by Peter Milios
Australian shares rebounded slightly, with the S&P/ASX 200 index ending up 0.5 per cent at 7258.4 after rising to 7273.6 following a fall earlier in the month. The index has lost 3 per cent for February after a rise of 6.2 per cent for January. Seven of 11 sectors rose, with Materials, Energy, REITs, Tech, and Industrials leading. On the chart, the index continues to respect an uptrend line drawn from the October low, which held on a daily close basis on Monday. However, the reporting companies mostly fell, and earnings season has seen the worst share market reaction since August 2019.
Futures
The Dow Jones futures are pointing to a rise of 17 points.
The S&P 500 futures are pointing to a rise of 2.5 points.
The Nasdaq futures are pointing to a rise of 16.5 points.
The SPI futures are pointing to a rise of 40 points when the market next opens.
Best and worst performers
The best-performing sector was Materials, up 1.52 per cent. The worst-performing sector was Utilities, down 1.27 per cent.
The best-performing large cap was Mineral Resources (ASX:MIN), closing 3.85 per cent higher at $82.56. It was followed by shares in Infratil (ASX:IFT) and BlueScope Steel (ASX:BSL).
The worst-performing large cap was Harvey Norman Holdings (ASX:HVN), closing 7.45 per cent lower at $3.85. It was followed by shares in Yancoal Australia (ASX:YAL) and Cochlear (ASX:COH).
Asian markets
Japan’s Nikkei has gained 0.12 per cent.
Hong Kong’s Hang Seng has gained 0.21 per cent.
China’s Shanghai Composite has gained 0.63 per cent.
Company news
Beston Global Food Company (ASX:BFC) has announced their results for the half year period to 31 December 2022. The company has recorded a record revenue, up 33 per cent year on year, and a record margin of $15.7 million. In response, the Chairman of BFC, Dr Roger Sexton AM, said, “the building of strong results underlines the benefits that Beston is experiencing under their leadership.” Shares closed flat at 2.4 cents.
TerraCom (ASX:TER) announced a fully franked dividend of 7.5 cents per fully paid ordinary share. It is important to note that this applies to the quarter ended 31 December 2022, and represents almost 10 per cent of the price they are currently trading at. Commenting on the dividend, Non-Executive Chairman, Graeme Campbell, said, “Combined with the 10 cent dividend already paid in December 2022, the total return to shareholders this financial year represents a dividend yield of approximately 23 per cent, based on the current share price.” Shares closed flat at 75.5 cents.
Metals Australia (ASX:MLS) has announced that a premium battery grade of 99.96 per cent spherical graphite purity has been achieved at their Lac Rainy Graphite Project in Quebec. In response, Chairman Mike Scivolo commented, “This places the Lac Rainy Project in the top tier of high-quality graphite projects, with an ideal location close to North American markets where demand for such high-quality graphite products is high.” Shares closed 6 per cent lower at 4.7 cents.
Commodities and the dollar
Gold is trading at US$1,820.40 an ounce.
Iron ore is 3.3 per cent lower at US$122.50 a tonne.
Iron ore futures are pointing to a 0.8 per cent fall.
Light crude is trading $0.26 higher at US$75.94 a barrel.
One Australian dollar is buying 67.28 US cents.
