by Peter Milios
The Albanase government announced the budget last night. The winners in the federal budget include low-income earners, JobSeeker recipients, small businesses, renters, single parents, aged care workers, first home buyers, skilled migrants, tertiary students, art and culture institutions, defence personnel, public service, and Sydneysiders. The losers in the budget include bosses trying to avoid paying superannuation, tax-dodgers, smokers and vapers, consultants, superannuation account holders with balances over $3 million, scammers, travellers, truckies, and big gas polluters.
At noon, the S&P/ASX 200 is 0.22 per cent lower at 7,248.30.
The SPI futures are pointing to a fall of 4 points.
Best and worst performers
The best-performing sector is Health Care, up 0.77 per cent. The worst-performing sector is Financials, down 0.89 per cent.
The best-performing large cap is Lynas Rare Earths (ASX:LYC), trading 3.34 per cent higher at $7.575. It is followed by shares in Meridian Energy (ASX:MEZ) and IDP Education (ASX:IEL).
The worst-performing large cap is Qantas Airways (ASX:QAN), trading 1.88 per cent lower at $6.27. It is followed by shares in BlueScope Steel (ASX:BSL) and Insurance Australia Group (ASX:IAG).
Asian news
Asia-Pacific markets fell on Wednesday as investors look ahead to U.S. inflation figures for clues on the path ahead for inflation and by extension, the US Federal Reserve’s moves.
Economists polled by Dow Jones expect inflation to have increased 0.4 per cent month-over-month in April, and 5 per cent year-over-year. Core prices, which exclude volatile food and energy components, are expected to have climbed 0.4 per cent.
Japan’s Nikkei 225 also opened 0.23 per cent lower, with the Topix also falling 0.2 per cent. Mitsubishi Corp recorded record earnings for a second-straight year, with net profit coming in above 1 trillion yen for the first time at 1.18 trillion yen ($8.72 billion).
South Korea’s Kospi inched down 0.14 per cent, while the Kospi bucked the wider downtrend and gained 0.3 per cent.
Hong Kong’s Hang Seng index looks set to extend its Tuesday losses, with futures tied to the Hang Seng trading at 19,850 compared with its last close of 19,867.58.
Company news
Ioneer (ASX:INR) has entered an offtake agreement to supply lithium carbonate to Dragonfly Energy. Bernard Rowe, MD and CEO at Ioneer, commented, “As the world’s demand for lithium in electric vehicle and energy storage increases, the need to secure a reliable, sustainable, and domestic source of lithium is critical.” Shares are trading 8.45 per cent higher at 38.5 cents.
In similar news, Magnum Mining & Exploration (ASX:MGU) announced that it has entered into a MOU with Mitsubishi Corporation to supply ore and iron concentrates. Mr Neil Goodman, CEO of Magnum stated, “This MOU gives the Buena Vista Green Iron Project a sound basis for moving forward to a Feasibility Study.” Shares are trading 82.4 per cent higher to 3.1 cents.
Asra Minerals (ASX:ASR) has entered into an option agreement to triple its exploration portfolio in the Leonora region of Western Australia. Asra’s Executive Chairman, Paul Summers commented: “[The area is in a] tenement located adjacent to where Genesis Minerals (ASX: GMD) is leading a resurgence in gold projects to our east, and Delta Lithium (ASX: DLI) and Marquee Resources (ASX: MQR) are finding Rare Earths, to our west.” Shares are flat at 1.1 cents.
Evergreen Lithium (ASX:EG1) announced that lithium pegmatite targets have been identified at their Kenny Project in WA. Chairman, Simon Lill commented: “After a successful IPO listing based primarily on the Company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects.” Shares are trading 3.9 per cent higher at 40 cents.
Commodities and the dollar
Gold is trading at US$2040.90 an ounce.
Iron ore is 3.6 per cent lower at US$106.00 a tonne.
Iron ore futures are pointing to a 0.55 per cent rise.
One Australian dollar is buying 67.65 US cents.
