Live ASX News Today
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28th Sep 08:21 PM AEST
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28th Sep 08:04 PM AEST
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28th Sep 07:53 PM AEST
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28th Sep 07:41 PM AEST
Facebook unveils plan to spend AU$68.7 million to build the digital 'metaverse’
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Social media giant Facebook has unveiled its plan to invest AU$68.7 million to join hands with organisations to build the digital 'metaverse.’ The buzzword Metaverse refers to a digital world where people use different devices to move and communicate in a virtual environment.
An investment officially termed as "XR Programs and Research Fund" will be spent over the next two years to ensure metaverse technologies promote inclusivity and empowerment.
The tech giant has also bought a series of virtual reality (VR) gaming studios, such as BigBox VR and has close to 10,000 people working on VR.
On Monday, Facebook announced the suspension of the development of its Instagram Kids app — a platform dedicated for kids below 13 — after the US legislators and advocacy groups raised safety concerns.
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28th Sep 07:37 PM AEST
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28th Sep 07:32 PM AEST
Australian Agricultural Company (ASX:AAC) secures refinancing of its club debt facilities
The ASX-listed food, beverage and tobacco company Australian Agricultural Company Limited (ASX:AAC) shared that it has secured the refinancing of its existing Club Debt Facilities, extending expiry until October 2026.
The current dual facility structure having a five-year tenor and rolling 18-month tenor, respectively, was retained to optimise the cost of debt and use of the underlying asset base.
AAC has secured the refinance with the same lending group under a lower cost of debt, with increased capacity and flexibility:
- Total committed facility capacity increased from AU$550 million to AU$600 million.
- Facility A limit increases from $390 million to $410 million, now repayable 8 October 2026.
- Facility B limit increases from AU$160 million to AU$190 million, now repayable 8 April 2023 with rolling 18-month tenor.
Meanwhile, on the ASX, the AAC stock closed a tad higher at AU$1.445 per share today.
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28th Sep 07:31 PM AEST
Domino’s (ASX:DMP) seeks opportunities in Europe and Asia-Pacific; appoints professionals
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The ASX-listed largest pizza chain Domino’s Pizza Enterprises Limited (ASX:DMP), announced that it would align its leadership with a twin-region structure focused on opportunities in Europe and the Asia-Pacific (APAC). The Company has also appointed experienced senior executives to lead the next phase of the Company’s significant growth.
Domino’s has shared that a twin region approach will witness a continued focus on global strategies and systems such as its OneDigital platform, which has already grown online ordering to a record 78.2%.
Meanwhile, on the ASX, the DMP stock closed 2.155% lower at AU$155.340 per share today.
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28th Sep 07:30 PM AEST
IDT (ASX:IDT) Receives Sterile Licence From The Therapeutic Goods Administration
The ASX-listed healthcare company IDT Australia Limited (ASX:IDT) shared that the Company has received a manufacturing licence extension from the Therapeutic Goods Administration (TGA) for manufacturing sterile injection or sterile solution of dosage forms of registered therapeutic goods and therapeutic goods for clinical trials.
IDT has shared that the Sterile Licence is an extension to the Company’s existing licence to manufacture therapeutic goods, which currently covers
- Manufacture of active pharmaceutical ingredients.
- Manufacture testing and release to supply solid unit dosage form tablets and capsules for registered therapeutic goods.
- Manufacture, testing and release for the supply of liquids, powders and granules, inhalation, dry herb and oil products for therapeutic goods for clinical trials.
Meanwhile, on the ASX, the IDT stock closed 7.086% higher at AU$0.680 per share today.
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28th Sep 07:29 PM AEST
Santana (ASX:SMI) shares closed 13% higher today. Here’s why
The ASX-listed metals and mining company Santana Minerals Limited (ASX:SMI) shared significant results from the wholly-owned Bendigo-Ophir Project.
Key highlights:
- Increases Inferred Rise and Shine Shear Zone (RSSZ) Resources to 643,000 ounces of gold at an average uncut grade of 1.0g/t Au (at 0.25g/t Au lower cut-off grade).
- SMI has reported the 2021 MRE increase by 155% in contained gold at a 25% higher grade over the 2019 MRE.
- The result includes 537,000 ounces of gold at an uncut grade of 1.6 g/t Au (at 0.5 g/t Au lower cut-off grade).
- SMI has informed that all deposits remain open down plunge with diamond drilling continuing at RAS.
Meanwhile, on the ASX, the SMI stock has closed, trading 13.333% higher at AU$0.170 per share today.
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28th Sep 07:29 PM AEST
Namoi (ASX:NAM) appoints new CFO, shares end on higher note
The ASX-listed processor, marketer and cotton farmer service provider Namoi Cotton Limited (ASX:NAM) announced the appointment of Sonya Ryan as Chief Financial Officer, effective 7 January 2022.
NAM has shared that Ryan’s appointment would follow a competitive recruitment process. Ryan comes with an enriching experience gained from working across national and international companies. Ryan is also a member of the Australian Institute of Company Directors and the Australian Society of CPAs.
Meanwhile, on the ASX, the NAM stock closed 5.263% higher at AU$0.400 per share today.
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28th Sep 07:03 PM AEST
Red Dirt (ASX:RDT) ends 103% higher today. Here’s why
The ASX-listed mineral exploration company Red Dirt Metals Limited (ASX:RDT) announced discovery of multiple high-grade Lithium from historical drilling and surface rock chips within the Mt Ida Project area.
Key highlights:
- RDT has reported a significant additional strike potential adjacent to the Copperfield Granite intrusive on western and eastern limbs.
- RDT has mentioned that the diamond hole IDDD002 is yet to be assayed.
- RDT has also reported surface rock chips samples collected over 5km of strike, including assays of 2.16%, 2.14% and 2.06% Li2O at the surface directly up-dip from TIC0151.
- RDT’s first RC drill rig was secured with an aggressive drill campaign to begin in October.
Meanwhile, on the ASX, the RDT stock closed its session 103.225% higher at AU$0.630 per share today.
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28th Sep 07:03 PM AEST
WAM (ASX:WAM) announces superior offer for PM Capital (ASX:PAF)
The ASX-listed investment company WAM Capital Limited (ASX:WAM) announced that the Company has intended to make a conditional off-market takeover bid for PM Capital Asian Opportunities Fund Limited (ASX:PAF).
The scheme allowed investors to exit the investment at a 0.5% discount to PAF’s net tangible assets backing based on a previous announcement. In addition, the scheme offers a mutual break-fee of AU$500,000, which is to be paid by each PAF and PGF to the other parties if the scheme does not proceed.
According to the offer, accepting PAF shareholders will get 1 WAM capital share for every 1.99 PAF shares that they own. If the break fee is removed, WAM plans to increase its offer to 1 WAM share for every 1.975 PAF shares.
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28th Sep 06:25 PM AEST
AngloGold (ASX:AGG) appoints Marcelo Godoy as Chief Technology Officer
The ASX-listed gold mining company AngloGold Ashanti Limited (ASX:AGG) announced that it has appointed Marcelo Godoy as the Chief Technology Officer, effective from 1 November 2021.
Marcelo holds over 20 precious years of experience in the mining industry. Marcelo holds a Master’s degree in Geostatistics from the University of Rio Grande do Sul, in Brazil, and a PhD in Strategic Mine Planning from the WH Bryan Mining Geology Centre in Australia.
AGG has shared that Marcelo would replace Graham Ehm, the Executive Vice President of the Company. Graham would retire at the end of this year, later than initially planned, after agreeing to stay until the Company’s new leadership was established and underground mining at the Obuasi Gold Mine resumed.
Meanwhile, on the ASX, the AGG stock closed 0.486% lower at AU$4.100 per share today.
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28th Sep 06:24 PM AEST
Xanadu (ASX:XAM) discovers new high-grade bornite intersections at Red Mountain
The ASX-listed metals and mining company Xanadu Mines Ltd (ASX:XAM) provided an exploration update for the Red Mountain copper-gold porphyry district. It is a joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC).
Red Mountain is located within the Dornogovi Province of southern Mongolia, approximately 420km southeast of Ulaanbaatar and 70km west of the provincial centre of Sainshand.
Key highlights:
- XAM has completed a 3,000m diamond drilling program at Red Mountain, with targeting focussed on near-surface high-grade bornite mineralisation at Stairy and nearby larger-scale porphyry IP targets
- Assays returned for 1,865m, with silver-rich, high-grade copper results in several drill holes.
- Mineralised zones are primarily comprised of massive bornite and bornite, along with trace chalcocite.
- Structural modelling is underway to understand orientation for targeting additional high-grade bornite.
- Assays are pending for the remaining 1,135m and are expected within the next two weeks.
Meanwhile, on the ASX, the XAM stock closed 3.225% higher at AU$0.032 per share at 12:54 PM AEST.
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28th Sep 06:22 PM AEST
Eagle (ASX:EM2) completes A$16 million fundraising to support operations
The ASX-listed exploration company Eagle Mountain Mining Limited (ASX:EM2) announced that it has received firm commitments for raising AU$16 million through the issue of 24,615,385 fully paid ordinary shares to institutional investors.
The shares are priced at AU$0.65 per share. The offer price represents a 9.7% discount to the last close price of AU$0.72 per share and a 10.1% discount to the 5-day VWAP of AU$0.723 per share.
EM2 will use the raised fund to continue diamond drilling programmes for its high priority targets at The Talon, and Golden Eagle. The Company aims to expand and upgrade existing JORC resources at Oracle Ridge.
Meanwhile, on the ASX, the EM2 stock closed 0.694% up at AU$0.725 per share.
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28th Sep 06:13 PM AEST
AD1 (ASX:AD1) enters contract with HR.com
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The ASX-listed telecommunication company AD1 Holdings Limited (ASX:AD1) announced that it had signed a contract with HR.com for members' mentoring program delivered by Art of Mentoring (AoM).
HR.com is a North America-based company with 1.9 million HR professional members worldwide, primarily based in the US. The HR.com membership provides educational tools and resources essential to HR professionals in the ever-changing HR scenario. The USP of HR.com connects HR professionals through various annual virtual conferences, consisting of hundreds of webcasts. In addition, a virtual mentoring program through AoM will provide their members with an opportunity for more profound levels of human connection and professional development.
According to AD1, this mentoring program would match over 1000 HR professionals in the first year and will scale. The contract is valued at over AU$100,000 in the first 12 months. The Art of Mentoring will look after the program on behalf of HR.com.
Meanwhile, on the ASX, the AD1 stock ended at AU$0.036 per share.
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28th Sep 06:13 PM AEST
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28th Sep 04:52 PM AEST
Why Buxton (ASX:BUX) shares closed strong today
ASX-listed mining company Buxton Resources Limited (ASX:BUX) updated its shareholders on Joint Venture activities in the West Kimberley and Fraser Range with IGO Ltd (ASX:IGO). Buxton informed that all field activities are fully funded and completed by IGO.
Significant progress in West Kimberley:
- IGO has completed Native Title agreements that enabled access to the highly prospective Sentinel Project area.
- Field survey of SPECTREM airborne electromagnetic targets flown in 2019 with helicopter supported ground mapping and lithogeochemical surveys.
- Discovered outcropping Ni-Cu mineralisation coincident with EM targets and hosted by the Ruins Dolerite.
- Ground EM is currently underway at the Sentinel Project area.
Significant progress in Fraser Range:
- IGO has continued to make steady progress across Buxton’s Widowmaker and Zanthus tenements in the Fraser Range in Western Australia.
- Widowmaker has adjoined IGO’s recently acquired Silver Knight Ni-Cu resource.
- BUX has shared that further diamond drilling on the JV ground will begin during the first half of October
Meanwhile, on the ASX, the BUX stock closed at AU$0.067 per share, up 3.076%.
Why Buxton (ASX:BUX) shares closed strong today
ASX-listed mining company Buxton Resources Limited (ASX:BUX) updated its shareholders on Joint Venture activities in the West Kimberley and Fraser Range with IGO Ltd (ASX:IGO). Buxton informed that all field activities are fully funded and completed by IGO.
Significant progress in West Kimberley:
- IGO has completed Native Title agreements that enabled access to the highly prospective Sentinel Project area.
- Field survey of SPECTREM airborne electromagnetic targets flown in 2019 with helicopter supported ground mapping and lithogeochemical surveys.
- Discovered outcropping Ni-Cu mineralisation coincident with EM targets and hosted by the Ruins Dolerite.
- Ground EM is currently underway at the Sentinel Project area.
Significant progress in Fraser Range:
- IGO has continued to make steady progress across Buxton’s Widowmaker and Zanthus tenements in the Fraser Range in Western Australia.
- Widowmaker has adjoined IGO’s recently acquired Silver Knight Ni-Cu resource.
- BUX has shared that further diamond drilling on the JV ground will begin during the first half of October
Meanwhile, on the ASX, the BUX stock closed at AU$0.067 per share, up 3.076%.
ASX-listed mining company Buxton Resources Limited (ASX:BUX) updated its shareholders on Joint Venture activities in the West Kimberley and Fraser Range with IGO Ltd (ASX:IGO). Buxton informed that all field activities are fully funded and completed by IGO.
Significant progress in West Kimberley:
- IGO has completed Native Title agreements that enabled access to the highly prospective Sentinel Project area.
- Field survey of SPECTREM airborne electromagnetic targets flown in 2019 with helicopter supported ground mapping and lithogeochemical surveys.
- Discovered outcropping Ni-Cu mineralisation coincident with EM targets and hosted by the Ruins Dolerite.
- Ground EM is currently underway at the Sentinel Project area.
Significant progress in Fraser Range:
- IGO has continued to make steady progress across Buxton’s Widowmaker and Zanthus tenements in the Fraser Range in Western Australia.
- Widowmaker has adjoined IGO’s recently acquired Silver Knight Ni-Cu resource.
- BUX has shared that further diamond drilling on the JV ground will begin during the first half of October
Meanwhile, on the ASX, the BUX stock closed at AU$0.067 per share, up 3.076%.
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28th Sep 03:58 PM AEST
Retail sales decline 1.7% in August, thanks to lockdowns
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Retail Trade figures published by the Australian Bureau of Statistics (ABS) revealed that Australian retail turnover dropped 1.7% in August 2021.
It is to be noted that this is the third consecutive monthly fall in a line, with a decline of 2.7% in July 2021 and 1.8% in June 2021. It is believed that the fall in numbers is due to lockdown restriction in the wake of the Coronavirus pandemic, with the eastern states witnessing declines in line with their respective level of curbs. Contrarily, states where lockdown was not enforced, performed well, with Western Australia and South Australia experiencing a drastic increase as traditional stores were open for trade.
The ABS data revealed:
- Retail turnover in New South Wales fell 3.5% to its lowest level since April 2020.
- Retail turnover fell 3.0% in Victoria as the state was placed back into an ongoing lockdown on August 5.
- Retail turnover in South Australia grew 6.6 % because lockdown restrictions were not imposed here.
- With only a few restrictions in place, Western Australians experienced state’s retail sales rising by 2.8%
- Food retailing (2.1%) witnessed the most significant jump as lockdown restrictions limited mobility.
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28th Sep 03:28 PM AEST
Why are Wildcat (ASX:WC8) shares trading strong today?
ASX-listed exploration firm Wildcat Resources Limited (ASX:WC8) announced that it has entered into an agreement for non-gold rights with Fairplay Gold Pty Ltd to earn into their Bullabulling Project, located approximately 23km west of Coolgardie.
Under the agreement terms, Wildcat will drill 1,000m and pay AU$50,000 for an exclusive option period and can earn up to 75% of the project (non-gold rights). Wildcat has revealed that the drill's priority target is already ready 450m x 250m sub-cropping lithium-caesium-tantalum (LCT) pegmatite body and is named Red Panda.
WC8 has shared that the project is located 23km west of Coolgardie and close to infrastructure, including road, rail and power.
Meanwhile, on the ASX, the WC8 stock was spotted trading 11.999% higher at AU$ 0.028 per share at 11:18 AM AEST.
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28th Sep 02:06 PM AEST
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28th Sep 01:49 PM AEST
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28th Sep 01:34 PM AEST
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28th Sep 12:50 PM AEST
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28th Sep 12:31 PM AEST
Dalian iron ore climbs up on power curbs
Iron ore price rise | Source: © Lkeskinen0 | Megapixl.com
Dalian iron ore futures gained more than 5% on Monday with prices hitting above CNY700 level. At the same time, the prices of steel rebar and hot-rolled coils surged significantly due to production limitations on power curbs. January delivery iron ore futures rose to CNY715 per tonne, up 5.3% during the morning session while the futures closed at CNY703 per tonne, up 3.5%.
The prices of hot-rolled coils and steel rebar on the Shanghai Futures Exchange (ShFE) also surged due to limited production as the region faces restrictions in power usage. The eastern Jiangsu province of China had launched an inspection on companies using more than 50,000 tonnes of coal this month.
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28th Sep 12:27 PM AEST
ASX slips 0.9%; Megaport, Fortescue lead fall, Beach Energy shines
The Australian shares were trading near day’s low by mid-session amid broad-based sell-off. The renewed concerns about rising interest rate and mixed global cues spooked market sentiment. However, continued rebound in commodity prices capped some of market losses.
The benchmark index fell 68.50 points or 0.93% to 7,315.70, by lunch. The index opened lower marginally lower today tracking muted cues from the US Stocks which closed on mixed note in overnight trade. On Wall Street, the Dow Jones rose 0.21%, while the S&P 500 fell 0.28%. The NASDAQ Composite ended 0.52% lower.
Back home, on the sectoral front, eight of the 11 sectoral indices were trading in negative terrain. Health care was the worst performing sector with a 2.4% loss. Information technology space also witnessed surge in selling, falling 2.3% in line with its US counterpart, NSADAQ Composite. A-REIT, consumer discretionary, industrial and material sector were also down over 1%.
Bucking the trend, energy, utilities and financial were trading in green zone. Energy emerged as top performer for the second day with a 3% gain as crude oil prices rose for its fifth straight day. The crude oil was up 1.8% to US$79.53 a barrel, its highest level since October 2018, amid supply disruption in the United States as well as rise in demand. Index heavyweights Woodside (ASX: WPL), Origin Energy (ASX: ORG), Oil Search (ASX: OSH), Beach Energy (ASX: BPT) and Santos (ASX: STO), were among top gainers.
The top loser on the ASX pack was tech frm Megaport (ASX:MP1), falling 6.5% by lunch. Some of the other top laggards were iron ore miner Fortescue Metals (ASX:FMG), health care firm Pro Medicus (ASX: PME), miner Evolution Mining (ASX:EVN) and property group Charter Hall (ASX:CHC).
On the gaining side, Beach Energy (ASX:BPT) topped the gainers’ list by rising nearly 8%. Some of the other top performers were fertilizers and chemical manufacturer Incitec Pivot (ASX:IPL), shopping centres operator Unibail-Rodamco-Westfield (ASX:URW), energy major Santos (ASX: STO) and coal miner Whitehaven Coal (ASX: WHC).
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28th Sep 12:26 PM AEST
BNK Banking (ASX:BBC) completes A$14 million tier 2 subordinated note issue
The ASX-listed financial institution BNK Banking Corporation Limited (ASX:BBC) announced that it has successfully priced and received applications from sophisticated and wholesale investors to issue AU$14 million of 10-year, non-call five years, tier 2 subordinated notes.
BBC has shared that its subordinated notes are approved by the Australian Prudential Regulation Authority (APRA) to be included as tier 2 Capital within the Company’s regulatory capital adequacy ratio.
BBC has further stated that the issuance will continue to underpin its significant growth aspirations and provide ongoing capital flexibility and diversity. BNK’s capital is well above regulatory benchmarks. After completing the AU$14 million tier 2 raising, BNK’s pro forma 30 June 2021 Capital Adequacy Ratio is estimated to increase by approximately 6%.
Meanwhile, on the ASX, the BBC stock was spotted trading 2.1% higher at AU$0.955 per share.
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28th Sep 11:52 AM AEST
Oil rises on strong demand and tight supplies
Stock Photo Oil Prices Rise | Source: © Designer491 | Megapixl.com
Crude oil prices galloped on Monday with Brent crude hitting near US$80 per barrel on the back of robust demand and tight supplies. December delivery Brent Crude oil futures last traded at US$78.50 per barrel down 0.14%, whereas November delivery WTI crude oil futures traded 0.19% down at US$75.21 per barrel as of 28 September 2021 at 10:32 AM AEST.
Fast recovery from the pandemic has boosted the global demand, putting pressure on the supply side. Supply disruptions from the US Gulf Coast additionally created market deficits and impacted the oil prices adversely. Furthermore, OPEC+ nations are also struggling to raise their output due to underinvestment and maintenance activities, as a result of pandemics.
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28th Sep 11:30 AM AEST
Great Boulder (ASX:GBR) identifies new gold prospect; drilling extends at Mulga Bill
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ASX-listed mining company Great Boulder Resources Limited (ASX:GBR) announced further exploration results from RC and AC drilling within Western Australia's Side Well Gold Project.
GBR reported RC holes are part of the third phase of RC drilling at Mulga Bill and was completed between late June and early July and AC drilling in mid-July.
Key highlights:
- GBR's Air Core drilling has extended the Mulga Bill anomaly further south by 1.4 km and discovered gold mineralisation in a new prospect to the south-east.
- GBR announced that new AC intersections south of Mulga Bill have been extended to a total known strike length of 5.1 km. Mineralisation continues along strike in both directions.
- GBR has discovered a new gold prospect approximately 1.5km south-east of Mulga Bill.
- GBR mentioned that results are imminent for the July-August diamond drilling (DD) program, with results expected to provide crucial structural context to the gold mineralisation identified to date at Mulga Bill
- The Company's phase 4 RC drilling is completed at Mulga Bill, and regional AC drilling has begun at the Whiteheads Gold Project.
Meanwhile, on the ASX, the GBR stock was spotted trading 17.074% lower at AU$0.170 per share at 11:00 AM AEST.
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28th Sep 11:28 AM AEST
APN Convenience (ASX:AQR) acquires new properties in Queensland and NSW
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ASX-listed Australia-based real estate investment trust APN Convenience Retail REIT (ASX:AQR) revealed via an announcement that APN Funds Management Limited, as responsible entity for AQR, has swapped contracts to purchase Warrego Highway Travel Centre, (Warrego) and conditionally exchanged contracts to buy Dubbo Service Centre, NSW (Dubbo).
The announcement held that Dubbo is being acquired via a fund through structure and will comprise a Mobil service station and a Carl’s Jr restaurant with a drive-through. Construction has recently started and is likely to be completed by March 2022.
AQR stated that the sale contract is subject to conditions upon both tenants novating the prevailing agreement for leases over to the Fund. The properties were purchased for a total price of AU$24.4 million, indicating an average purchase yield of 5.5%.
The Company informed that the acquisitions would be funded by existing debt capacity, increasing the Fund’s gearing to 33.6% on a pro forma basis, which is within the Fund’s 25% - 40% target range and there will be no alteration to the earlier advised FY22 FFO as well as distribution guidance of 22.9 cents per security.
Meanwhile, the stock AQR was spotted trading at AU$3.540 per share on ASX at 10.45 AEST.
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28th Sep 10:55 AM AEST
Tesserent (ASX:TNT) raises A$25 million to fund acquisitions
The ASX-listed information technology sector company Tesserent Limited (ASX:TNT) announced that it has received firm commitments to raise AU$25 million via placement to investors.
Tesserent will issue approximately 119.0 million new ordinary shares, representing approximately 11.1% of TNT’s existing securities on issue. TNT has also shared that the offer price for the placement is AU$0.21 per share. It represents a 9.3% discount to a 10-day VWAP of AU$0.232.
The raised fund will be utilised in strategic acquisitions and deferred acquisition cash payments, including upfront cash payments related to the recently announced acquisition of Loop Secure.
Meanwhile, on the ASX, the TNT stock was spotted trading 6.383% lower at AU$0.220 per share at 10:24 AM AEST.
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28th Sep 10:54 AM AEST
NRW Holdings’ (ASX:NWH) unit to develop Finniss Lithium Plant
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ASX-listed provider of mining and civil construction services NRW Holdings Limited (ASX:NWH) announced an updated Contract award valuing AU$40 million to Primero Group for the Engineering, Procurement and Construction (EPC) of the Finniss Lithium Process Plant for Core Lithium situated in the Northern Territory, near Darwin.
Which ASX stocks are in news today?
Primero Group for the Engineering, Procurement and Construction (EPC) is a wholly-owned subsidiary of NRW Holdings. According to today’s announcement, the project will begin soon and is fully funded, with site works planned to commence in March 2022, with the commissioning of the facility due to commence in October 2022.
Primero’s award status has been updated from the initial preferred status awarded in 2019 and continues the long-standing relationship in the project's development with the Core Lithium team and follows on from the successful delivery of their Definitive Feasibility Study and subsequent study updates.
The stock NWH last closed at AU$1.640 per share on ASX.
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28th Sep 10:54 AM AEST
ASX 200 tumbles at opening; Beach Energy gains on new production plan
On Tuesday, the Australian share market opened lower, with NASDAQ index closing in red is weighing on local tech stocks. However, a boost to Australian miners from strong commodity prices is capping the losses. The ASX 200 was trading 0.17% or 12.5 points lower at 7,371.7 at the opening tick.
On Wall Street, the Dow Jones rose 0.21%, to 34,869.37, while the S&P 500 lost 0.28% to 4,443.11. The NASDAQ Composite closed the session 0.52% down at 14,969.97.
The top contributors to the losses were Megaport Limited (ASX:MP1) and James Hardie Industries PLC (ASX:JHX), both losing 3.02% and 2.92%, respectively. On the flip side, stocks trying to keep the index from falling were Beach Energy Limited (ASX:BPT), gaining 5.67%, followed by Collins Foods Limited (ASX:CKF), rising 5.43% in the early session.
The market breadth has been quite negative so far, with only two out of the 11 sectors trading with a gain. The Consumer Discretionary sector is leading the falling sectors with a 0.33% cut, while the Energy sector is holding its ground with a 0.11% gain.
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28th Sep 10:30 AM AEST
Ford, Korean battery partner SK to invest US$11.4 bn in new US plants
Ford Motor Co on Monday said that it will invest US$11.4 billion in partnership with its South Korean partner SK Innovation in a new assembly plant and three battery factories in the US.
The American auto giant plan to build a new electric F-150 assembly plant, besides three hubs for battery manufacturing in collaboration with its Asian partner.
The plan is part of a push to accelerate Ford’s EV manufacturing capability, with an aim to achieve up to 40% to 50% of its global vehicle output to be all-electric by 2030.
The factories will be built in Tennessee and Kentucky. These plants are expected to create around 11,000. The plants are expected to open in 2025. Earlier, Ford Motor had said it will spend more than US$30 billion to ramp up its EV infrastructure and production by 2030.
According to a Ford official, the combined size of the new facilities will be three times the size of Ford's Michigan factory complex.
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28th Sep 10:30 AM AEST
Telix (ASX:TLX) gets A$12.1M tax refund, overseas Finding rises to A$139M
ASX-listed healthcare company Telix Pharmaceuticals Limited (ASX:TLX) announced that it has received an AU$12.1M R&D tax refund for its eligible R&D activities undertaken by the Company in the year ended 31 December 2020.
Telix also shared that its application for an expanded overseas finding to enable partial recovery of essential overseas R&D expenditure has been accepted by the Department of Industry, Science, Energy and Resources.
Which ASX stocks are in news today?
Telix stated in the announcement that it has received an ‘advance finding’ concerning its proposed pre-clinical, clinical, manufacturing and regulatory-related activities on 3 August 2018. Accordingly, it has allowed the Company to claim an R&D tax rebate on eligible R&D investment, up to a gross amount of AU$55.2 million over five years.
Additionally, the approved expansion of the advance finding will allow Telix to claim a further R&D tax rebate or deduction on eligible R&D investment, up to a gross amount of AU$139 million from the current year through to 31 December 2027.
Meanwhile, on the ASX, the TLX stock was spotted trading last at AU$ 5.900 per share.
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28th Sep 10:27 AM AEST
Origin (ASX:ORG) investee Octopus Energy triples as new investor acquires 7% interest
Since Origin Energy Limited’s (ASX:ORG) investment in May 2020, Octopus Energy has emerged in the energy sector. The rapid expansion of Octopus is underpinned by its technology that has driven a tripling in the company’s value to approximately £3 billion since ORG’s initial investment.
Leading sustainable investor Generation Investment Management (GIM) invests £211 million to acquire approximately 7% of the Company. GIM’s investment values Octopus at approximately £3 billion (AU$5.5 billion). ORG is also additionally investing £38 million (AU$70 million) in Octopus to maintain its 20% equity interest in the company.
Which ASX stocks are in news today?
Octopus is an energy retailer having around 5.3 million customer accounts. It is also a technology and software provider, licencing its proprietary platform, Kraken, to leading energy retailers worldwide. The strategic partnership with Octopus will help Origin achieve an expected AU$100-150 million of cash benefits from FY2024.
On GIM’s investment completion, Octopus Energy’s will be held 20% by Origin and 7.25% by GIM.
Meanwhile, ORG shares are trading today at AU$4.510 per share on ASX.
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28th Sep 10:17 AM AEST
Li-S Energy (ASX:LIS) commences trading on ASX
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Leading lithium-sulphur battery technology developer Li-S Energy Limited (ASX:LIS) started trading on the ASX on 28 September 2021 after completing an Initial Public Offering (IPO).
In today's announcement, the Company has informed that it has raised AU$34 million via an oversubscribed IPO supported by retail and well recognised institutional shareholders.
The announcement revealed that the Capital raised will be primarily used to fund commercial scale-up of new technology and ongoing research and development (R & R&D). At an Offer Price of AU$0.85, the Company has a market capitalisation of AU$544 million.
Li-S Energy has made technological breakthroughs with the potential to make lithium-sulphur (Li-S) batteries commercially viable by extending their cycle life, creating a genuine alternative to mature lithium-ion (Li-ion) battery technology. The Company stated that with a theoretical maximum energy density of more than 5x that of lithium-ion, lithium-sulphur batteries could substantially extend electric vehicle (EV) ranges, drone flight times and device battery life.
Li-S Energy has reported a pro forma cash balance of ~$53 million to pursue this strategy with.
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28th Sep 10:16 AM AEST
Beach Energy (ASX:BPT) shares its low-risk strategy, focuses on gas
Image source: © Andrcgs | Megapixl.com
The ASX-listed oil and gas exploration and production company Beach Energy Limited (ASX:BPT) released its 2021 Investor Update, outlining the Company’s low-risk strategy targeting production of 28 MMboe in FY24. However, it excludes exploration upside and pre-FID projects outside of Enterprise.
Key highlights:
- BPT has informed that it has completed drilling at Geographe 4 and 5. Both wells intersected reservoirs in line with pre-drill expectations.
- BPT’s growth is completely funded and delivered through development projects already in the execution phase.
- Beach has also mentioned that signed Heads of Agreement (HOA) with bp for all 3.75 million tonnes of Beach’s share of expected LNG volumes from Waitsia Gas Project Stage 2, targeting final SPA in H2 FY22.
- BPT mentioned that it would maintain a conservative balance sheet with net gearing expected to peak at <10% in FY22.
- The Company’s liquidity increased to AU$650 million following successful refinance and upsizing of revolving debt facility to AU$600 million.
- BPT has targeted material stable free cash flow from eight gas plants by FY24.
- Additionally, BPT’s surplus cash flows would drive capital management optionality.
Meanwhile, on the ASX, BPT traded last at AU$1.235 per share.
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28th Sep 09:33 AM AEST
Australian shares to fall after weak start on Wall Street
The Australian shares are expected to fall on Tuesday after a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 may open the day 43 points or 0.6% lower. The losses in the NASDAQ index may expert pressure on domestic tech stocks, likely offsetting a boost to miners from strong commodity prices.
A number of ASX-listed shares are scheduled to pay dividends on Tuesday. The companies include Altium Limited, Amcor CDI, Coles Group Ltd, and Evolution Mining. Similarly, Energy One Ltd will go ex-dividend on Tuesday.
On Wall Street, the Dow Jones rose 0.2%, the S&P 500 fell 0.3%, and the NASDAQ dropped 0.5%.
The 10-year Treasury yields last fell 8/32 in price to yield 1.4889%, from 1.461% late on Friday. The dollar index rose 0.146%.