by Peter Milios
The ASX has continued rising since lunchtime. At the closing bell, the S&P/ASX 200 was 1.72 per cent or 114.80 points higher at 6779.20.
The sector of the day is Information Technology, up 4.24 per cent, closely followed by Real Estate, up 3.21 per cent and Communications Service, up 2.26 per cent.
AI data company Appen (ASX:APX) was up 7.66 per cent, cloud-based accounting software company Zero (ASX:XRO) was up 5.89 per cent, whilst real estate firm Lendlease Group was up 5.88 per cent.
In more dire news, Reserve Bank of Australia deputy governor Michele Bullock has today announced that interest rates will continue to climb. “Interest rates need to rise to ensure inflation returns to the 2 to 3 per cent band over time and inflationary expectations remain anchored,” Ms Bullock stated.
Futures
The Dow Jones futures are pointing to a rise of 456 points.
The S&P 500 futures are pointing to a rise of 64.75 points.
The Nasdaq futures are pointing to a rise of 219.75 points.
The SPI futures are pointing to a rise of 123 points when the market next opens.
Best and worst performers
The best-performing sector was Information Technology, up 4.19 per cent. The worst-performing sector was Energy, down 0.60 per cent.
The best-performing stock in the S&P/ASX 200 was Novonix (ASX:NVX), closing 18.99 per cent higher at $2.13. It was followed by shares in HUB24 (ASX:HUB) and Telix Pharmaceuticals (ASX:TLX).
The worst-performing stock in the S&P/ASX 200 was St Barbara (ASX:SBM), closing 21.64 per cent lower at $0.53. It was followed by shares in Adbri (ASX:ABC) and Coronado Global Resources (ASX:CRN).
Asian markets
Asia equities are trading higher Tuesday.
Most benchmarks regained momentum from intraday lows and tracked sharp gains.
Mainland China trailing on a moderate trajectory. Growth/tech generally outperforming value.
Japan’s Nikkei has gained 1.47 per cent.
Hong Kong’s Hang Seng has gained 1.34 per cent.
China’s Shanghai Composite has gained 0.32 per cent.
Best and worst performers
All sectors are trading in the green except Energy. The best-performing sector is Information Technology, up 2.77 per cent. Energy, the only underperforming sector is down 0.95 per cent.
The best-performing stock in the S&P/ASX 200 is HUB24 (ASX:HUB), trading 13.13 per cent higher at $24.98. This comes as the company announced their Q1 market update this morning with strong platform net inflows of $3.0 billion. It is followed by shares in Novonix (ASX:NVX) and Block (ASX:SQ2).
The worst-performing stock in the S&P/ASX 200 is St Barbara (ASX:SBM), trading 19.78 per cent lower at $0.54 after their disappointing Q1 update this morning. It is followed by shares in News Corporation (ASX:NWS) and Coronado Global Res (ASX:CRN).
Company news
Radiopharm Theranostics (ASX:RAD), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, announced today that Imperial College London’s F-18 Pivalate (RAD 101) has achieved successful Phase 2a data in patients with brain metastases, having shown significant tumour uptake that was consistent and independent from the tumour origin. “We are very pleased to see a new molecule and an innovative mode of action showing significant results in brain cancer metastases,” said Radiopharm’s CEO and Managing Director Riccardo Canevari. “The team at Imperial College London, led by Professor Eric Aboagye, did a tremendous job. F-18 Pivalate and its potential therapeutic variations, currently under development, represent a promising theranostic approach to target brain metastases and potentially other brain tumours. These positive and encouraging results will inform F-18 Pivalate accelerated future development and we are looking forward to starting conversations with medical experts and regulatory agencies.” Shares closed unchanged at 17 cents.
Arizona Lithium (ASX:AZL), a company focused on the sustainable development of the Big Sandy Lithium Project, has announced the completion of its scoping study, which has confirmed the Big Sandy Lithium project as being well positioned to become a long-term lithium producer to supply the rapidly growing demand for electric vehicles in North America. The company has cash reserves exceeding $50 million, so is in sound position to further advance with the project. AZL Managing Director, Paul Lloyd, commented: “Building on the work undertaken by Hazen Research on the initial design basis and flowsheet, the Scoping Study has further advanced the development of Big Sandy, which will be continued at our newly established Lithium Research Centre in Arizona.” Shares closed 10.7 per cent higher at 8 cents.
Apollo Minerals (ASX:AON) has announced a high-grade massive sulphide discovery. The assay results confirm a quality of 40 per cent zinc and lead — the highest-ever grades at the Kroussou Project. Apollo Minerals’ Managing Director, Mr Neil Inwood, commented: “The new style of mineralisation discovered, provides a structural target style which will redefine our future exploration focus. The opportunity for discovery is massive and our excitement is palpable — we believe Kroussou really does have the potential to be a very large, province-scale zinc district.” Shares closed 1.8 per cent lower at 6 cents.
Sezzle (ASX:SZL) announced this morning that it has signed a new US$100m receivables funding facility with affiliates of Bastion Management II, as Administrative Agent for the lenders. The new facility will support the company’s business in the US and Canada, replacing its prior facility with Goldman Sachs Bank USA and Bastion. “We are excited to continue our relationship with Bastion, as they have been a supportive partner,” stated Karen Hartje, CFO of Sezzle. “The new facility positions Sezzle with the necessary liquidity and balance sheet strength to pursue the Company’s growth objectives and achieve profitability.” Shares closed 12.6 per cent higher at 54 cents.
Felix Gold (ASX:FXG) announced this morning assay results for a further 23 holes at its Treasure Creek Project in Alaska. These results continue to substantiate Felix’s expectations of shallow, thick gold deposition of robust grades across the project. Follow-up and extensional drill testing is planned to focus on the zones of gold mineralisation with the highest potential for encompassing delineated gold resources. Felix Managing Director and CEO Joe Webb commented: “NW Array is quickly building into a significant gold discovery. Today’s results expand the southern mineralised gold zone by over 150 metres further east. This enlarged footprint, combined with the shallow nature of the intercepted mineralisation, further builds support for the potential existence of a near-surface open-pittable gold deposit of substantial scale.” Shares closed 7.7 per cent higher at 14 cents.
Envirosuite (ASX:EVS) released a Q1 sales update this morning stating it has achieved quarterly sales of $3.4m in Q1 FY23. The update also noted that Envirosuite has entered into a global strategic alliance agreement with SGS SA, the world’s leading testing, inspection, and certification company. Jason Cooper, Envirosuite’s CEO, said: “We are excited to partner with SGS, a leading and globally recognised organisation, to expand and accelerate our opportunities especially in the Mining, Heavy Industrial and Oil & Gas sectors. Following a successful initial trial at an EMEA client, we expect that this collaborative relationship will produce combined solutions that will deliver even greater value to our customers, and we look forward to seeing this strategic alliance accelerate revenue growth for both companies.” Shares closed unchanged at 13 cents.
DroneShield (ASX:DRO) has announced it has been recommended by the US Department of Defence Joint Counter-small Unmanned Aircraft Systems Office (JCO) as part of the Science Applications International Corporation (SAIC) joint solution for Counter-UAS as a Service. The JCO formalised its recommendation of three approved solutions after thorough evaluation at Yuma Proving Ground earlier this year. In response, Matt McCrann, DroneShield US CEO, commented: “We are pleased to complement the overall SAIC solution with key components for both extended-range detection and defeat. We look forward to supporting this partnership and further expansion of critical Counter-UAS capabilities across the services.” Shares closed 11.4 per cent higher at 20 cents.
Emerging lithium producer Sayona Mining (ASX:SYA) has developed a transport solution for its North American Lithium (NAL) operation, with a Québec rail operator awarded the contract to deliver NAL spodumene (lithium) concentrate to port. Under the agreement, Solurail Logistique Inc, a Val d’Or company specialising in bulk transhipment and rail logistics, will be responsible for transporting lithium from the NAL operation in La Corne to the Port of TroisRivières for delivery to customers. The agreement strengthens the logistics solution for delivery of NAL product to fast-growing markets. Sayona is continuing to advance the restart of production at NAL, scheduled for Q1 2023. Sayona Québec CEO, Guy Laliberté, said: “We are very happy to collaborate with a local company that will allow Sayona to easily supply its customers by rail, while establishing more roots in the region. Solurail’s strategic location in AbitibiTémiscamingue region and the expertise it has developed in transhipment and freight forwarding are key elements that will contribute to the achievement of our common objectives, as we advance the production of this key battery metal in Québec.” Shares closed 2.3 per cent higher at 22 cents.
Lepidico (ASX:LPD) today lodged their Annual Report 2022. Some key highlights included: Karibib Phase 1 concentrator Front End Engineering and Design (FEED) reported both improved operability and a capital efficient doubling in throughput, with the Namibian project fully permitted and shovel ready; resource drilling at Helikon 4 returned some of the best intercepts in the history of the Karibib project, with the weighted average intercept grade of 0.60 per cent Li2O from new drilling versus the Inferred Resource grade of 0.38 per cent Li2O; the phase 2 scoping study was adapted for 25 per cent of concentrate feed from an expansion that doubles output of Karibib concentrator with the balance sourced from third-party mines. Shares closed down 5.3 per cent at 2 cents.
Commodities and the dollar
Gold is trading at US$1660.32 an ounce.
Iron ore is 2.5 per cent lower at US$93.75 a tonne.
Iron ore futures are pointing to a fall of 1.0 per cent.
Light crude is trading $0.69 higher at US$85.22 a barrel.
One Australian dollar is buying 63.20 US cents.
