by Peter Milios
The ASX is up, snapping a 3-day losing streak. The stars of the day were Financials and Coal Miners.
Bank of Queensland (ASX:BOQ) finished 11.13 per cent higher, after reporting a 15 per cent gain in profits over the last 12 months.
Whitehaven Coal (ASX:WHC) climbed by 5.5 per cent by lunchtime, before finishing 3 per cent higher at $10.68. This was surprising following Citi groups sell recommendation yesterday.
Overall, at the closing bell, the S&P/ASX 200 was 0.04 per cent or 2.50 points higher at 6647.50.
Futures
The Dow Jones futures are pointing to a rise of 93 points.
The S&P 500 futures are pointing to a rise of 11.25 points.
The Nasdaq futures are pointing to a rise of 38.75 points.
The SPI futures are pointing to a rise of 8 points when the market next opens.
Best and worst performers
The best-performing sector was Financials, up 1.89 per cent. The worst-performing sector was Utilities, down 2.20 per cent.
The best-performing stock in the S&P/ASX 200 was Bank of Queensland (ASX:BOQ), closing 11.13 per cent higher at $7.59. It was followed by shares in Coronado Global Resources (ASX:CRN) and Sayona Mining (ASX:SYA).
The worst-performing stock in the S&P/ASX 200 was Mineral Resources (ASX:MIN), closing 3.65 per cent lower at $70.12. It was followed by shares in Nickel Industries (ASX:NIC) and Regis Resources (ASX:RRL).
Asian markets
Japan’s Nikkei has gained 0.06 per cent.
Hong Kong’s Hang Seng has lost 1.88 per cent.
China’s Shanghai Composite has lost 1.21 per cent.
Company news
Tamboran Resources (ASX:TBN) have confirmed this morning that “Falcon Oil and Gas” will not be exercising their pre-emptive right in relation to the Tamboran/Sheffield JV’s recent acquisition of Origin Energy’s Beetaloo assets. Falcon, who own a 22.5 per cent non-operating interest over the assets, have entered into a binding Letter of Intent with the JV partners which paves the way for the completion of the Origin Beetaloo assets acquisition — subject to Northern Territory Government approval later this month. Tamboran managing director and CEO stated, “The amendments to the JOA and FIA pave a way forward for all parties to benefit from collaboration as we work towards sanctioning of the proposed Amungee Pilot Development in EP 98.”
Lake Resources (ASX:LKE) and SK On have executed a Conditional Framework Agreement (CFA) involving a 10 per cent strategic investment in Lake Resources and offtake for up to 25,000 tonnes per annum battery grade lithium from the Kachi Project which is subject to a set of conditions under the CFA. Lake’s new CEO and MD David Dickson said that the CFA cements the ability for Lake to increase their environmentally responsible production, and allows the opportunity for SK On to participate in Lake’s other projects, to ensure that the supply of high quality lithium products are created. Shares in Lake closed 2.02 per cent higher at $1.01.
Queensland Pacific Metals (ASX:QPM) and General Motors Holdings LLC (NYSE: GM) have announced the formation of a strategic collaboration, via a material investment and long-term offtake agreement. The announcement outlines a conditional commitment of up to US$69m(A$108m) by way of an equity subscription in QPM, including a binding commitment of US20.1m at A$0.18 per share. QPM Managing Director Dr Stephen Grocott commented, “GM’s investment in our company and the associated offtake brings us one step towards construction of the TECH Project where we will one day aim to deliver the world’s cleanest produced nickel and cobalt.” Shares closed 16.7 per cent higher at 18 cents.
Commodities and the dollar
Gold is trading at US$1667.49 an ounce.
Iron ore is 1.7 per cent lower at US$97.05 a tonne.
Iron ore futures are pointing to a fall of 2.6 per cent.
Light crude is trading $0.56 lower at US$87.41 a barrel.
One Australian dollar is buying 62.62 US cents.
