Oil prices rebounded last week, not just because the Federal Reserve cut rates, but also due to a combination of a reduction in supply, a tropical storm along parts of the US Gulf Coast, and the rapid rise in tensions between Israel and Lebanon.
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Another record for gold was set on Friday, with no sign of second thoughts about the benefits of the Fed’s significant rate cut among its supporters, unlike in equities, where some hesitation was observed.
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Each week The Last Word will offer a review of the week's events and their impact on the markets.
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Justin Virgin – Executive Director – Terrain Minerals Limited (ASX:TMX) is advancing nickkel, gold and gallium exploration in Western Australia.
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Alex Hanly – CEO – Lithium Universe Limited (ASX:LU7) is developing a vertically integrated mine-to-battery-grade lithium strategy in Canada to address the lithium conversion gap in North America.
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Dr Mark Cooksey – Managing Director & CEO – ABx Group Limited's (ASX:ABX) areas of focus are the creation of an ionic adsorption clay rare earth project in northern Tasmania and the establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste.
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Myer (ASX:MYR) has met its lowered guidance for the 2023-24 financial year as it battled through challenging market conditions and the fallout from high interest rates. However, it has reduced both its final and full-year dividends.
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A snapshot of the stocks on the move, featuring Anson Resources (ASX:ASN), Develop Global (ASX:DVP) and Mithril Silver and Gold (ASX:MTH).
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Aus shares have reached a record high, while Myer highlights challenging market conditions.
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Winston Sammut, the Director Property of Euree Asset Management, gives his weekly take on the REITs sector.
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Prime Financial Group Limited (ASX:PFG) Managing Director, CEO and Chairman Simon Madder provides an update on the company, discussing drivers behind FY24 performance, the acquisitions of Altor Capital and Equity Plan Management, and outlook.
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US stocks jumped overnight, with the Dow Jones Industrial Average and the S&P 500 rising to new all-time highs, as traders cheered the Federal Reserve’s Wednesday decision to lower interest rates by half a percentage point.
Read MoreUS stocks jumped overnight, with the Dow Jones Industrial Average and the S&P 500 rising to new all-time highs, as traders cheered the Federal Reserve’s Wednesday decision to lower interest rates by half a percentage point.
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As expected, the Bank of England held rates steady at 5% during its meeting on Thursday, despite some enthusiastic traders attempting to promote the idea of a rate cut following the Federal Reserve’s half a per cent reduction the day before.
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A snapshot of the stocks on the move, featuring Javelin Minerals (ASX:JAV), Bindi Metals (ASX:BIM) and GreenTech Metals (ASX:GRE).
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US stocks experienced a volatile trading session overnight, ultimately closing lower despite an unexpected half-percentage-point interest rate cut by the Federal Reserve.
Read MoreUS stocks experienced a volatile trading session overnight, ultimately closing lower despite an unexpected half-percentage-point interest rate cut by the Federal Reserve.
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Equities jumped, then sagged, as did gold, as the seismometer of economic uncertainty played it safe following the Fed’s surprise half-per-cent cut in its Federal Funds Rate.
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The boosters got what they wanted from the Fed — a half a per cent rate cut straight up — and they could get another half a per cent by the end of 2024. However, this could turn out to be something the rate cut bulls didn’t want to see so quickly.
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Very different news has emerged from two of New Zealand’s dairy majors, Synlait (ASX:SM1) and Fonterra (ASX:FSF).
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Being the world’s largest and fastest-growing market, it's natural that the daily news flow from China dominates globally. However, the news that Mercedes has abandoned the Chinese EV market is significant.
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Global major Barrick Gold has revealed ambitious plans to boost gold output by 30% by the end of the decade, along with a significant (if belated) increase in its copper production.
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Fund Manager Chris Pedersen discusses Aristocrat Leisure, Premier Investments and Newmont Corporation.
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Venkata Gutta, CEO and Founder of MILLIBEAM, discusses the company’s mission to make millimetre-wave technology cost-effective and scalable.
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The S&P 500 narrowly edged higher overnight, reaching a new all-time high as investors eagerly awaited the Federal Reserve's interest rate decision.
Read MoreThe S&P 500 narrowly edged higher overnight, reaching a new all-time high as investors eagerly awaited the Federal Reserve’s interest rate decision.
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Ahead of tomorrow’s rate cut from the US Federal Reserve, global investors are excited about the first reduction in four years.
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It’s a small club, as the Financial Review pointed out yesterday: only 25 of the country’s top 300 companies have a female CEO.
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Woodside Energy (ASX:WDS) continues to reinforce market sentiment that it is moving towards a "Life After Australia" in the US. The latest indication came during a major investor briefing held on Monday in New York, where it was clear the company is aiming for faster growth in the US than anywhere else.
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Coal miner New Hope (ASX:NHC) wants to buy Anglo American’s five coal mines in Queensland but is seeking a significant discount due to the fire damage at the Grosvenor underground operation.
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A snapshot of the stocks on the move, featuring Octava Minerals (ASX:OCT), Critica (ASX:CRI) and Platinum Asset Management (ASX:PTM).
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At 11:40am, the S&P/ASX 200 is 0.23 per cent higher at 8,140.50.This comes amid expectations of a significant 50 basis point interest rate cut by the Federal Reserve later this week, with JPMorgan predicting the move and CME Futures data indicating a 67% probability. The Dow and equal-weight S&P 500 also hit record highs overnight, though gains were modest.
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Global accounting software group Xero (ASX:XRO) will pay up to US$70 million (around AU$104 million) for South African cloud-based reporting and analytics platform Syft.
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Like Apple and Nvidia, Microsoft is making too much money from its suite of tech products and software and will give more of it back to shareholders (instead of cutting prices for customers).
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It seems it’s sell, sell, sell for Mineral Resources (ASX:MIN) and its high-profile boss, Chris Ellison, as the company looks for ways to slash an embarrassingly high level of debt.
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The S&P 500 inched higher overnight as investors awaited the Federal Reserve’s highly anticipated policy meeting, where central bankers are expected to lower interest rates for the first time since 2020. Meanwhile, the Dow Jones Industrial Average climbed to a new all-time high.
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Yet another massive rough diamond has been found in an increasingly rich mine in Botswana by the Canadian firm Lucara Diamonds.
Read MoreThe S&P 500 inched higher overnight as investors awaited the Federal Reserve’s highly anticipated policy meeting, where central bankers are expected to lower interest rates for the first time since 2020. Meanwhile, the Dow Jones Industrial Average climbed to a new all-time high.
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Yet another after-market close announcement from Star Entertainment (ASX:SGR) surfaced on Monday evening, with media reports indicating that the company is set to be bailed out by its lenders under a five-point plan. This plan is designed to give the gaming group’s new CEO, Steve McCann, the chance to turn around its performance without selling any of its three casinos.
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Quantum Brilliance CEO Mark Luo discusses how his company is pioneering quantum computing with synthetic diamonds, offering a miniaturised and energy-efficient alternative. He highlights the company's rapid growth since its spin-out from the Australian National University, its unique approach to quantum technology and the enormous commercial potential of quantum at the edge.
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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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