue of AU$32.0 million for FY21 as compared to forecast of AU$31.4 million.
The stock BBT traded last at AU$1.905 per share on the ASX.
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10th Aug 09:53 AM AEST
Freelancer (ASX:FLN) wins DOC and NASA task orders
Freelancer Limited (ASX:FLN), touted to be world’s biggest freelancing and crowdsourcing marketplace, announced today that it has won task orders with two US Government Departments under a joint tender.
The first task order for the U.S. Department of Commerce (DOC) is worth US$728,000. This is expected to extend to US$824,000. This order is looking to facilitate secure international data transfers and compliance with data privacy requirements across different jurisdictions through a software solution.
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The first task order is in partnership with Input Logic, a product studio specialising in designing and developing user-friendly software.
The second task order for the NASA Space Technology Mission Directorate (STMD) – Game Changing Development (GCD) Program, is worth $100,000. This task order requires the Company to develop a digital risk assistant that incorporates artificial intelligence and machine learning to help program management with efficient, predictive, and informed decision making.
Freelancer has won this task order in partnership with LMI, a US government-focused consultancy delivering computational science solutions.
The stock FLN traded last at AU$0.940 per share on the ASX.
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10th Aug 09:29 AM AEST
ASX 200 to rise despite US stocks closing mixed
Despite a poor start to the week on Wall Street, the Australian share market is expected to trade on a positive note on Tuesday as the domestic corporate earnings season gathered momentum. The ASX 200 may open the day 25 points or 0.35% higher. On Monday, the benchmark index closed flat at 7,538.4 points.
Global shares traded weak on Monday after gold and oil recorded sharp falls amid concerns over the fast spread of the Delta coronavirus variant. Wall Street closed on a mixed note, with the Dow Jones falling 0.3%, the S&P 500 dropping 0.1%, and the NASDAQ edging 0.15% higher.
According to experts, the spread of the Delta variant, with US coronavirus cases returning to the levels seen last winter, could influence the decision for a longer taper. In addition, investors would closely track July CPI data to confirm that inflation has peaked.
Speech by four Federal Reserve officials this week would offer a hint on the timing of tapering.