Live ASX News Today
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11th Aug 07:37 PM AEST
Andromeda Metals (ASX:ADN) sees major management changes
Andromeda Metals Limited (ASX:ADN) has shared that the Company's Executive Director and Secretary, Nick Harding will be resigning from his position. However, Harding would continue contributing towards the Company as a consultant during the handover phase.
Nick had joined the Company as a Junior Explorer of the Great Kaolin Project.
On the other hand, Andromeda has provisionally hired Andrea Betti as the Company’s interim Secretary. Betti is a corporate governance professional with over 20 years of experience in accounting, corporate governance, finance and corporate banking.
ADN ended 3.126% down at AU$0.155 per share today.
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11th Aug 06:41 PM AEST
Rex airlines to stand down its staff amid Covid crisis
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ASX-listed Australian airline Regional Express Holdings Limited (ASX:REX) has decided to let go hundreds of staff due to the ongoing toll of lockdowns and state border closures on its business. The decision came as Australia is reeling under the burden of Covid 19 and has imposed lockdowns to contain the spread of the Coronavirus.
Reportedly, in an all-staff email, the Airline’s management committee apprised the workers that it would lay off pilots, engineers, ground handlers, sales, call centre, head office, and operation roles from 16 August, next Monday.
According to a media report which has accessed the all-staff email, the airline has already stopped all domestic operations until at least 12 September this year. REX has maintained that the date is not confirmed though, it can be extended depending upon the severity of the pandemic.
The decision came after REX released revised profit guidance on 10 August 2021, which stated that the statutory losses for the complete FY21 would be AU$18 million instead of the earlier forecasted AU$15 million. Rex has said that the temporary stand-downs will be executed within the Company after consultation with the stakeholders.
Noticeably, Rex is not the first and the only airline to furlough its employees amid the Covid crisis. The Coronavirus pandemic has hit hard the aviation sector across the world, mainly due to travel restrictions.
A few days back, Australia’s largest airline Qantas (ASX:QAN), laid off 2,500 employees in response to the Coronavirus-induced lockdown.
Furthermore, another airline, Virgin Australia, is holding talks with unions about the number of workers it will stand down and is likely to publish an update in this regard soon.
The share price of REX stock closed 1.26% down at AU$1.170 per share today.
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11th Aug 06:40 PM AEST
Jervis Bay Stock Feeds gutted by fire
The renowned family business Jervis Bay Stock Feeds in Falls Creek was destructed completely by a fire on Tuesday night. As many as seven fire service and three fire and rescue NSW crews attended to the fire.
As per the reports, the blaze started at around 7 PM AEST. The cause of the fire is still unknown.
Early investigations are looking into whether there was any asbestos in the building.
The fire also reportedly cut the power in numerous nearby households.
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11th Aug 05:00 PM AEST
Archer Materials (ASX:AXE) hits record high on China 12CQ chip patent
Shares of Archer Materials Limited (ASX:AXE) soared as much as 22.3% to a record AU$1.975 per share.
The semiconductor chipmaker has received Chinese patent for the 12CQ quantum computing chip.
The Company stated patent protection will help use existing chip manufacturing facilities in the region.
AXE got a South Korean patent for 12CQ chip on Tuesday. This is AXE's biggest intraday percentage gain since 22 February.
6,931,909 shares got traded versus the 30-day average of 1.3 million.
As of Tuesday's close, the stock more than tripled this year.
The stock closed 17.647% higher at AU$1.900 per share today.
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11th Aug 04:06 PM AEST
Australia asks public firms to continue virtual AGMs
Australia has lessened the continuous disclosure laws for publicly listed firms. This will now onwards protect the firms and their senior staff against charges for misrepresenting and false reports or projections unless the ‘fault’ is proven.
It should be noted that there is a rise in expensive class action lawsuits and therefore the new laws have been introduced as part of a much comprehensive lock on the litigation funding sector.
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11th Aug 01:48 PM AEST
Australia's gold stocks tumble for fifth session on bullion weakness
A sub-index of Australian gold stocks AXGD dropped as much as 1.4%, hitting their lowest since 1 April, as bullion prices weakened on the back of a stronger dollar and a rise in bond yields.
AXGD is set to post its fifth straight session of losses.
Sector heavyweight Newcrest Mining Limited (ASX:NCM) shed 0.7%, while Northern Star Resources Limited (ASX:NST) fell as much as 1.7% to hit its lowest since 18 March 2021.
Alkane Resources Limited (ASX:ALK) was the top percentage loser on the sub-index.
Perseus Mining Limited (ASX:PRU) slipped 3% to hit its lowest since June 30, while Silver Lake Resources Limited (ASX:SLR) fell 2.2%.
AXGD is down 12.9% this year, as of the last close, vs the benchmark index's AXJO 14.8% rise.
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11th Aug 01:47 PM AEST
Core Lithium (ASX:CXO) raises A$91 million via placement, shares jump on ASX
Northern Territory (NT) Lithium developer Core Lithium Ltd (ASX:CXO) has received firm commitments for AU$91 million from an institutional placement of 293 million new fully paid ordinary shares. Each New Share issued will rank pari passu with existing shares. CXO experienced strong demand and support from new and existing high-quality domestic and global institutional investors in the placement.
With money coming in from Ganfeng equity investment and the share purchase plan, CXO is now completely financed for Stage 1 development at Finniss.
The money raised will cover upfront capital costs for plant construction, Grants open-pit pre-strip, and other mine establishment costs. CXO will also use part of it for Environmental bond payments to the NT Government. Other than this, funds will help accelerate reserve and resource Growth and support working capital needs.
CXO now has the financial flexibility to assess future growth initiatives. Accordingly, it seeks to execute the anticipated first production at Finniss by late 2022.
CXO shares were trading 11.111% higher at AU$0.400 per share at 1:00 PM AEST on ASX.
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11th Aug 01:32 PM AEST
Australian energy stocks eye best day in a week on firm oil prices
Australian energy stocks AXEJ rose as much as 1.1, marking their best day since 4 August 2021.
Local energy stocks track oil prices that rose more than 2% overnight, rebounding from recent losses on signs of rising fuel demand in the U.S. despite a surge in COVID-19 cases.
Index heavyweight Whitehaven Coal Limited (ASX:WHC) led gains on the sub-index, jumping as much as 4.6%, hitting its highest since 19 February 2020.
Oil explorer Beach Energy Limited (ASX:BPT), gained as much as 2.5%, marking its best day since 2 August 2021.
AXEJ is down 3,3% YTD as of the last close.
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11th Aug 01:32 PM AEST
Rhinomed (ASX:RNO) strikes nasal swab supply deal, share price skyrockets on ASX
Shares of Rhinomed Limited (ASX:RNO) jumped 60% to trade at AU$0.320 per share at 1:20 PM AEST, their highest level since 27 September 2019.
The medical device maker said it is supplying New South Wales Health Pathology with 1 million Rhinoswabs, Company’s nasal swab for COVID-19 tests.
RNO said it is now scaling up its manufacturing facilities to respond to growing demand for its product and added that revenue for initial order is likely to be between 25% and 35% of unaudited FY21 revenues of AU$3.9 million.
More than 5.8 million shares got traded, compared with the 30-day average volume of 216,000 shares.
The stock is up 25% this year, as of the last close.
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11th Aug 01:26 PM AEST
Commonwealth Bank of Australia (ASX:CBA) at all-time highs on record share buyback
Shares of Commonwealth Bank of Australia (ASX:CBA) — the country's largest — climbed as much as 2.3% to a record high of AU$109.03 per share on Wednesday.
CBA has announced a record AU$6 billion share buyback.
The bank has posted FY cash NPAT of AU$8.65 billion, up 19.7% on FY20, reflecting improved economic conditions and outlook. It has also declared a final dividend of AU$2 per share.
The lender further said its loan impairment expense fell to AU$554 million from AU$2.52 billion last year.
The stock is set for its biggest intraday percentage gain since 2 August and is on track for its sixth straight session of gains.
The stock is up 12.3% this year, as of the last close and was trading 1.229% higher at AU$107.870 per share at 1:15 PM AEST.
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11th Aug 12:55 PM AEST
Queensland Pacific Metals (ASX:QPM) soars on signing MOU
Shares of Queensland Pacific Metals Limited (ASX:QPM) rose as much as 6.410% to trade at AU$0.207, their highest since August 2008.
The Company has signed an MOU with Queensland-based Transition Energy Corp and North Queensland Gas Pipeline to develop and deliver gas field supply chain from the northern Bowen basin to the Company’s TECH Project in Townsville.
QPM stated the project is expected to result in a significant reduction in carbon emissions and has the potential to make the TECH Project a zero-carbon nickel producer.
The stock on track for second consecutive session of gains and is up over four-fold this year, as of the last close.
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11th Aug 12:46 PM AEST
Austal (ASX:ASB) rises on contract to build ferry
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Shares of ship builder Austal Limited (ASX:ASB) rose as much as 2.2% to AU$2.37, their highest since 8 June 2021.
The Company stated it was awarded a 20.5-million-euro contract to design and build a 66 metre high-speed catamaran ferry.
The stock has risen for a fifth consecutive session and has fallen 13.1% this year, as of the last close.
At 12:20 PM AEST, ASB was trading 0.646% up at AU$2.335 per share.
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11th Aug 12:15 PM AEST
Australia's SECOS (ASX:SES) jumps on upbeat FY outlook
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Shares of SECOS Group Ltd (ASX:SES) rose as much as 6.6% to AU$0.325, their biggest intraday percentage gain since 13 July 2021.
The bioplastics developer expects a FY net profit of AU$2.6 million, up from a net loss of AU$1.2 million reported last year.
The Company shared it expects FY revenue to jump 43% to AU$30.1 million and added that its capacity expansion rollout plan will be completed in late CY2021 and will help higher rate of growth in H2.
The stock climbed to its highest level since 28 July and around 1,087,494 shares got traded as compared with the 30-day average volume of 584,000 shares, so far.
The stock is up 52.5% this year, as of the last close and was trading 3.278% higher at AU$0.315 per share at 12:10 PM AEST.
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11th Aug 12:14 PM AEST
Metcash (ASX:MTS) trends amidst rising concerns for jobs and vaccines
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Food ans staples retailing giant Metcash Limited (ASX:MTS) has highlighted digital transformations in its FY22 outlooks. It is planning to accelerate digital transformations for business. While even other big chain stores are doing the same, they have recently been criticised for the job loss it will cause.
While supermarkets like Metcash have been negotiating deals to vaccinate staff and bring them back. At the current pace, it seems like only the internet can save them. Businesses do not want to risk dozens of staff getting infected from the Delta strain.
Business groups are thus urging PM Morrison to make COVID vaccination as easy as a flu shot. If the staff of big employers is not vaccinated, it will become difficult to continue operations. Companies will be forced to cut jobs and shift online. They are therefore ready to help the government in fast-pacing vaccinations.
Due to this, the Federal vaccine task force is now planning to mobilise businesses to help with vaccinations and rapid antigen tests. It seeks to use warehouses of big retailers like Metcash in its vaccine supply. Companies also want to help out and get their staff vaccinated. In addition, they seek to protect millions of workers and customers amid growing fears.
Meanwhile, on the ASX, Metcash stock MTS was spotted trading a tad bit higher, 0.121% up at AU$4.105 per share at 12:00 PM AEST.
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11th Aug 12:14 PM AEST
RBNZ hits Westpac (ASX:WBC) for failing to report 8000 global transactions
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The Reserve Bank of New Zealand has slapped Westpac Banking Corporation (ASX:WBC) with a formal word of warning for having failed to identify and inform about 8000 international transactions over an eight-month period.
RBNZ has alleged that there were severe failings during an on-site inspection by the Reserve Bank’s anti-money laundering and counter-terrorism financing supervision team in less than twelve months. It should be noted that WBC had to pay a record AU$1.3 billion settlement amount for similar case in Australia recently.
RBNZ stated that WBC fabricated its approved transaction reporting systems in a manner that failed to detect and report all qualified international wire transfers. This resulted in a failure to show up almost 8000 corporate deals with overseas beneficiaries between July 2018 and February 2019.
Meanwhile, WBC stock was trading 1.211% higher at AU$25.890 per share at 12:00 PM AEST today.
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11th Aug 11:20 AM AEST
Copper bounces back over supply concerns from Chile
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Copper prices bounced back on Tuesday as concerns over supply from leading producer Chile got intensified, while Chinese demand and a strong dollar further tempered optimism for higher prices.
- September delivery copper futures traded 0.03% down at US$4.35 per pound as of 11 August 2021 at 10:45 AM AEST.
- The workers at the BHP’s Escondida copper mine in Chile prepare for a strike. Escondida is the world’s biggest copper mine that accounts for nearly 4.5% of the global copper supplies.
- Copper traded near US$4.6 per pound on 26 July 2021, almost at two-month highs which are dragged by demand concerns and a stronger dollar.
- Copper prices were under pressure as the US manufacturing activity slowed in July to a six-month low level coupled with a drop in China's factory activity.
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11th Aug 11:20 AM AEST
Crude oil rises despite an increase in COVID-19 cases in the US
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Crude oil prices climbed up more than 2% on Tuesday on the back of rising energy demand in the US despite an increase in coronavirus cases.
- October delivery Brent Crude oil futures traded 0.03% up at US$70.83 per barrel, whereas September delivery WTI crude oil futures traded 0.35% up at US$68.53 per barrel as of 11 August 2021 at 10:18 AM AEST.
- A rapid surge in the newer variant of coronavirus, pushing the number of cases to six-month highs.
- Despite a rise in the number of cases, increased mobility and job growth in the US have boosted gasoline consumption in 2021, as per the U.S. Energy Information Administration monthly forecast.
- The gasoline consumption in the country is expected to average 8.8Mbpd in the current year relative to 8Mbpd in 2020.
- Crude stocks tumbled by 816,000 barrels for the week ending 6 August, as per the American Petroleum Institute data.
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11th Aug 10:49 AM AEST
Cellnet (ASX:CLT) signs new distribution agreement with Poly
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Cellnet Group Limited (ASX:CLT) has signed a new distribution agreement with Poly for distribution across Australia and New Zealand.
CLT is into wholesale distribution of gaming accessories, tablets, mobiles and software. Poly (NYSE:POLY) is a global communications company that innovates in wireless headsets, office telephony, and video conferencing solutions.
The new agreement will see CLT become Poly’s strategic partner across Telco and Consumer Electronics channels in Australia and New Zealand. CLT will also manage online digital e-commerce channels for Poly.
Poly combines legendary audio expertise and powerful video and conferencing capabilities to solve complexity and distance issues. It works to make communication easy in challenging workplaces.
Poly will offer CLT’s existing and prospective retail customers an exciting new range of products. It shall also help CLT expand into the workforce solutions space with telco, B2B, and enterprise customers.
CLT shares traded at AU$0.056 on the ASX.
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11th Aug 10:49 AM AEST
Insurance Australia (ASX:IAG) reports sound FY21 results, GWP up 3.8%
General insurance company, Insurance Australia Group Limited (ASX:IAG) declared its financial results for FY21.
Key Highlights-
- IAG’s gross written premium (GWP) grew 3.8%, mainly driven by rates.
- It experienced growth and strong customer retention in new business.
- IAG had an improved insurance margin of 13.5% in FY21 compared to 10.1% in FY20.
- IAG recorded an insurance profit of AU$1,007 million, mainly due to lower natural perils costs, positive credit spreads, and lower motor claims in the first half for Australia
- It had a net loss of AU$427 million compared to FY20, AU$435 million profit.
- Significant one-off corporate expenses from business interruption, customer refunds, and payroll remediation were recorded.
- Cash earnings, excluding one-off items, increased to AU$747 million for FY21.
- IAG announced a final dividend of 13 cents per share, making the payout ratio 66% of full-year cash earnings.
- In its FY22 outlook, IAG is forecasting low single-digit GWP growth with a reported insurance margin between 13.5-15.5%.
- IAG seeks to grow customers in Australia and New Zealand’s direct insurance businesses and expand its premium NRMA Insurance brand across Australia in FY22.
IAG shares traded 1.136% up at AU$5.340 per share at 10:40 AM AEST on the ASX.
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11th Aug 10:48 AM AEST
PXGEO signs on for DUG (ASX:DUG) Insight software
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ASX-listed technology firm DUG Technology Group (ASX:DUG) has announced that it has signed an agreement with PXGEO, a marine geophysical services provider, for the provision of software onboard their marine seismic vessel PXGEO 2.
The Company, as per the release, will furnish its DUG Insight software for the sake of real-time data acquisition quality control and onboard data processing and visualisation. Professional support services are also included.
The contract is made for an interim period of 36 months with an anticipated revenue of US$900,000 within that term.
As per the Company announcement, DUG will also carry the choice to further furnish the vessels as PXGEO expands its fleet.
The last traded share price of the stock was AU$1.090 per share.
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11th Aug 10:33 AM AEST
Zimi (ASX:ZMM) bags over A$0.3 million device order from partner Polyaire
Technology and hardware company Zimi Limited (ASX:ZMM) has received a purchase order from its new integration partner Polyaire Ltd worth over AU$300,000. The order is for 5,000 devices and is expected to be delivered by December 2021.
ZMM works to connect everyday electrical products to the internet to create smarter living and working spaces. For example, Polyaire has enhanced its Airtouch intelligent air conditioning system for Polyaire customers to control Zimi devices at home. It was initially purchasing devices from Zimi’s distributors but now has scaled to become a distributor itself. It has therefore executed this purchase order directly with ZMM.
Polyaire is a wholesaler and manufacturer of quality equipment for HVAC (heating, ventilation, and air conditioning) systems and fittings in Australia. It has sales of over AU$100 million per annum. The Zimi-Airtouch integration expands the available ecosystem.
The order represents an integral part of ZMM’s strategy. Polyaire is the first distributor to take up product integrations, and ZMM expects further integration collaborations in the future.
ZMM shares traded last at AU$0.016 on the ASX.
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11th Aug 10:23 AM AEST
Centuria (ASX:CNI) reports record FY21 real estate acquisitions of AU$2.5 billion
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Centuria Capital Group (ASX:CNI) shared its FY21 results for the period ended 30 June 2021.
Key highlights:
- Total operating revenues rose to AU$212.7 million, up 40% from FY20.
- Operating After Tax rose to AU$70.2 million, up 32% from FY20.
- At FY21 year-end the Company reports a strong balance sheet with AU$250 million cash in hand.
- Net asset value increased to AU$1.92 from AU$1.52 of FY20.
- Operating profit attributable to property funds management was AU$45.9 million, up 40% on previous corresponding period.
- Operating recurring revenue rose to 92% of total revenue as compared to 86% in FY20.
- A record AU$2.5 billion of real estate acquisitions were transacted during the period.
- The Company more than doubled its property platform to AU$16.5 billion, featuring a 30% expansion across New Zealand and a 125% rise in Australia in FY21.
The stock CNI traded last at AU$3.120 per share on the ASX.
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11th Aug 10:01 AM AEST
Commonwealth Bank reports net profit of 19.7% in FY21
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Australia’s major - The Commonwealth Bank of Australia (ASX:CBA) shared its financial results for the 2021 financial year on 11 August 2021.
Key highlights for the full year ended 30 June 2021:
- Statutory NPAT was AU$8,843 million, up 19.7%.
- Cash NPAT stood at AU$8,653 million, 19.8% higher.
- Operating income was AU$24,156 million, up 1.7%, with strong volume growth.
- Net interest margin came to be 2.03%, down by 4bpts.
- Operating expenses were AU$11,359 million, up 3.3%.
- Loan impairment expense decreased to AU$554 million.
- Final dividend of AU$2.00 per share, taking the full year dividend to $3.50 per share, fully franked.
The Group also reported a strong capital position with a CET capital ratio as at 30 June 2021 of 13.1%, well above APRA’s ‘unquestionably strong’ benchmark of 10.5%.
The stock CBA traded last at AU$106.560 per share on the ASX.
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11th Aug 09:39 AM AEST
ASX 200 to rise after US stocks end higher
The Australian share market may open higher on Wednesday, tracking positive cues from Wall Street.
Higher oil prices are expected to lift domestic energy stocks in intra-day trade. The ASX 200 may open the day 19 points or 0.25% higher after closing 0.3% higher at a record 7,562.6 points on Tuesday.
On the other hand, the Dow Jones rose 0.45%, the S&P 500 pushed 0.1% higher, and the NASDAQ dipped 0.5% after US Senate passed a US$1 trillion infrastructure bill.
Even as an indication of an economic recovery in the US is reviving reflation trade bets, the market remains wary of the risks posed by the coronavirus Delta variant.
On Monday, China reported more coronavirus cases. As a result, several cities in the country added rounds of mass testing in a bid to stamp out infections.