Australian shares rebounded on Thursday, with the S&P/ASX 200 gaining 0.4% to reach 7749.7 points, driven by increases in sectors sensitive to interest rates such as property, banking, and technology.
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There were no signs of weakness in the May jobs data, with nearly 40,000 new jobs, a small fall in unemployment, a drop in the jobless rate, and continuing high levels of participation.
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The competition regulator, the ACCC, has raised questions about the planned $8.8 billion backward merger between Sigma Healthcare and Chemists Warehouse, citing ‘competition concerns’.
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A snapshot of the stocks on the move, featuring Pacific Nickel Mines (ASX:PNM), Elementos (ASX:ELT) and Perpetual Resources (ASX:PEC).
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The S&P 500 and the Nasdaq both hit all time highs closing at new records following the Fed’s policy announcement and May CPI numbers that pointed to easing inflationary pressures.
Read MoreThe S&P 500 and the Nasdaq both hit all time highs closing at new records following the Fed’s policy announcement and May CPI numbers that pointed to easing inflationary pressures.
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As widely expected, the European Union will impose significant tariffs on imports of Chinese battery-powered EVs. However, the tariffs will not be uniform and will vary from company to company.
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The great Apple charge continued Wednesday, with the company’s market value topping Microsoft’s for a while during trading, regaining the mantle as the world’s most valuable company.
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In an action-packed day, US inflation in May cooled slightly. The US Federal Reserve then held rates steady at its meeting but reduced the number of rate cuts it projects for this year to one from the forecast of two in March and three last December.
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The Australian sharemarket extended losses on Wednesday, with the S&P/ASX 200 Index dropping 0.5% amid investor anxiety over the imminent US Federal Reserve interest rate decision.
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In March, Magmatic Resources (ASX:MAG) announced a joint venture with Fortescue (ASX:FMG) for the Myall copper-gold prospect in central western NSW.
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Ahead of the US inflation data and the Fed interest rate decision tonight and early tomorrow respectively, cost pressures continue to show different outcomes in two of Asia’s major economies.
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Fund Manager Chris Pedersen discusses Viva Leisure, Skycity Entertainment Group and Life360.
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A snapshot of the stocks on the move, featuring Reach Resources (ASX:RR1), Nico Resources (ASX:NC1), Global Lithium Resources (ASX:GL1) and INOVIQ (ASX:IIQ).
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At 11:30am, the S&P/ASX 200 is 0.69 per cent lower at 7,701.90, reflecting Wall Street's mixed performance where banking stocks weighed on the Dow Jones while the Nasdaq and S&P 500 were lifted by Apple's 7.3% surge.
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For the second quarter in a row, wet weather and seismic problems have cut Evolution Mining’s (ASX:EVN) gold output.
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The boomlet in copper was again deflated on Tuesday, with London Metal Exchange prices and Comex futures prices in New York touching their lowest levels in seven weeks due to pressure from rising inventories and currency volatility.
Read MoreThe S&P 500 and the Nasdaq Composite hit new highs as Apple shares surged on AI news.
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Interesting how the Bapcor (ASX:BAP) share didn’t get near the $5.40 trailed by Bain and Co in one of those airy-fairy non-binding indicative, perhaps-we-might-make-a-bid deals on Tuesday, revealed after the long weekend.
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Apple has made fools of all those investors, analysts, and others who had been chiding it (and stronger) for falling behind in AI – its big launch Monday was "underwhelming," according to most critics.
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CSR is set to be absorbed by the French giant Saint-Gobain after the Foreign Investment Review Board okayed the $4.3 billion offer for the local building products group.
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The sharemarket experienced a significant decline as anticipation grew for the US Federal Reserve to delay immediate rate cuts, compounded by political uncertainty stemming from far-right gains in European elections and concerns about the bloc's future.
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Alkane Resources (ASX:ALK) surprised on Tuesday with a downgrade of its 2023-24 gold production and cost estimates for its Tomingley mine, even though the shares failed to reflect the news with an early session rise.
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The recent federal budget had no positive impact on business conditions and confidence, according to the May monthly survey from the National Australia Bank.
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Glen Finegan, Lead Portfolio Manager of Skerryvore, discusses the company's bottom-up approach to investing in emerging markets, emphasising governance, pricing power, and diversification as key drivers of success.
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At 11:30am, the S&P/ASX 200 is 1.27 per cent lower at 7,760.30, mirroring losses in Europe due to better-than-expected performance by far-right parties in weekend elections, and in anticipation of the US Federal Reserve's resistance to immediate rate cuts.
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A snapshot of the stocks on the move, featuring Bapcor (ASX:BAP), Summit Minerals (ASX:SUM) and DY6 Metals (ASX:DY6).
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Struggling automotive parts retailer and distributor, Bapcor (ASX:BAP), has confirmed that US private equity group Bain Capital has lobbed a non-binding offer at around $5.40 a share, approximately $1 above Friday’s close of $4.36.
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Beach Energy (ASX:BPT) has flagged more asset impairments for the year to June 30, with the total bill topping $1.1 billion.
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Elon Musk wants shareholders in Tesla to approve his controversial multi-billion dollar share deal at Thursday’s annual meeting. To show that he has their best interests at heart, he says he will ban Apple products from Tesla cars and other products if the phone giant integrates OpenAI’s technology into its iPhones.
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It’s no wonder Tesla CEO Elon Musk has knocked down stories that the company is planning to refresh its key seller, the Model Y EV, this year.
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Amid the slower-than-forecast imports for China for May, the usual suspects – iron ore, copper, and coal – stood out, but oil slid, even though global prices were not all that strong.
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The US Federal Reserve meets this week, and one thing is certain: after the surprise surge in US job numbers in May, the Fed won’t be following the European Central Bank and Bank of Canada in cutting its key interest rates anytime soon.
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Reality drifted through global oil markets last week after OPEC+ bowed to reality and announced it would start easing its production caps, while keeping others in place until next year.
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After the excitement of last week, this week should be quieter, even though two central banks are meeting – The US Fed and the Bank of Japan on Friday. The May US consumer inflation report mid-week could trigger a return of volatility to markets if the data shows no change in US price pressures (as early forecasts suggest).
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Nvidia and the tech sector help the S&P 500 and Nasdaq close at new record highs as investors look to Wednesday’s Fed Policy meeting.
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A handful of results, and lots of annual meetings, are scheduled for the US and European markets this week.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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