Market Update: ASX just afloat with IT on charge and comms flashing red
The Market Herald
by Fouad Haidar
47m ago
The ASX200 is up 0.2 of a per cent mid-session in line with future’s predictions. IT and materials are up around half a per cent, with utilities and financials not far off – but communications dipped -2.6% and healthcare -0.1%. Communications is down around 2.5% as TPG (ASX:TPG) and Telstra (ASX:TLS) take a toll on the sector. In company news Car retailer group Eagers Automotive (ASX:APE) is down 15% on some of the notes it shared in its annual general meeting. The company expects to achieve underlying profit before tax for the first half of 2024 to be approximately 85% of the underlying profi ..read more
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CGN tanks -25% as 700m deep drillhole comes back up lacking sparkle
The Market Herald
by Jonathon Davidson
2h ago
Microcap explorer CGN Resources (ASX:CGR) has failed to win market favour with shares down -25% to 23cps on the back of subpar drill results. The company reported on Monday that it had completed a 708m deep drillhole at the Surus target of interest, described as an iron ore-copper-gold (IOCG) target on CGN’s website. Surus is part of the company’s polymetal Webb project. However, the company appears to have come back to the market empty handed, even as the core is now in transit to an assay lab. In short, CGN said only that between 415–558m depth the company observed “a thick sequence of inter ..read more
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Oz air travel has returned to pre-COVID norms – and Webjet shares show it
The Market Herald
by Jonathon Davidson
3h ago
Webjet (ASX:WEB) shares jumped as much as +13% in the first hour of trade on record earnings and a new corporate spinoff strategy. Underlying earnings before costs for FY24 – which, for Webjet, was the 12 months to March 31 2024 – hit $188.1M with underlying profit after tax of $128.4M. The company noted bookings and revenue were both ahead of FY23, up 21% and 29% respectively. Total Transaction Value (TTV) came in at $5.6B. Webjet flagged a strong start to FY25 trading backed by a capital position of $116M in cash generated across FY24 to bring total holdings up to $630M. Investor excitement ..read more
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Zenith Minerals fires up the drills for gold & nickel at Hayes Hill, WA
The Market Herald
by Jonathon Davidson
5h ago
Gold and critical mineral explorer Zenith Minerals (ASX:ZNC) has announced its commencement of drilling at Hayes Hill, WA. The company is going after gold targets with an aircore drill and chasing after nickel targets with a Reverse Circulation (RC) drill rig. On the gold front, Zenith’s exploration team are going after a large area of interest some 2.5km in size believed to contain new gold targets. The Hayes Hill project has its nearology aspects – it’s located between the Norseman project operated by Pantoro, and King River Resources‘ Higginsville project. Zenith also flagged on Wednesday t ..read more
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Haranga achieves 90% uranium extraction on Saraya deposit in Senegal
The Market Herald
by Caroline Smith
5h ago
Haranga Resources Ltd (ASX:HAR) has achieved an industry-standard level of uranium extraction, yielding up to 90 percent through leaching work on ore taken from its Saraya deposit in Senegal. This work was a follow up on previous testing which had revealed that ore from Saraya – whose resource is inferred at 12.45 million tonnes at 587 parts per million (ppm) eU3O8for 16.1 million pounds (Mlbs) U3O8 – was suitable for leaching extraction. Haranga can now move forward with confirmation that when leached according to industry standard concentrations and conditions, Saraya’s extraction rates are ..read more
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Frontier Energy targets credit approved terms for Waroona by July
The Market Herald
by Jonathon Davidson
5h ago
Frontier Energy’s (ASX:FHE) WA-based Waroona renewable energy project is coming closer, with debt funding entering its final stages. That project is the Waroona Renewables project, at the first stage of its life, a grid-scale solar farm in WA’s southwest. The company expects, by July, to have credit approved terms for funding ahead of the company choosing a banking syndicate, the final step of the process. Currently in ‘Phase 2,’ Frontier recently whacked on privately held Aurecon as the independent technical engineer for the project. The company also saw legal representatives come on board as ..read more
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Market Open: ASX tipped for +0.25% rise; iron ore hits $120/tn
The Market Herald
by Jonathon Davidson
6h ago
Good morning and a happy Wednesday. ASX200 futures imply the bourse is set to rise around +0.25% today. In US markets the NASDAQ ended in the green, and so did the S&P500 and the Dow. The Russell 2000 smallcap index ended flattish, down just -0.2% in the red. Canada’s inflation appears to be getting under control, leading Scotiabank analysts to call a July rate cut. Those who strongly believed the US would cut in June, earlier this year, may be feeling cautious on that call. Closer to home, we get an interest rate decision from the New Zealand Central Bank today, but that is unlikely to me ..read more
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Market Close: ASX closes flattish as traders shrug off new NASDAQ record
The Market Herald
by Fouad Haidar
21h ago
The ASX200 closed just 12 points down (0.15%) as the local markets shrugged off another record close for the NASDAQ on Monday night. The IT and industrials sectors were strongest, both gaining just shy of 0.75%. Telecommunications fell the hardest, to close the session down more than 1%. In this bulletin, we’ll look at news from ALS, Sonic Healthcare, Telix Pharmaceuticals, Alara Resources, Infratil and James Hardie Industries. In the Green Assay laboratory firm ALS (ASX:ALQ) jumped 5% after releasing its FY24 results and posting a 19.6c partly-franked dividend. The company’s underlying revenu ..read more
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Havilah drills molybdenum up to 0.21% and gold at 4.79 g/t at SA’s Kalkaroo
The Market Herald
by Caroline Smith
22h ago
South Australia-focused developer Havilah Resources Ltd (ASX:HAV) has discovered molybdenum grading 0.21 percent over 30 metres and 4.79 grams of gold over 5 metres at the North Dome Closure (NDC) prospect of its Kalkaroo deposit in the state’s northeast. Two reverse circulation holes drilled at the dome’s eastern flank yielded notable intercepts. In the first, these included 30 metres of 0.21 percent molybdenum (for 1.30 percent copper equivalent) from 150 metres, as well as 0.36 percent associated copper, gold up to 0.82 grams per tonne, uranium up to 295 parts per million (ppm), and up to 3 ..read more
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Gas critical to Australia’s renewable future, say political and industry leaders.
The Market Herald
by Caroline Smith
22h ago
Gas will continue to play an important role in Australia’s economic future, according to a cohort of industry and political leaders – including Federal Resources Minister Madeleine King, WA Minister for Energy and Environment Reece Whitby, and Woodside Petroleum CEO Meg O’Neill – speaking at the Australian Energy Producers (AEP) Conference in Perth this morning. However, they express some variation on what this exact role might look like. Minister King – speaking about the Albanese government’s ‘Future Gas Strategy’ announced twelve months ago – said the gas industry had a crucial role to play ..read more
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