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30th Aug 06:27 PM AEST
Mobilicom (ASX:MOB) delivers record half-year revenue
Mobilicom Limited (ASX:MOB) released its half year results for the period ending 30 June 2021 and delivers strong results across several key metrics.
1H FY21 Key highlights:
- The Company witnessed a significant customer revenue growth, up 66% over previous year to AU$2.0 million.
- The Company reported a net operating cash burn of AU$0.7 million for 1H FY21.
- Mobilicom has strong cash reserves of AU$5.5 million.
- Post-period end, the Company launched ICE Cybersecurity Suite and signed a partnership with U.S. based Triad RF.
- The growing cybersecurity and cloud software offering is enabling the transition to Software-as-aService (SaaS) business model with recurring revenues.
The stock MOB closed 3.704% lower at AU$0.052 per share today.
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30th Aug 06:08 PM AEST
Australia’s COVID-19 death toll breaches 1000 mark
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Australia’s death toll from COVID-19 reached a new high of 1000 on Monday. Though the government has ramped up its inoculation drive, imposed relentless lockdowns, however; it seems that there is no respite from the pandemic which has entrenched deep into the country. The biggest issue which the Country’s public healthcare system currently faces is how to reopen.
While COVID-19 deaths are showing a gradual increase, infections are rising to successive record highs of more than 1,200 per day.
While Australia has performed relatively well as compared to other developed nations. However, the country's economy is likely to contract sharply for this quarter thus increasing the fears of pushing the country again into recession if the delta variant continues to spread for the rest of the year. The delta variant is highly infectious and young people who do not have access to the vaccine are mostly the victim of this strain. Just few days back Australian Prime Minister Scott Morrison had hinted at an end to his zero-COVID approach.
As per the latest government data, 18,927,313 doses of the COVID -19 vaccine have been administered in the country. Furthermore, as of 29 August 2021, 57.5% of people over the age of 16 have had at least one dose, whereas 34.2% of people over 16 are fully vaccinated. The government data updated yesterday says that the country has 51,256 cumulative cases of COVID-19.
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30th Aug 05:24 PM AEST
The Food Revolution Group (ASX:FOD) brings A$7.3 million EBITDA enhancement
The Food Revolution Group Limited (ASX:FOD), on Monday, shared its preliminary full year results for the period ending 30 June 2021.
Financial Highlights from the release:
- The Company reported an operating EBITDA of AU$1.8 million versus AU$7.3 million of FY20.
- The Group reported a gross sales revenue of AU$42 million, down 0.5% versus AU$42.2 million in FY20.
- The Company posted a cash position of AU$4.4 million as on 30 June 2021.
- The Company launched Juice Lab wellness shots into the market.
The Company closed today’s session at AU$0.024 per share.
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30th Aug 04:56 PM AEST
Cluey (ASX:CLU) to acquire Code Camp, announces fully underwritten A$14 million capital raising
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Cluey Ltd (ASX:CLU), an online learning support and school tutoring company, today announced the acquisition of coding and digital skills provider Code Camp. Cluey also shared that it will be undertaking a fully underwritten Placement of AU$12 million. Along with this, the Company will undertake a fully underwritten SPP to raise a further AU$2 million.
The release stated that funds received after the placement and the SPP will be utilised in aiding the acquisition and growth of Code Camp.
Key Highlights:
- Cluey will be acquiring K-12 coding and digital skills provider Codecamp Holdings Pty Ltd for AU$8 million.
- Code Camp will expand Cluey’s product mix, facilitating a substantial rise in active customers and LTV, and lower CAC.
- Cluey’s online service will be lengthened and will be offered to include B2B and B2B2C offerings.
- The Code Camp acquisition will be funded partly in cash (AU$1.3 million) and the remaining by the issue of 5,987,489 shares at a price of AU$1.119 per share.
The stock CLU traded at AU$1.220 per share at 3:50 PM AEST.
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30th Aug 04:56 PM AEST
ASX ends 0.2% higher on material, energy boost; InvoCare, Fortescue lead
The Australian share market ended higher in choppy trade on Monday, snapping two session losing streak, led by gains in blue-chip miner mining and energy stocks. The market sentiments were lifted by strong corporate earnings and firm global cues. Investors also cheered the USE Federal Reserve Chairman Jerome Powell’s comment that the central bank won’t be in a hurry to raise interest rates.
The?ASX200?closed 16.20 points or 0.22% higher at 7,504.50. During the day’s trade, the index gained as much as 0.5% to hit an intraday high of?7,528.30.????????????
The market breadth, indicating the overall strength of the market, was weak as seven of 11 sectors ended in the red. The material sector emerged as the best performer with a 3% gain, followed by energy, which rose 1.1%. Among others, consumer stapled and A-REIT also ended with modest gain.
Meanwhile, consumer discretionary was the worst performer with 0.9% loss. Among others, utilities, financial, information technology, health care, industrial and telecom also settled lower.?
Among the individual stocks, InvoCare (ASX:IVC), which operates funeral homes, cemeteries and crematoria, topped the gainers’ list by rising 8.3%. Some of the other top performers were health care firm Polynovo (ASX:PNV), iron ore miner Fortescue Metal (ASX: FMG), miner South32 (ASX:S32) and gold miner Pilbara Minerals (ASX: PLS).
On the flip side, software firm Altium (ASX:ALU) was?the top laggard with 14% loss. Some of the other worst performers were tech firm Nuix (ASX:NXL), superannuation business HUB24 (ASX: HUB), health care firm Healius (ASX: HLS), and energy company AGL Energy (ASX:AGL).
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30th Aug 04:34 PM AEST
Australian Government to give more teeth to the Treasurer to regulate Apple, Google
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Technology giants Apple and Google may face the heat of regulators in days to come. Speculations are rife that the Treasurer Josh Frydenberg will be given additional powers to rope in Apple and Google by classifying the participants in the payments system such as digital wallets provided by the duo as designated payment systems and giving them binding directions.
It is believed that the Federal government is considering new legislation that would tighten the grip on digital payment service providers.
Currently, services such as Apple Pay, Google Pay and WeChat Pay are outside the purview of regulatory system because they are not designated as payment systems.
Earlier this month, the Bank for International Settlements (BIS) had called for global financial watchdogs to immediately deal with an increasing influence of ‘Big Tech’, and the colossal amounts of data maintained by groups like Alibaba, facebook, Amazon and Google.
If a law is enacted in this direction, it will give more power to the Treasurer to issue directives to the tech giants in order to take control of the system from a bunch of financial regulators. Commenting on this development, Frydenberg has reportedly said that if nothing is done to reform the current framework then it will be Silicon Valley alone that will determine the future of the payments system.
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30th Aug 03:03 PM AEST
Crown (ASX:CWN) reports loss of A$261.6 million in 2021
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Shares of Casino giant Crown Resorts Limited (ASX:CWN) fell as much as 1.3% to AU$9.2 after it reported disappointing earnings on Monday.
Summary of the performance
The Company’s statutory net loss widened to AU$261 million in FY21 as its gambling and entertainment operations in Melbourne and Perth were badly impacted by the COVID-19 pandemic. It incurred closure costs of AU$120.6 million during the year due to restricted operations at Crown Melbourne, Crown Perth and Crown Aspinalls properties.
The Company did not declare any final dividend.
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30th Aug 01:19 PM AEST
MoneyMe (ASX:MME) posts a record revenue of A$58 million in FY21
A Company dealing in diversified financials, MoneyMe Limited (ASX:MME) announced its financial results for FY21 that ended on 30 June 2021. The Company has delivered a robust performance across all key financials as per the FY21 results.
Key Highlights of the result:
- MME reported record originations of AU$384 million, which is up by 115% year on year.
- MME’s total customer receivables were worth AU$333 million, up by 149% year on year.
- The Company has also recorded revenue of AU$58 million, up by 21% year on year.
- MoneyMe’s future contracted cash interest was AU$98 million in FY21, up by 240% year on year.
- Major bank warehouses established lowered funding costs by 55% year on year.
- MME’s digital platform-driven scale has also lowered core operating costs to 10%.
- MME has delivered stronger credit performance at 5% charge-offs, 25% lower year on year.
- MoneyMe’s cash NPAT was AU$12 million in FY21, up by 16% year on year.
- The Company has also successfully launched two big sector products, MoneyMe+ and Autopay.
MME stock was trading 4.695% lower at AU$2.030 per share at 1:15 PM AEST.
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30th Aug 12:25 PM AEST
Why are GenusPlus (ASX:GNP) shares trading higher today?
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Power and communications infrastructure provider GenusPlus Group Ltd (ASX:GNP) shared its financial results of FY21 today.
Key Highlights
- GNP has recorded a revenue of AU$318 million in FY21, up 87% pcp.
- The normalised EBITDA stands at AU$32.4 million, up 66% pcp.
- Alongside this, normalised NPAT is at AU$17.3 million, a 70% rise pcp.
- GNP also has a normalised Cash inflow from operations of AU$26.4 million, up 105% pcp and the cash balance is AU$18.7 million.
- GNP has achieved an earnings per share of 8.63 cents per share in FY21.
- It has declared a fully franked dividend of 1.8 cents per share
- GNP now has a strong orderbook of AU$408 million.
- The FY22 forecasted revenues are to be around AU$400 million, with FY22 EBITDA in the range of AU$34-38 million. GNP has already achieved prospectus forecasts.
- GNP forecasts a 74% FY22 revenue from recurring work with a strong tendered pipeline of AU$610 million with opportunities circa AU$2 billion.
GNP shares traded 3.608% at AU$1.005 per share at 12:10 PM AEST.
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30th Aug 12:15 PM AEST
Piedmont (ASX:PPY) and Sayona (ASX:SYA) complete acquisition of NAL
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Lithium producers Piedmont lithium (ASX:PLL) and Sayona Mining Limited (ASX:SYA) have completed acquisition of North American Lithium Inc. (NAL). A share purchase agreement has given PLL a 25% and SYA a 75% ownership in NAL.
Both are now advancing technical studies to restart NAL’s spodumene concentrate oerations. A scoping study is planned in H2-2021. Furthermore, a downstream processing assessment at NAL is moving ahead, according to the acquisition agreement. Planning for resumption of supply to the fast-growing, North American battery market, supports Quebec’s clean energy future.
In addition, NAL has undertaken conversion of its spodumene production into lithium products within Québec for four years after closure.
In response, PLL shares were spotted trading 7.482% higher at AU$0.790 per share and SYA shares traded at AU$0.155 per share, over 10.714% at 12:00 PM AEST.
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30th Aug 12:15 PM AEST
Healius’ (ASX:HLS) profit increases 179% in FY21
Healthcare equipment and services provider Healius Limited (ASX:HLS) has released the FY21 results on Monday portraying the Company in a strong financial position. The Company is all set to start FY2022 on a positive note.
Key highlights:
- The Company reported that underlying EBIT from continuing operations doubled up to AU$266.5 million, underpinned by a 22% increase in revenue to AU$1,913.1 million for the year ended 30 June 2021.
- HLS has generated AU$525.9 million operating cash flow (representing 106% conversion of EBITDA) and AU$386.9 million in capital recycling (the Healius Primary Care sale proceeds) net of capital investment.
- Healius’ debt was reduced by AU$555.7 million as mentioned in the FY21 result.
- Healius also undertook an AU$101 million on-market share buy-back program.
- The Company has determined total fully franked dividends of 13.25 cents per share representing a payout ratio of 62% of reported NPAT and retained substantial funds for investment for further growth of the business.
- Having all divisions up on the prior period and the Sustainable Improvement Program (SIP) contributed to both revenue growth and cost control.
The HLS stock was trading 6.945% lower at AU$4.690 per share at 12:00 PM AEST.
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30th Aug 12:00 PM AEST
Tianqi Lithium posts its first net profit in 2 years on lithium’s rally
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One of the top lithium producers of the world, Tianqi Lithium Corp has posted its first net profit in two years on Sunday.
- The decent financial results of the company were well backed by lithium’s price rally.
- Tianqi’s net income was CNY85.8 million during the first half of 2021, bouncing back from the losses of CNY696.6 million of previous year.
- The second-quarter profit of the company was CNY333.7 million, followed by a loss of CNY247.9 million in January-March, marking the company's best quarter since the fourth quarter of 2018.
- The lithium player has posted seven consecutive quarterly losses from mid-2019 after a strong plunge in lithium prices, driven by its oversupply.
- Tianqi has secured US$1.4 billion investment in its Australian operations from IGO Limited.
- The company's first-half revenue was CNY2.35 billion, nearly 25.13% up from the previous year.
- Tianqi also expects the commissioning of more battery plants in the second half to further boost the lithium’s rally.
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30th Aug 11:47 AM AEST
ASX edges lower in choppy trade; tech firms Altium and Nuix lead fall
Australian shares slipped into negative terrain by lunchtime, paring opening gains, amid broad-based sell-off. The market witnessed choppy trade as gains in material and energy stocks were offset by sell-off in financial and industrial companies. Investors also reacted to corporate earnings report of some big companies such as Fortescue, Nuix, Invocare, Altium, Crown Resorts, Freedom Foods, Duratec, Booktopia, Healius and others.
The ASX 200 was trading marginally lower by 1.60 points to 7,486.70 by lunch. Earlier today, the index opened higher, tracking firm cues from Wall Street which closed on a strong note on Friday after Federal Reserve Chairman Jerome Powell said the central bank won’t be in a hurry to raise interest rates.
On the sectoral front, nine of the eleven sectors were trading in red zone. The consumer discretionary sector was the worst performer with 1.15% loss, followed by financial, which dropped over 1%. Among others, telecom, industrial, tech and health care were also reeling under selling pressure.
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Meanwhile, material sector was the best performer, rising 2.5% by lunchtime. Energy sector was also trading higher by 1%, owing to rise in crude oil prices.
On the COVID-19 front, New South Wales reported 1290 new locally acquired cases in the past 24 hours, while Victoria’s daily case tally stood at 73.
Among individual stocks, software firm Altium (ASX:ALU) topped the losers chart by falling over 10% by lunchtime. Some of the other notable losers were tech firm Nuix (ASX:NXL), superannuation business HUB24 (ASX: HUB), health care firm Healius (ASX: HLS), and energy company AGL Energy (ASX:AGL).
Meanwhile, InvoCare (ASX: IVC), that operates funeral homes, cemeteries and crematoria, emerged as top gainer by rising 6.8%. Some of the other top performers were iron ore miner Fortescue Metal (ASX: FMG), mining company Orocobre (ASX: ORE), mining infrastructure service provider Mineral Resources (ASX:MIN) and miner South32 (ASX:S32).
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30th Aug 11:14 AM AEST
Papyrus (ASX:PPY) signs service deals with experts, shares gain on ASX
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Papyrus Australia Ltd (ASX:PPY), the agricultural waste to fibre technology firm, shared that it has executed a promotional services contract with Sydney-based BPE Investments Pty Ltd (BPE) and Union Pacific Investments Pty Ltd (UPI).
The deal is to get assistance for PPY on its international business. With the deed, BPE and UPI have to now promote PPY and its environmentally friendly technology, to prospective customers. They have to help improve PPY’s profile and chances in Australia and internationally.
The increase value for shareholders from the deed lays down that, for provision of the above services PPY will issue a total of 20 million unlisted options, jointly to BPE and UPI. The issue of the unlisted options is for a consideration of AU$0.0005 per option, exercisable at AU$0.06 per option in 12 months from issue date.
PPY shares traded 5% higher at AU$0.021 per share at 11:00 AM AEST.
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30th Aug 11:11 AM AEST
Crude oil climbs up on supply concerns due to Hurricane Ida in Gulf of Mexico
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Crude oil prices inched higher on Monday as oil and gas companies shut US production in the Gulf of Mexico as hurricane Ida hit Port Fourchon, Louisiana on Sunday.
- November delivery Brent Crude oil futures last traded at US$72.31 per barrel up 0.95%, whereas October delivery WTI crude oil futures traded 0.47% up at US$69.08 per barrel as of 30 August 2021 at 10:35 AM AEST.
- The deliveries from the Louisiana Offshore Oil Port stopped ahead of the storm after forecasts indicated that the storm would affect its operation.
- As of Sunday, more than 95% of the Gulf of Mexico’s oil production was suspended according to the offshore regulator.
- The intensity of Ida was faster than predicted. The rising intensity has prompted the evacuation along the Gulf Coast.
- Looking ahead, OPEC and its allies are scheduled to meet on 1 September to discuss their next output plans.
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30th Aug 11:11 AM AEST
ASX 200 surges higher; FMG doubles profit growth
The Australian benchmark index, the ASX 200 has started the week on a positive note, taking cues from a strong Wall Street closing on Friday, as US Fed Chairman Jerome Powell's comments at the Jackson Hole Symposium calmed investors’ fear over the tapering monetary stimulus.
As of 10:30 AM AEST, the ASX 200 has rallied further during the opening session and was trading 0.37% or 27.8 points up at 7,516.1. The ASX All Ordinaries index was also trading in green, scaling 0.4% higher to 7,791.1.
Duratec Limited (ASX:DUR) reported a net profit of AU$7.1 million in FY21, a 45.2% drop, while revenue was down by 4.7% to AU$235.7 million. The slower contract awards, especially in the Eastern states due to the pandemic were the primary reason for the lackluster performance.
Aussie Broadband Limited (ASX:ABB) has garnered a revenue of AU$350.3 million for FY21, while EBITDA soared 433% to AU$19.1 million, beating guidance on both fronts. The total broadband services grew 53% to 400,848 in FY21.
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30th Aug 11:10 AM AEST
Altium (ASX:ALU) is back to double-digit growth in the second half, say ‘unaudited’ results
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Electronic design software company Altium Limited (ASX:ALU) shared its preliminary financial results for the full year ended 30 June 2021. Also, the Company declared it has a positive outlook for Fiscal 2022.
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The Company shared that these are unaudited results as there were delays in the finalisation of the annual audit process impacted by COVID-19 pandemic in NSW. ALU shared that the audit process is likely to get completed within a week.
Altium shared it has delivered strong revenue growth in the second half of fiscal 2021 of 16% to achieve full year guidance at US$191.1 million. The Group delivered an underlying EBITDA margin of 36.1% for the full year.
Other Highlights include:
- A strong growth in annual recurring revenue of 29% is seen.
- Recurring revenue went up 65% from last year’s 59%.
- The Company recorded strong Altium 365 adoption with almost 13,000 monthly active users and over 6,000 monthly active accounts now.
- ALU posted a record revenue growth of 42% by Octopart to US$27.0 million for the full year.
- ALU had a strong second half growth in China of 47% to deliver full year double-digit growth.
- ALU posted a robust growth of 7% in the subscription base to 54,394 subscribers.
- There was a 100% rise in cash balance of US$191.5 million.
- The Company’s final partially franked (15%) dividend stands at AU 21 cents (AU 40 cents for the financial year up 3%).
However, the stock ALU traded 9.193% down at AU$31.610 per share at 10:50 AM AEST.
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30th Aug 10:43 AM AEST
Booktopia (ASX:BKG) smashes prospectus forecasts as Aussies continue to splurge on books
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Australia’s prominent online book retailer Booktopia Group Limited (ASX:BKG), on Monday, shared it has strongly outperformed its prospectus forecasts for the full year to June 30, 2021. The Company posted an improved capacity, record numbers of customers and growing order values, all of which combined to deliver a strong first year on the ASX.
Booktopia today reported its first results since listing on the Australian Securities Exchange.
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In the 12 months to June 30, 2021, the Company reported total revenue of AU$223.9 million, a 35% increase on the previous year and 10% above the AU$204.5 million forecast in the Company’s prospectus.
Since 2018, the Company has achieved a CAGR in revenue of 26%.
Booktopia’s Underlying EBITDA for the year stood at AU$13.6 million, up 125% on the previous year (AU$6.0 million) and 45% above prospectus forecasts of AU$9.4 million.
The full-year result was achieved on a 27% rise in total units shipped to 8.2 million, an average annual spend per customer of AU$126.85 (FY20: AU$111.43) and an average order value of AU$71.07 (FY20: AU$65.08).
The Company also shared it has completed three strategic partnerships with Brio Books, Zookal and Welbeck.
However, the stock BKG traded 4.683% lower at AU$2.850 per share at 10:40 AM AEST.
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30th Aug 10:43 AM AEST
Nuix (ASX:NXL) posts record-breaking financial performance in FY21
Software company Nuix Limited (ASX:NXL), shared its full-year results for FY21, ended 30 June 2021.
Key Highlights:
- NXL’s statutory revenue rose to AU$176.1 million, up 0.1% on FY20 and 7.4% on a constant currency basis (ccb).
- The annualised contract value (ACV) was AU$165.6 million, down 1.7% on FY20, but up 4.1% ccb.
- Furthermore, subscription ACV, recurring in nature, grew by 10.3% on FY20 ccb, partly driven rise in consumption and SaaS licences.
- NXL reported a pro forma EBITDA of AU$66.7 million, up 20.2% on FY20 and 31.3% ccb.
- Its pro forma NPAT stood at AU$25 million, up 33.2% on FY20 and 74.3% ccb.
- At the end FY21, total SaaS customers got increased to 112, from 71 pcp. Contracts beginning in FY22 show further strong growth in consumption and SaaS ACV.
- NXL customers displayed a continued willingness to enter into multi-year deals, with these contracts rising to 36.3% of revenue for the full year.
- It continues to invest in innovation and product development and key projects included further investment in SaaS capability.
NXL shares were spotted trading 2.788% lower at AU$2.790 per share at 10:40 AM AEST.
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30th Aug 10:07 AM AEST
Adore Beauty (ASX:ABY) active customers rise 39% in FY21
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Online cosmetic retailer, Adore Beauty Group Limited (ASX:ABY), released its full-year financial results for FY21, ended 30 June 2021. It posted record-breaking revenue, profit and customer numbers alongside multiple record trading days on ASX.
ABY’s revenue of AU$179.3 million was over guidance, up 48% pcp at FY19-FY21 CAGR of 57%. Its active customers increased by 39% pcp achieving customer growth of 64% pcp. The gross profit margin of 33.1%, was up 1.2 percentage points pcp, majorly from product margin expansion. It delivered a record profitability number with EBITDA at AU$7.6 million, up 53% pcp at FY19-FY21 CAGR of impressive 116%.
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As of now ABY claims to be well-funded for future growth with AU$29 million in cash. As at 30 June it did not report any debt. ABY’s financial performance in FY21 reflects the strength of its underlying business, and market leading position, within the large AU$11 billion online market.
As per the ASX release, ABY continues to capitalise on the shift to online channels, speedily adding new profitable customers. ABY is committed to delivering a customised, customer-led beauty shopping experience for its users.
ABY shares last traded on ASX at AU$4.810 per share.
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30th Aug 09:46 AM AEST
Fortescue Metals (ASX:FMG) posts record full year performance, delivers profit of US$10.3 billion
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The iron ore giant Fortescue Metals Limited (ASX:FMG) shared its full year results for FY21 on Monday, The Company shared it has a record 103% rise in total dividends to AU$3.58 per share.
Other Highlights include:
- The Company recorded highest ever annual shipments of 182.2 million tonnes, exceeding guidance.
- The Underlying EBITDA recorded was US$16.4 billion, 96% higher than FY20. The Underlying EBITDA margin rose to 73%.
- Net profit after tax (NPAT) stood at US$10.3 billion, up 117% from FY20. Earnings per share (EPS) was US$3.35 (AU$4.48).
- The Net cashflow from operating activities was US$12.6 billion and free cashflow of US$9.0 billion.
- The Company posted a Fully franked final dividend of AU$2.11 per share, taking the total dividends declared in FY21 to AU$3.58 per share, equating to AU$11.0 billion.
- Cash on hand, the Company has amounts to US$6.9 billion and net cash of US$2.7 billion as on 30 June 2021.
Which ASX stocks are trending on the trading charts today?Meanwhile, the Company shared that Fortescue Future Industries (FFI) was established during FY21 to take up a global green hydrogen and renewable energy portfolio. FFI is a key enabler of Fortescue’s decarbonisation strategy.
Importantly, the iron ore firm announced a revised target to achieve carbon neutrality by 2030, ten years earlier than the previous target, with a crucial progress on decarbonisation stretch targets achieved. The total global economic contribution, FMG has made resorts to AU$30.2 billion in FY21.
Meanwhile, the stock FMG traded last at AU$20.00 per share on the ASX.
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30th Aug 09:46 AM AEST
ASX 200 to open higher after Powell’s speech
The Australian shares are set to rise on Monday after Wall Street ended on a strong note in the previous session and Federal Reserve Chairman Jerome Powell hinted that economic stimulus may be wound back later this year.The ASX 200 may start the day 0.2% higher, according to the latest SPI futures. On Friday, the benchmark index fell marginally to 7,488.3 points. Fortescue and Altium are among firms that would release this full-year earnings on Monday.
The S&P 500 and tech-heavy NASDAQ finished at record highs after Powell reiterated at Fed's Jackson Hole symposium on Friday that the central bank would start stimulus tapering at the end of 2021.
Powell also cautioned against overreaction to inflation. Markets cheered up his dovish comments as investors anticipated a clear timeline on stimulus exit.
On Wall Street, the S&P 500 finished up 0.88% to 4,509.37 and the Dow Jones rose 0.69% to 35,455.80. The NASDAQ Composite gained 1.23% to 15,129.50.
On Friday, new economic data released showed consumer spending rose marginally by 0.3% in July after increasing 1.1% in the prior month, indicating the economic recovery may be losing momentum.