From TEK-Ocean to Flight Centre Travel: Why these five ASX stocks hit headlines today

Highlights

  • Engineering services firm TEK-Ocean Group has made a lacklustre ASX debut.
  • Flight Centre Travel Group shares witnessed an uptick on forming a JV with Japan’s NSF Engagement.
  • Senex Energy has signed a gas sales agreement with Opal, however its shares did not reflect the positive update.
  • West Wits Mining plunged 12% following a business update.
  • Matsa Resources shares jumped 7% after the miner issued a mineral resource estimate update.

 Australian shares witnessed a sharp sell-off on Thursday as a slump in commodity prices and a swathe of ex-dividend stocks dragged the market lower. All the 11 sectoral indices were bleeding in red by lunchtime, as investors awaited trade balance and housing finance data for the month of July, slated to be released today. Among individual stocks, healthcare group Polynovo (ASX:PNV) topped the gainers’ list, while malt supplier United Malt Group (ASX:UMG) emerged as the top laggard.

Here are the top five stocks that created a buzz on the ASX today:

TEK-Ocean makes weak debut on ASX

Engineering services firm TEK-Ocean Group (ASX: T3K) made a weak debut on the Australian Securities Exchange (ASX) on Thursday after receiving an overwhelming response for its initial public offering (IPO).

The stock declined as much as 6% in opening deals to hit a low of AU$0.47 against the offer price of AU$0.50 apiece. Post listing, the stock was trading 2% lower, while 1.4 million shares worth AU$692.5K changed hands over the counter.

The company commenced trading today under the code T3K after successfully raising AU$6.6 million via its IPO.

Founded in 2007 in Gippsland, Victoria, the company intends to use IPO proceeds to expand its existing and new business as well as to meet capital investment needs.

Flight Centre Travel forms JV with Japan’s NSF Engagement

Shares of travel retail outlet Flight Centre Travel Group (ASX: FLT) rose 2.4% to hit an intraday high of AU$17.3 following signing of a corporate travel joint venture (JV) in Japan.

The company in an exchange filing said it has formed a JV with Tokyo-based NSF Engagement Corporation to launch its leading FCM travel management business in Japan, the world’s fourth largest corporate travel market. The move is part of the company’s strategic expansion plan within the Asian corporate travel sector.

FCM Japan will be operational from January 2022 and headed by general manager Kenichi Shiraishi, currently the leader of NSF Engagement’s corporate travel business.

Senex Energy inks gas sales pact with Opal

Shares of Senex Energy (ASX: SXY) slipped 1.9% to AU$3.13 despite a positive development. The company has signed a gas sales agreement with Australian packaging and paper manufacturer Opal. The agreement is valid for up to six years and up to 12 petajoules (PJ) of natural gas.

As per the deal, Senex will deliver natural gas to support the Opal Paper & Recycling division’s manufacturing operations at Botany, New South Wales.

Since 2019, Senex has inked nearly 70 PJ of natural gas sales agreements with a range of companies. The list includes CSR Building Products, Orora, Nyrstar, Southern Oil Refining, Visy Glass, CleanCo Queensland, Alinta Energy, Adbri, and now Opal.

West Wits’ Qala Shallows project delivers positive results

Shares of West Wits Mining (ASX: WWI) plunged as much as 12.2% to AU$0.058 following a business update. The gold miner said that its Qala Shallows project, located on the Kimberly Reef package in the Witwatersrand Basin, South Africa, delivered positive results, supporting its progress to stage 1 of mine development.

As per the company, the definitive feasibility study (DFS) carried out by the company supports an underground mining operation with a robust rate of return over a 17-year Life-of-Mine.

The completion of the DFS is a key achievement in West Wit’s journey of transforming from an exploration operation to a robust, mid-tier gold production company, says Jac van Heerden, Managing Director, West Wits.

Matsa Resources issues update for its Fortitude Stage 2 mine

Explorer and gold producer Matsa Resources’ (ASX: MAT) shares surged 6.9% to touch an intraday high of AU$0.062 after the miner issued a Mineral Resource Estimate (MRE) update for its Fortitude Stage 2 mine.

The company boosted its gold resource to near one million ounce at its Lake Carey Gold Project following an upgrade of Fortitude Stage 2. The miner said that it is evaluating the impact on existing Stage 2 mine plan, which has the potential to make a substantially positive mining and economic impact.

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