EZZ, OMA, FFT: Three ASX shares defying market weakness on Thursday - Kalkine Media

April 27, 2023 03:18 PM AEST | By Neha Simpy
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Highlights:

  • EZZ Life Science Holdings Limited (ASX: EZZ) released its quarterly activity report ended 31 March 2023.
  • Omega Oil & Gas Limited (ASX: OMA) announced that the wireline program was successfully concluded on Canyon-2 well and confirmed the presence of hydrocarbons.
  • Future First Technologies Ltd (ASX: FFT) declared a business update on its operations and activities for the quarter ended 31 March 2023.

The Australian benchmark index was decreasing 0.48% and was trading at 7,281.40 points on Thursday, 27 April 2023, at 3:12 pm AEST. Defying the benchmark index were EZZ Life Science Holdings Limited (ASX: EZZ), Omega Oil & Gas Limited (ASX: OMA) and Future First Technologies Ltd (ASX: FFT), which were trading up by 45.679%, 8.888% and 66.666%, respectively.

Let’s find out why the three ASX stocks- EZZ, OMA and FFT are rising today.

EZZ Life Science Holdings Limited (ASX: EZZ)

The genomic life science company increased 45.679% and was trading at AU$0.590 on Thursday at 3:12 pm AEST after it released its quarterly activity report ended 31 March 2023. The company’s cash receipts from consumers totalled AU$11.2 million, a 30% rise from the earlier quarter, along with a 182% rise on pcp.

Operating cash flows grew substantially by 371% from the earlier quarter to AU$2.8 million on the back of rising consumer receipts and lesser expenses on advertising and marketing activities. As of 31 March 2023, the company’s cash position was robust at AU$12.3 million, rising nearly AU$2.7 million on the earlier quarter.

Further, the company signed an agreement with the University of Auckland NZ for a second-groundbreaking anti-ageing and immune stimulation study. In February this year, the company signed a tripartite agreement with GMP Pharmaceuticals and Natural Innovations Group to introduce new wellness innovation solutions to the market.

Omega Oil & Gas Limited (ASX: OMA)

The gas explorer and oil producer rose 8.888% and was trading at AU$0.245 on Thursday at 3:12 pm AEST. The increase in its share price seems to be triggered by its latest update wherein OMA mentioned that the wireline program was successfully concluded on Canyon-2 well. The early study of the wireline established the existence of hydrocarbons within the Kianga and upper Back Creek Group Formations consistent with mud logs.   

Results to date had surpassed anticipations, with initial log porosities averaging more than 9%, which are better than those met by BG in Tasmania-1. Mud gas and cutting samples have been sent for lab analysis to establish hydrocarbon composition.

The rig is presently being mobilised to Canyon-1, and it is anticipated that the well will be spudded prior to mid-May.

Future First Technologies Ltd (ASX: FFT)

The software solutions provider skyrocketed 66.666% and was trading at AU$0.030 at 3:12 pm AEST on Thursday, post declaring a business update on its operations and activities for the quarter ended 31 March 2023.

During the period, FFT’s underlying business growth was due to annual recurring license revenue at AU$3 million, a 69% increase on YTD basis.  Also, quarterly licensing revenue was AU$675K during the reported period, a 49% rise on pcp. The total revenue grew 64% to AU$1,054K. As of 31 March 2023, FFT’s cash at the bank got a boost of 40% Q-o-Q to AU$835K.

In the quarter period, the company touched a substantial milestone for Asset Vision in Victoria, with all five of the new Victorian Road Maintenance Contract providers opting for Asset Vision with 1 February as a beginning date.  

 


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