The Australian sharemarket declined sharply as global markets reacted negatively to a higher-than-anticipated US Consumer Price Index, leading to fears of delayed Federal Reserve rate cuts.
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A snapshot of the stocks on the move, featuring St George Mining (ASX:SGQ), Hammer Metals (ASX:HMX) and Bastion Minerals (ASX:BMO).
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Seven Group Holdings (ASX:SVW), led by Kerry Stokes, has once again demonstrated its resilience in the face of economic fluctuations, announcing record revenue and earnings for the December half-year period. However, in a move reflecting its strategic approach to financial management, Seven Group has opted to maintain its interim dividend at 23 cents per share for the seventh consecutive six-month period.
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US stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.
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So much for all the bullish forecasts about the Commonwealth Bank’s (ASX:CBA) interim result. Yes, a cash profit of just over $5 billion was reported, but the underlying data—so beloved by analysts looking for a 'good story'—wasn't pretty.
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Investors, especially on Wall Street and later today in Australia, received the rude shock they deserved from the slight fall in US Consumer Price Inflation in January.
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Fletcher Building (ASX:FBU), a prominent player in the construction industry, is poised to resume trading on the Australian Securities Exchange (ASX) at 10 am today, marking the end of a two-day halt initiated after a rapid 6% drop in shares within just 8 minutes.
Read MoreUS stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.
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Shares of the online employment giant, Seek (ASX:SEK), took a dive of 10% during early trading as investors swiftly expressed disapproval of its interim results reflecting the repercussions of a sluggish labour market.
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Australian shares experienced a second consecutive decline, driven by CSL's disappointing outlook, while investors awaited US inflation data for insights into potential Federal Reserve interest rate adjustments.
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Novonix Limited (ASX:NVX) CEO Dr Chris Burns discusses the significance of the company's binding offtake agreement with Panasonic.
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In a recent report by the National Australia Bank (ASX:NAB), a noticeable shift in business conditions signals a softer beginning to 2024 for many sectors. The latest monthly business survey reveals a dip in conditions, marking a departure from two years of above-average performance and raising concerns about the economic landscape moving forward.
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The recent lackluster performance of JB Hi-Fi (ASX:JBH), marked by weak profits and dividend cuts, has drawn attention to the resilience and success of smaller players in the retail sector. Two notable standouts, Temple & Webster (ASX:TPW) and Breville (ASX:BRG), have defied expectations with solid financial reports despite challenging economic conditions.
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Macquarie Group (ASX:MQG), renowned for its ‘annuity’ style businesses in asset management, finds itself grappling with a significant decline in profit for the fiscal year ending March 31.
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Blood products behemoth CSL (ASX:CSL) has demonstrated resilience in the face of Monday’s setback concerning a potential blockbuster drug trial, showcasing an impressive 11% enhancement in underlying net earnings to $US2.017 billion ($A3.11 billion).
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A snapshot of the stocks on the move, featuring Dateline Resources (ASX:DTR), Blue Energy (ASX:BLU) and Ansarada Group (ASX:AND).
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The Westpac Melbourne Institute Consumer Sentiment Index increased by 6.2% to reach 86 in February, marking its highest level since June 2022, signaling a shift towards optimism among Australian consumers amidst moderating inflation, evolving interest rate expectations, and anticipated income tax reductions later in the year, as indicated by Matthew Hassan, a senior economist at Westpac.
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Glencore has announced intentions to sell its 49% stake in the Koniambo Nickel SAS (KNS) venture, a venture wrought with losses due to plummeting nickel prices exacerbated by the unchecked nickel production in Indonesia.
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Shareholders in Seven West Media (ASX:SWM), the proprietors of the Seven TV Network, have languished without dividends for over six years, underscoring the dismal performance of the company under the stewardship of Kerry Stokes.
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Alkane Resources (ASX:ALK) has made waves with its latest discovery of high-grade gold and copper deposits at the Northern Molong porphyry project in Central NSW.
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Biotech companies in the United States are witnessing a surge in fundraising activities, marking the fastest pace since the peak of the mid-pandemic market boom.
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The Dow Jones Industrial Average rose to a new high on Monday as investors awaited fresh inflation and earnings data.
Read MoreThe Dow Jones Industrial Average rose to a new high on Monday as investors awaited fresh inflation and earnings data.
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In a dramatic turn of events, Fletcher Building (ASX:FBU), a prominent trans-Tasman building products giant, had its shares suspended abruptly yesterday.
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On Monday, the ASX experienced a decline primarily driven by a few large-cap stocks, notably CSL and Woodside, amidst traders' contemplation of the market's future amid an impending week of crucial company earnings reports.
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Despite analysts claiming that JB Hi-Fi (ASX:JBH), the country’s leading consumer electronics retailer, surpassed expectations with its lower result, the near 20% slash to the interim dividend tells a very different story.
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In the six months to December, Kerry Stokes's 30%-controlled oil and gas producer, Beach Energy (ASX:BPT), faced a substantial setback, taking a $721 million write-down in the value of its Cooper Basin assets. The impairment, totaling $505 million after tax, led to a reported net loss of $345.1 million.
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A snapshot of the stocks on the move, featuring BluGlass (ASX:BLG), Vection Technologies Ltd (ASX:VR1) and Lake Resources (ASX:LKE).
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Despite a record rally in US markets on Friday, the sharemarket experienced a decline, with the S&P/ASX 200 slipping by 0.27 per cent at 7,623.90 at 11:30am. This decline is primarily attributed to healthcare giant CSL, dropping 5.2 per cent due to abandoning plans for a drug seeking regulatory approval following weak trial results.
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As of Friday's market close, the momentum of the US December quarter earnings rebound persists, with over two-thirds of S&P 500 companies having already reported, exceeding initial expectations. The earnings landscape has proven to be more resilient than anticipated, showcasing a positive trend for investors.
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The absence of La Nina-driven rain and flooding events in the coal fields and ports of central Queensland and the NSW Hunter Valley helped rail freight giant Aurizon (ASX:AZJ) boost its interim dividend by 39% to 9.7 cents a share for the December 31 half-year.
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CAR Group (ASX:CAR) has lifted its interim dividend by 21% to a 50% franked 34.5 cents a share after reporting a solid outcome of its expansion into the US and Brazil car sales markets. The company revealed in its interim report that it enjoyed double-digit revenue and earnings growth in all key markets.
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The froth continues to vanish for former boom stock, NZ-based Synlait Milk (ASX:SM1), judging by a surprise slashing of guidance issued Monday morning. In doing so, it confirmed why its shares are down 75% in the past year, with the news that it now expects a loss instead of a small profit for the six months to January 31.
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Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 closed above the key 5,000 level as strong earnings and economic news chugged on.
Read MoreStocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 closed above the key 5,000 level as strong earnings and economic news chugged on.
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In a remarkable feat of resilience, the S&P 500 closed above the key 5,000 level, defying expectations amidst a backdrop of rising interest rates and global geopolitical tensions. Strong earnings reports and positive economic indicators propelled the index to new heights, showcasing a 25% gain in the three years since it surpassed the 4,000-point milestone.
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The Australian December half-year reporting season has begun with a flurry of activity, showcasing a mix of positive surprises and anticipated challenges for investors. Nearly 50 ASX 200 companies are set to report, with major players such as the Commonwealth Bank and JB Hi-Fi leading the charge.
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Last week witnessed a notable surge in the prices of oil, iron ore, and coal, driven by various global factors. However, gold and copper faced significant setbacks, particularly due to the lack of positive news emanating from China, a key player in the global commodities market.
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As the world prepares for a dynamic week of economic indicators and cultural events, eyes are particularly focused on the United States where inflation data is set to be unveiled. The January Consumer Price Index (CPI), both headline and core, along with the Producer Price Index (PPI), are anticipated to dominate discussions, offering insights into the trajectory of the world's largest economy.
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In a historic turn of events, Microsoft has officially dethroned Apple to claim the title of the most valuable company ever. Founded decades ago by Bill Gates and others, and listed in 1986, Microsoft's journey reached a pinnacle last week with a staggering market capitalization of $US3.125 trillion, marking the highest value ever recorded for any company.
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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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