Live ASX News Today
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2nd Sep 07:36 PM AEST
SelfWealth (ASX:SWF) appoints Cath Whitaker to the Board
Financial trading platform SelfWealth Limited (ASX:SWF) announced on Thursday the appointment of Cath Whitaker to the Board. Whitaker has been appointed as the board member effective Monday 6 September 2021.
Cath comes with more than 20 years of experience in global financial sector with expertise in running digital transformation in organisations. Cath had started working as CEO of SelfWealth in April 2021 with a clear objective to drive the Company to the next phase of growth.
For the past few months, Cath was also seen leading and developing SelfWealth’s growth strategy, that firmly focused on internal and external data points and customer insights. These insights helped shape the comprehensive Product Roadmap to ensure that ongoing product innovation is aligned with customer demand.
The SWF stock closed at AU$0.320 per share on the ASX today.
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2nd Sep 07:15 PM AEST
Jervois Global (ASX:JRV) closes Freeport Cobalt acquisition
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The ASX-listed mining company, Jervois Global Limited (ASX:JRV) shared it has closed its US$160 million acquisition of Freeport Cobalt, with the final purchase price including working capital but excluding cash being approximately US$192 million to reflect higher cobalt inventory acquired.
Key highlights:
- The acquisition aimed to consolidate the transformation of Jervois into a global, vertically integrated cobalt and nickel company of scale.
- Jervois has also purchased a global operating leader in the cobalt industry, with an established market platform diversified by product and value chain segment.
- JRV has closed AU$313 million equity raise with the final settlement of the AU$177 million retail entitlement offer tranche, fully underwritten by UBS and Jefferies.
- Australian Super has invested a further AU$73.9 million; Mercuria, one of the world’s largest energy and commodity traders, has invested AU$45.7 million.
- Jervois Directors and Management has also subscribed for an additional AU$3.57 million to support the transaction.
JRV stock closed at AU$0.490 per share, up 1.030 per share.
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2nd Sep 06:33 PM AEST
Dotz Nano (ASX:DTZ) appoints new CEO and Non-Exec Director
ASX-listed IT sector company, Dotz Nano Limited (ASX:DTZ) has appointed Gideon Shmuel in the role of Executive Director and Chief Executive Officer, the Company shared on Thursday.
Shmuel is a highly experienced CEO and senior executive with solid sales, business development and marketing expertise. In addition, he has extensive experience scaling innovative tech companies globally, the Company announcement shared.
Shmuel’s appointment follows a comprehensive executive search and selection process by the Board. As a result, Bernie Brookes will now move back to the role of Independent Non-executive Chairman. Dotz has also strengthened the Board’s business capability, appointing accomplished executive Kerry Harpaz as a Non-Executive Director.
Harpaz, LLB, has more than 17 years of experience in senior management and leadership with a speciality in building large teams with a focus on coaching and mentoring to build successful cultures.
The DTZ stock closed a tad bit down at AU$0.410 per share on the ASX today.
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2nd Sep 06:11 PM AEST
archTIS (ASX:AR9) intends to list on the U.S.-based OTCQB; share price surges on ASX
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ASX-listed global provider of innovative software solutions, archTIS Limited (ASX:AR9), announced on Thursday, that the Company had retained US-based Viriathus Capital to assist in applying to list archTIS on the OTCQB Venture Market.
The filing initiative supports the Company’s acquisition strategy for growth and the fact that an OTC listing will make the Company’s scrip more attractive to acquiring company targets while also opening the door to new opportunities to expand footholds in the US.
OTC Markets Group Inc. operates the OTCQX Best Market and the OTCQB Venture Market for 11,000 US and global securities. This has enabled investors to trade easily through the broker of their choice and empowered companies to improve the quality of information available for investors. In addition, the OTCQB Venture Market is designed for developing and entrepreneurial companies in the US and abroad.
Meanwhile, the stock AR9 closed today’s session higher by 8% at AU$0.335 per share on the ASX.
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2nd Sep 05:49 PM AEST
Duketon (ASX:DKM) confirms Platinum and Palladium in Oxide holes above Rosie
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The ASX-listed metals and mining company Duketon Mining Limited (ASX:DKM) announced that assays have been received for the three diamond holes drilled into the oxide zone above the Rosie Nickel Resource.
Platinum and palladium assays received for 3 Rosie oxide drillholes and include:
- 2.5m @ 4.78 g/t Pt + Pd from 81.5m inc. 1.7m @ 6.78 g/t Pt + Pd
- 7m @ 0.9 g/t Pt and Pd from 66m inc. 1m @ 2.93 g/t Pt and Pd
- 1.6m @ 0.78 g/t Pt + Pd from 67.4m
The intersections have been resubmitted for the remaining suite of PGEs (Rhodium, Ruthenium, Iridium and Osmium), with results expected in 4 weeks. There are another three holes in this zone which assays are still pending.
The DKM stock closed at AU$0.365 per share on the ASX today.
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2nd Sep 05:41 PM AEST
Why did Johns Lyng (ASX:JLG) close higher on ASX today?
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The ASX-listed building and restoration service provider, Johns Lyng Group (ASX:JLG) subsidiary Bright & Duggan has strengthened its strata market presence in Queensland and has taken a foothold in the Melbourne market through two strategic acquisitions completed this week.
BrisBay, the first one, is a Brisbane-based boutique strata management business focused on small buildings, with a portfolio of 1,387 lots across 123 strata schemes. BrisBay has been wholly acquired and will serve as a direct ‘bolt-on’ to Bright & Duggan’s existing strata management portfolio of more than 87,000 lots, building on the Group’s significant presence in Southeast Queensland.
Apart from that, Bright & Duggan has also acquired the management agreements for 214 lots across 26 strata schemes, via Deed of Assignment, from Melbourne-based business Aligned Property Group (APG). This deal has represented a further step in the business’s strategic growth trajectory, creating a platform for rapid expansion in the Melbourne market.
JLG closed up 2.802% at AU$5.870 per share on the ASX.
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2nd Sep 05:27 PM AEST
Nickel Mines (ASX:NIC) signs MoA with PT Iriana Mutiara Mining
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The ASX-listed metals and mining company Nickel Mines Limited (ASX:NIC) has announced that the Company has signed a binding Memorandum of Agreement (MoA) with PT Iriana Mutiara Mining. The MoA has aimed to acquire a 100% interest in the Siduarsi Nickel-Cobalt project in Papua province, Indonesia.
Through this MoA, NIC has managed to secure the opportunity to acquire a potentially large-scale, long-life nickel deposit with high associated cobalt grades within a proven geological setting. The potential to secure this CoW is not only substantial from a security of supply perspective but also has the added strategic benefit of enhancing our potential ability to participate in further downstream processing opportunities.
NIC stock closed a tad bit higher at AU$1.010 per share on the ASX today.
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2nd Sep 05:06 PM AEST
Tencent tossed out of Magellan (ASX:MFG) fund owing to Chinese crackdown
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In response to the Chinese regulatory crackdown, Australian fund manager Magellan Financial Group Limited (ASX:MFG) has removed its shares in Tencent Holdings Ltd.
Highlights
- Chinese regulatory crackdown is making its tech sector face the brunt.
- Australian leading investment group MFG has shifted its holdings from the Chinese giant Tencent Inc.
- Increasing regulatory and political risks are acting as a handicap for valuation.
Tencent has massive gaming, social media, and other content businesses. However, globally investors’ perception of risk is increasing daily as business gets exposed to regulatory, social, and political risks.
China is running a regulatory crackdown for the past few months. The globally spread tech sector is worst hit with the enhanced regulatory scrutiny. In response, one of Australia’s most prominent investment managers, MFG, has sold its shares in Tencent Holdings Ltd. in early August. Instead, it has switched on to a new position in Amazon.com Inc., the American conglomerate.
MFG quickly shifted some of its holdings to a stake in Amazon when the e-commerce giants’ shares dropped due to its second-quarter results. Amazon’s price fall turned out to be coincidental with MFG’s change in risk-adjusted views for Tencent.
To MFG, Amazon seems well placed in terms of business quality and long-term return compounding potential, though earlier, the fund was skeptical on its valuation.
Bottomline
Chinese regulatory crackdown is turning bad for its well-placed global tech sector. Moves from significant investors like MFG are rising investors’ anxiety on popular Chinese businesses like Tencent Inc.
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2nd Sep 04:59 PM AEST
Retail giant behind Noni B and Katies, Mosaic Brands (ASX:MOZ) says 288 stores closed since pandemic
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The fashion retail giant Mosaic Brands Limited (ASX:MOZ), backing popular brands like Katies, Noni B, and Rockmans, has revealed that 288 stores have closed since the start of the pandemic.
Highlights
- MOZ Group reports 288 store closures since the pandemic beginning.
- Unending rental and lease pressures are making COVID-19 difficult for retailers.
- Businesses are slowly shifting base to digital to remain profitable.
On Tuesday, MOZ disclosed the number in its annual report in the ongoing earnings reporting season on the ASX. Mosaic Brands is going nuts with landlords, not ready to budge on rent, even after revealing the increase in-store closure.
The group has closed 242 shops throughout the financial year 2020-21, where it struggled to achieve economic rentals. In its’ market update in late May, Mosaic Brands had reported 212 shuttered stores. The number has increased since then.
Chief executive Scott Evans had warned previously on undoubted other store closures, expressing his foresight of about 500 happening soon. However, Chairman Facioni revealed a closure number of 288 in the group’s latest corporate presentation. In its corporate presentation, MOZ was publically addressing uncommercial and inflexible lease arrangements, affecting it during the pandemic.
As a result, the group clarified that EBITDA is returning to pre-pandemic levels, with 288 fewer stores and growth in its digital business. It is experiencing improving margins and efficient stock levels due to this. Furthermore, MOZ’s full-year results show doubled net profit at AU$2.78million and a record 59% margin.
Shares in MOZ last traded at AU$0.455 per share today.
Bottomline
Retail sector is badly hit by the long continuing pandemic and the only savior is a digital presence.
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2nd Sep 04:43 PM AEST
ASX ends 0.6% lower as mining stocks drag; ex-dividend BHP, Rio fall
The Australian share market ended lower for the second straight session on Thursday, albeit reversing half of early losses, amid sustained selling across materials, consumer staples and health care space. The market staged smart recovery in the last few hours of the day’s trade as investors cheered robust trade balance and housing finance data. The macro data follows the better-than-expected gross domestic product (GDP) figure released on Wednesday.
The ASX200 closed 41.40 points or 0.55% lower at 7,485.70. During the day’s trade, the index declined as much as 1.2% to hit a low of 7,437.20.
The top gainer on the benchmark index was computer software developer Altium (ASX: ALU) which rose 4.3%. Some of the other top performers were pharma major Clinuvel Pharmaceuticals (ASX:CUV), health care group Polynovo (ASX:PNV), tech firm NEXTDC (ASX:NXT) and technical service provider ALS (ASX: ALQ).
On the losing side, blue chip miner blue-chip miner BHP (ASX: BHP) topped the chart by falling 6.9%, followed by malt supplier United Malt Group (ASX:UMG), which dropped 6.2%.
The market breadth, indicating the overall strength of the market, was negative as six of 11 sectors ended in red zone. The material sector emerged as the worst performer with a 2.5% loss, followed by consumer staples, which fell 1.2%. Among others, health care and utilities also witnessed surge in selling activities.
Meanwhile, energy sector emerged as the biggest gainer for the second day. It was followed by tech, industrial and A-REIT, which closed in positive terrain.
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2nd Sep 04:09 PM AEST
Amazon on a hiring binge, to add 55,000 people to its workforce
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At a time when retrenchments and lay-offs are making regular headlines due to the Coronavirus pandemic, e-commerce giant Amazon is on a hiring binge. The Company announced Wednesday that it is planning to hire more workforce, including 55,000 people globally and around 40,000 in the United States.
The Seattle-based Company has said that the roles are for tech and corporate positions. It is worth mentioning that Amazon’s employee strength increased massively during the pandemic as lockdown forced people to order all their essential items from toilet paper to groceries from the shopping site. Previous year alone, the Company hired 500,000 people.
The e-commerce company will be organising Amazon Career Day on 15 September. At present, with an employee strength of more than 1.3 million worldwide, Amazon is the second-largest private US employer after its retail rival Walmart.
Noticeably, Amazon faces allegations of mistreating its employees. Several lawsuits have been filed against the e-commerce company by its employees over various charges. The Company is also accused of engaging in unfair market practices.a
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2nd Sep 02:50 PM AEST
AUSTRAC apprises Aussies about most common errors while reporting SMR and TTR
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In a recent development, the Australian financial intelligence regulator AUSTRAC while speaking at an outreach event held last week, disclosed some of the most usual mistakes made by banks and other entities in the country.
In its efforts to remap its engagement with the regulated population, the regulatory body also unearthed how the anti-money laundering and counter-terrorism programs are inadequate.
The panel of AUSTRAC staff, which comprised of director regulatory capability Paul Amiguet and director of supervision Jack Haldane did not shy away from sharing their observations about where the entities were failing to fulfil their expectations.
Among AUSTRAC’s bugbear was the careless paperwork it notices in transaction threshold reports (TTR) and suspicious matter reports (SMR) with fields erroneously used, and entries often interchanged, usually with catastrophic results.
While talking about the need for citizens to do the requisite due diligence while making changes to their businesses, the panel apprised the people about the do’s and don’ts while reporting SMRs. The AUSTRAC staff informed that there are times when the reporting entity is not aware of the name of the suspicious person who is involved in a transaction, and thus, they fill the field with the account holder’s name instead, due to which they get an SMR on the victim.
Noticeably, in the last few years, the financial intelligence regulator has imposed a penalty of $2 billion on the Commonwealth Bank of Australia and Westpac over violation of AML/CTF.
At present, AUSTRAC has set its sights on another banking giant NAB over some issues with its KYC obligations.
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2nd Sep 02:46 PM AEST
Miners, ex-dividend stocks drag ASX 1% lower; BHP, NIB Holdings, Deterra Royalties lead
Australian share market remained under stress by afternoon as investors turned jittery ahead of trade balance and housing finance data for the month of July, slated to be announced today. The macro data follows the better-than-expected gross domestic product (GDP) figure released on Wednesday. The fall in commodity prices, especially iron ore and crude oil, as well as a swathe of ex-dividend stocks also dragged the market lower.
The?ASX 200?was?currently trading?down by 75.60 points or 1% at 7,451.50, by?lunch.?Early today, the index opened?lower and nosedived as much as 1.2% to hit a low of 7,437.20.?
Shares of BHP, CSL, NIB Holdings, Woolworths, Deterra Royalties and Perpetual were trading lower as stocks turned ex-dividend today. Bucking the trend, Invocare, Clinuvel Pharma and Platinum Asset Management traded higher on their ex-dividend date.
The equity market witnessed broad-based sharp sell-off as all 11 sectors were bleeding in red.?The?material sector was the worst performer with 2.80% loss, owing to slump in iron ore price. Among others, consumer staples and health care sectors were down over 1.5%, while utilities, A-REIT, telecom, industrial, financial and tech also witnessed surge in selling activities.
The concerns over rising COVID-19 cases also left investors jittery. NSW reported 1,288?new local cases and seven deaths?in the past 24 hours, while Victoria’s case tally stood at 176. Meanwhile,?New Zealand detected 49 new locally acquired cases, in the epicentre of Auckland, taking the total tally to 736 in this outbreak.
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2nd Sep 02:42 PM AEST
Iron ore tumbles on expectations of steel production curbs in China
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Iron ore prices tumbled sharply on expectation over curbing the production of steel production in China for the remaining year. The steel mills in the country have not relaxed the production of steel, a move to limit greenhouse emissions.
The prices of Iron Ore Fine China Import 63.5% grade closed 7.03% down at US$145.5 per tonne on Wednesday. The prices of the base metal used for the production of steel are trading at slightly above the nine-month low levels of US$139.5 per tonne.
The iron ore prices tumbled more than 30% since the record high level of US$230 per tonne in May amid an improved supply outlook and steel production curbs in China. Apart from this, the country's factory activity also slipped into contraction during August for the first time in the last 1.5 years on the back of COVID-19 restrictions, high raw material prices, and supply bottlenecks.
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2nd Sep 02:27 PM AEST
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2nd Sep 12:17 PM AEST
Armor Energy (ASX:AJQ) announces Jeff Schrull as the CEO of McArthur Oil & Gas
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The Australia-based oil and gas explorer company Armour Energy Limited (ASX:AJQ) has announced that the Company has appointed Jeff Schrull as the Chief Executive Officer-elect for the proposed demerger and separate ASX listing McArthur Oil & Gas Ltd.
Jeff Schrull holds over 30 years of upstream oil and gas experience. He has joined the proposed McArthur executive leadership team from Beach Energy, where he was the Group Executive Exploration and Appraisal from January 2017 through February 2021.
Jeff has a strong track record of creating and delivering growth through exploration, development, operations, and M&A and holds a B.S. Geophysics, from North-Eastern Louisiana University, and an M.S. Geophysics from Texas A & M University.
Before leading Beach Energy’s exploration and appraisal programs, Jeff was the General Manager Exploration and Production at Cue Energy and served as Managing Director of Rialto Energy. Jeff has also successfully built the Addax exploration business throughout Africa and played a crucial role in the subsequent AU$9.2 billion sales of Addax to Sinopec.
Jeff will commence leading the McArthur executive leadership team starting 6 September 2021.
Meanwhile, the AJQ stock traded 2.942% lower at AU$0.033 per share at 11:40 AM AEST.
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2nd Sep 11:28 AM AEST
Accelerate Resources (ASX:AX8) & Vytas Resources to develop HPA &HPQ Strategy
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ASX-listed multi-commodity explorer in the metals and mining sector Accelerate Resources Limited (ASX:AX8), on Thursday announced that the Company has executed a binding contract to vend its interest in the Tambellup Kaolin Project for a 33.3% interest in Vytas Resources.
According to the announcement, the binding agreement will help develop a new technology material company focused on the Company’s Tambellup Project and Vytas' silica assets to become a supplier of HPA (High Purity Aluminium) and HPQ (High Purity Quartz) for energy production (hydrogen production and solar panels), energy storage (batteries), and other industrial applications.
Vytas Resources is a Perth-based silica resource and technology development company. Accelerate will work in collaboration with Vytas to advance the projects as part of a listing planned for early 2022. The Company has said that the deal would help Accelerate to focus on execution of the high-grade manganese strategy and advancing its WA gold projects.
As per the announcement, the new technology material venture will place both the companies at the forefront of the renewable technology industry and will also expose Accelerate shareholders to the globally significant HPQ market and the renewable energy sector. Noticeably, Vytas is planning to list on the ASX and is currently preparing its IPO for the first half of 2022.
AX8 was spotted trading at AU$0.038 per share, down 5% at 11.20 AM AEST.
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2nd Sep 11:26 AM AEST
Woolworths (ASX:WOW) faces COVID-19 Delta blues
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Woolworths' (ASX:WOW) stores are in low spirits as CEO Brad Banducci confirms 'more than 3300' staff are in COVID isolation. The highly exposed supermarket's workforce is hit by Delta blues 'very directly'.
Banducci, in his mail communique, to his customers, confirmed that thousands from Woolworth's dedicated employees are under the Delta variant trap. Being deeply appreciative of their efforts amidst current COVID outbreaks in Australia, the Woolworths boss expressed his concern for staff in isolation.
Although more than 3000 Woolworths staff is vaccinated in NSW and Victoria, Banducci elucidated that delta infections among distribution center staff worry the group. In addition, even after priority vaccination, the distribution center staff's isolation has resulted in product unavailability in some WOW stores.
The good news is those team members who tested negative are slowly coming back to work. WOW is also allowing customers to automatically substitute products in all orders, to manage demand. Although not ideal, it does mean lesser chances of missing out.
Meanwhile, WOW shares traded 2.409% lower at AU$40.110 per share at 11:00 AM AEST.
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2nd Sep 11:16 AM AEST
Envirosuite Limited (ASX:EVS) and WA’s Water Corporation enter into SeweX proof of concept
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On Thursday, ASX-listed environmental sciences Company Envirosuite Limited (ASX:EVS) announced the award of a proof of concept project with Western Australia’s Water Corporation for SeweX.
The Company said that it has agreed on terms with Western Australia’s Water Corporation for a proof of concept of SeweX, Envirosuite’s corrosion, odour, and safety software solution for the water industry.
The said project will exhibit SeweX, Envirosuite’s SaaS product performance for water services backing proactive management of odour, corrosion, and safety in sewer networks regarding sulphide and methane.
SeweX is created to help water utilities safely handle the biological processes happening within sewer networks and ameliorate the health, safety, and environmental (HSE) performance while evading and lessening costly network disturbances.
Water Corporation, which is State-owned and accountable to the Minister for Water, is Australia’s principal water supplier, which supplies clean drinking water to more than 2 million people across the state and takes away almost 450 million liters of wastewater every day. Water Corporation also supplies wastewater, drainage, and bulk irrigation services.
Furthermore, the organisation operates 113 wastewater treatment plants across the state, each significant in helping ensure sustainability, liveability, and climate resilience in Western Australia.
The stock EVS, triggered up by the news, traded 3.125% higher at AU$0.165 per share at 11:10 AM AEST.
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2nd Sep 10:56 AM AEST
Wellnex’s (ASX:WNX) Wakey Wakey and The Iron Company to be ranged in Coles, shares gain on ASX
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The ASX-listed wellness and health company, Wellnex Life Limited (ASX:WNX), has announced that it has received confirmation from national supermarket retailer Coles for the ranging of its new, innovative, and 100% Wellnex-owned brands: Wakey Wakey and the Iron Company.
Key highlights:
- The Coles ranging adds to the current ranging of the brands Wakey Wakey and The Iron Company with other key pharmacy retailers nationally.
- This ranging suggests that Wellnex has a potential to get new and innovative products to market.
- Wakey Wakey and The Iron Company brands are both 100% owned by Wellnex Life.
The Company stated that its first manufacturing batch of the new products is complete, and the first delivery of the new product is expected in October 2021. Both brands have already achieved distribution in the Australian pharmacy channels with major national Pharmacy groups and national wholesalers, including Chemist Warehouse. However, it is yet to receive approval from Terry White Chemmart, Australian Pharmaceuticals Industries (API), and Symbion with additional ranging.
Meanwhile, backed by the same announcement, the WNX stock traded 7.142% higher at AU$0.112 per share at 10:50 AM AEST.
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2nd Sep 10:51 AM AEST
XRF Scientific (ASX:XRF) acquires 50% of Orbis Mining
The ASX-listed capital goods company XRF Scientific Limited (ASX:XRF) has announced that it will be acquiring 50% of the shares in Orbis Mining Pty Ltd from Brad Hunting and Darrin Hunting. XRF has further acquired a Call Option to purchase the remaining 50% of the shares currently held by the Founders.
Key highlights of the agreement:
- This one is a low-risk, bolt?on acquisition with highly complementary products as the majority of XRF's existing customers require jaw crushers.
- XRF stated that Orbis's revenue and profits have the potential to sales multiply in short to medium term.
- As Orbis's products are used in gold assaying processes, XRF expects to earn further diversified revenue into the gold mining sector.
- The price of the acquisition- AU$600,000 in cash and AU$200,000 in XRF shares. The cash consideration will be funded from XRF's cash reserves. The XRF shares will be issued at the 10?day VWAP before settlement and will be issued using XRF's available placement capacity.
- XRF has predicted to make an AU$500,000 working capital loan into Orbis.
Which ASX Stocks are on investors radar today?
The sale is expected to settle by 30 September 2021.
XRF stock traded 1.818% up at AU$0.560 per share at 10:40 AM AEST.
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2nd Sep 10:42 AM AEST
ASX 200 opens lower: BHP, RIO, FMG fall on weak iron ore prices
On Thursday, the Australian share market has again opened lower, with local miners such as BHP, RIO and FMG are witnessing selling pressure in the early trade due to weaker iron ore prices. Iron ore prices for 62% Fe fell 5.9% to US$143.55 per megatonne. However, a strong lead from the NASDAQ Composite on Wall Street has propelled domestic technology stocks higher.
September kicked off with confident buying in technology stocks in the US. The NASDAQ closed the Wednesday’s session at another record high, while the S&P 500 surged higher but fell short to mark a fresh lifetime high.
The top ASX 200 losers for the day so far were BHP Group (ASX:BHP) and Abacus Property Group (ASX:ABP), both falling 6.84% and 3.88%, respectively. On the flipside, stocks which are trying to resist the fall are Corporate Travel Management Limited (ASX:CTD) and ARB Corporation Limited (ASX:ARB), both gaining 3.98% and 2.91%, respectively.
Senex Energy Limited (ASX:SXY) has signed a gas sales agreement with Opal, under which it will supply Opal with up to 12 petajoules (PJ) of natural gas for up to six years. The agreement has broadened the scope of the company’s supply of natural gas.
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2nd Sep 10:37 AM AEST
Flight Centre (ASX:FLT) toughens corporate travel trail in Asia with FCM Japan JV
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Retail travel company, The Flight Centre Travel Group (ASX:FLT) is continuing its strategic expansion within the Asian corporate travel sector. It today announced plans to launch its leading FCM travel management business in Japan.
FLT’s existing Asian network includes businesses in China, SAR Hong Kong, India, Singapore, and Malaysia. Japan is the world’s fourth-largest corporate travel market and will be a significant addition to FLT’s global FCM network. FLT plans expansion in Japan via a joint venture (JV) with Tokyo-based NSF Engagement Corporation. With this, its FCM network will get extended to 97 countries with company-owned businesses and licensing agreements with local operators.
FLT’s corporate businesses have recorded a pre-COVID annual spend of over US$1.4billion during FY21. FLT is investing heavily in innovative technology for enhancing travelers’ experience and optimising travel programs. Its enhanced offerings have delivered a strong pipeline of global account wins.
FLT claims that the investment in Japan underlines its recovery phase and has future importance to the company.
FLT shares traded a tad bit down at AU$16.790 per share at 10:30 AM AEST.
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2nd Sep 10:28 AM AEST
Helix (ASX:HLX) strikes a deal with Alpha HPA (ASX:A4N) to buy Solindo’s tenement
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Helix Resources Limited (ASX:HLX) announced on 2 September 2021 that it has entered into a binding agreement with Alpha HPA Limited (ASX:A4N) to acquire EL8703 from Alpha HPA’s 100%-owned subsidiary Solindo Pty Ltd (Solindo). Helix considers the tenement prospective for ‘Collerina type’ copper/base metal deposits as well as nickel-cobalt mineralisation.
This will further strengthen Helix’s position in the Cobar region of New South Wales via the acquisition of prospective copper tenure, removal of pre-existing Joint Venture restraints and acquisition of a new nickel-cobalt Mineral Resource.
Which ASX Stocks are on investors radar today?
The final element of the transaction is the acquisition by Helix of 100% of the nickel-cobalt Mineral Resource at Homeville and all nickel-cobalt rights previously held by Alpha HPA which applied to Helix’s existing tenements and EL8703. Homeville has an Indicated and Inferred Mineral Resource of 17.9Mt grading at 0.89% nickel and 0.06% cobalt.
The Company shared it expects transferring the nickel-cobalt assets and rights into a 100% owned subsidiary to provide flexibility on future funding options such as attracting external investment.
Meanwhile, the stock HLX traded 5.263% up at AU$0.020 and A4N traded 1.9% lower at AU$0.495 per share at 10:30 AM AEST on the ASX.
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2nd Sep 10:05 AM AEST
Family Zone (ASX:FZO) pays deferred consideration of £10.5 million for Smoothwall acquisition
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An ASX-listed technology firm Family Zone Cyber Safety Limited (ASX:FZO) provided a significant update on the Smoothwall acquisition.
Family Zone agreed to pay £75.5 million (AU$142.0 million) cash consideration for the acquisition of the Smoothwall business. As per the deal, FZO was to pay £65.0 million on Completion and the balance of £10.5 million payable on 1 September 2021.
Which ASX Stocks are on investors radar today?
The Company shared today that it has completed the acquisition of Smoothwall on 17 August 2021 and confirms the £10.5 million deferred consideration has now also been paid following completion of the Retail Entitlement Issue.
Other Highlights
- The Integration of businesses is well underway;
- Crossing selling and up-selling strategies are being developed; and
- Team cultures are getting aligned and working together to support growth.
Family Zone is a firm dedicated to supporting and protecting digital journey of kids. It is a fast-growing global cyber safety industry serving more than 18,000 schools and 9 million students across the US, UK and Australia and New Zealand.
The stock FZO had traded last at AU$0.740 per share on the ASX.
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2nd Sep 10:00 AM AEST
Senex (ASX:SXY) broadens supply portfolio, signs gas sales deal with Opal
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Senex Energy Limited (ASX:SXY) shared on Thursday that it has signed a gas sales agreement with the Australian packaging and paper producer Opal, a member of the Nippon paper group.
Opal is into the manufacturing of sustainable fiber packaging and paper solutions. It has over 4,000 direct employees across over 80 operational sites in Australia and New Zealand.
Which ASX Stocks are on investors radar today?
The agreement is for up to six years of supply of up to 12 petajoules (PJ) of natural gas, an essential manufacturing input for Opal. The initial term is four years, starting 1 January 2023. In addition, SXY provides around 8 PJ of natural gas to support Opal’s paper & recycling division’s manufacturing operations at Botany, NSW. Supply is to be at a fixed price, in line with current market levels. Opal and SXY have also agreed to extend up to two years and 4 PJ of additional sales.
The agreement broadens SXY’s energy supply pool for natural gas on the east coast.
SXY shares last traded at AU$3.19 per share on the ASX.
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2nd Sep 09:44 AM AEST
ASX 200 to fall despite global markets closing at record highs
The Australian shares are expected to fall again on Thursday despite global markets closing at record highs overnight as investors looked beyond weak economic data.
The markets were upbeat despite Asia's factory activity remaining weak last month and US private employers hiring far fewer workers than expected in August due to rise in coronavirus cases. Many market participants expect central bank stimulus measures to continue.
Meanwhile, the ASX 200 is set to open 15 points or 0.2% this morning after falling 0.1% to 7,527.1 points on Wednesday. The domestic miners may fall on weak iron ore prices, while tech stocks are likely to gain, tracking cues from NASDAQ.
On Wall Street, the Dow Jones fell 0.15%, the S&P 500 traded flat, and the NASDAQ rose 0.3%.
BHP shares would be under pressure during the trade on Thursday due to the shares trading ex-dividend for the fully franked final dividend. Other shares going ex-dividend include CSL, InvoCare, NIB Holdings, Woolworths.
After falling due to weaker-than-expected August private payrolls, US Treasury yields held their ground on Wednesday. The benchmark 10-year yield was last unchanged at 1.302%.
On the other hand, dollar traded near its lowest point in nearly three weeks versus major peers. The dollar index fell 0.14% to 92.52