ASX Spectator

Clinuvel Pharmaceuticals (ASX:CUV) Gains Most in Over 3 Weeks on Buyback

Thu, 14 Mar 2024 12:00:25 +1000

Shares of Clinuvel Pharmaceuticals (ASX:CUV) surged up to 8.6% reaching A$14.34, marking their highest intra-day growth since February 19.

The company has announced an on-market share buyback program for approximately 3% of CUV’s outstanding share capital.

The duration of the share buyback program will be 12 months, pending regulatory approvals.

The shares reached their highest level since March 5, with over 133,170 shares changing hands.

This is significantly higher than the 30-day average volume of approximately 126,100 shares.

Despite this surge, the stock is down 17.5% this year as of the latest close, contrasting a 1.8% increase in the benchmark S&P/ASX 200 index.

Clinuvel Pharmaceuticals is a company specializing in developing drugs for the treatment of a range of severe skin disorders.

Aussie Broadband (ASX:ABB) Stumbles on Termination of Origin White Label Deal

Thu, 14 Mar 2024 11:45:12 +1000

Aussie Broadband (ASX:ABB) shares plunged 25.2% to A$3.24, marking their worst performance since May 2, 2022, in light of a prevailing trend.

The telecommunications company announced that Origin Energy will cease the White Label wholesale agreement with the company, effective from April 12, 2024.

Aussie Broadband refused Origin’s latest wholesale proposal on March 7, deeming it to lack additional value for its shareholders.

The ongoing Origin White Label wholesale agreement is projected to contribute an estimated A$14 million in EBITDA for the financial year 2024.

Despite the recent downturn, the company experienced an 11% rise in stock since the beginning of the year up until the last closing.

Aussie Broadband is an Australian-based telecommunications service provider.

Westgold Resources (ASX:WGX) Envisions Increased Production at Bluebird Mill

Thu, 14 Mar 2024 11:00:28 +1000

Westgold Resources anticipates increased production at their Bluebird Mill in the near future.

The company’s operations witnessed a loss of time due to heavy, intermittent rainfall in Murchison and Bryah in recent weeks.

Flooding has affected certain operations and interfered with both surface and underground haulage.

Despite these challenges, the company remains focused on fulfilling its production and cost guidance for FY24.

Crusher repairs at Fortnum and Tuckabianna have now been completed.

The cessation of mining at Paddy’s Flat underground this quarter has impacted FY24’s production by approximately 15,000 - 20,000 oz.

As a result, FY24’s production is set to be at the lower end of the guidance range.

Conversely, costs for FY24 will now be at the high end of the provided guidance range.

Westgold Resources (ASX:WGX) is a company involved in the exploration and production of a range of commodities.

Chinese Foreign Minister's Visit to Australia Foreseen, Treasury Wine Estates (ASX:TWE) Hopeful for Windfall

Thu, 14 Mar 2024 10:45:16 +1000

Chinese Foreign Minister Wang Yi is projected to pay a visit to Australia in the forthcoming week, announced The Guardian, which overserves the burgeoning relationship between Beijing and Canberra after years of cold ties.

This possibility arises as the Anthony Albanese-headed Labor government looks forward to mending ties with China, which is Australia’s top trading ally, since assuming power in 2022.

In the midst of these diplomatic maneuvers, Australia’s leading publicly listed winemaker, Treasury Wine Estates (ASX:TWE) indicated on Tuesday that China’s Ministry of Commerce has launched a temporary proposal to lift tariffs on Australian wine, which sparked optimism that nearly three years of burdensome duties may soon be abolished.

Notably, China has been lifting most trade blocks imposed since Australia requested an investigation into the origins of COVID-19 in 2020.

Wang is expected to enter into discussions with Foreign Affairs Minister Penny Wong in Canberra next Wednesday under the Australia-China Foreign and Strategic Dialogue, according to the Guardian’s unverified resource.

Wong’s office chose not to comment instantly on a comment-seeking request.

Anticipated talking points, as reported from her meeting with Wang include human rights, regional security and the pressing need for removing the remaining trade obstacles.

Treasury Wine Estates (ASX:TWE) is a leading Australian wine company.

Sky Metals (ASX:SKY) Faces Biggest Intraday Drop in Over a Month Due to Discounted Placement

Thu, 14 Mar 2024 10:30:15 +1000

Shares in Australia’s mineral exploration company, Sky Metals (ASX:SKY), tumbled by as much as 7.1% to A$0.039.

This marked the company’s largest intraday percentage decrease since the start of February.

Furthermore, this has brought its stock to its lowest point since March 5th.

Sky Metals also executed firm bids to boost its funds by A$4.2 million at an issue price of A$0.033 per share.

This issue price indicates a markdown of 21.4% compared to the stocks last closing value.

The issuing of 127 million shares approximates to around 0.3% of the company’s free-floating shares, which total at roughly 461.4 million, according to the data from the London Stock Exchange Group.

There were about 138,204 shares that were traded, which is compared to the 30-day average volume amounting to 442,699 shares.

Since the start of the year, the stock’s value has fallen by 16.7%, based on the last closing value.

Sky Metals is an Australia-based occurrence focused on the exploration and advancement of precious and base metals.

U.S. Company Innodata (ASX:INOD) Withdraws Buyout Proposal for Australian Software Firm Appen (ASX:APX) Due to Confidentiality Breach

Thu, 14 Mar 2024 09:15:17 +1000

Appen (ASX:APX), an Australian software company, recently confirmed that U.S.-based Innodata (ASX:INOD) has chosen to withdraw a non-binding indicative purchase proposal.

This statement came just days after Appen had released news of the proposal comprised of A$0.70 worth of Innodata shares for each share of Appen, calculated at an increase of over 100% of Appen’s share price at the time the indicative proposal was provided.

Appen, however, declined to reveal the actual value of the proposed offer or when the proposal was extended due to matters of confidentiality.

Further, Appen has reported that Innodata has pulled out from the Indicative Proposal since it was meant to remain confidential.

Appen is an Australian language, search, and social data provider specialized in the development of human-annotated datasets for machine learning and artificial intelligence.

Australian Shares Predicted to Open Higher, New Zealand Trending Downward

Thu, 14 Mar 2024 08:30:18 +1000

On a promising note, Australian shares are anticipated to open modestly higher on the following Thursday, as potential increases in gold and energy companies could rally due to a bump in key prices.

However, miners may face pushback due to a downward trend in iron ore futures.

Meanwhile, the local share price index futures, YAPcm1, has seen an approximate increase of 0.3%, a 29.6-point premium to the fundamental S&P/ASX 200 share index (ASX:AXJO).

The primary indicator marked a slight elevation of 0.2% on Wednesday.

On the secondary front, there’s a slight dip in early trade, with New Zealand’s benchmark S&P/NZX 50 index being down by 0.1% at 11,792.27 points.

(ASX:AXJO) is an Australian stock market index that represents Australian large and mid-cap securities.

Global Stocks Show Little Change Amid Inflation Concerns

Thu, 14 Mar 2024 08:15:17 +1000

The global stock market displayed minimal changes recently, taking a pause after European and U.S.

equities hit record levels in the previous session.

This pause comes as investors turned their attention to the next round of data on inflation and consumer health.

MSCI’s measure of stocks across the globe fell 0.01 points to 775.70.

On the other hand, the tech-centred Nasdaq experienced a decline as its growth stocks were hit by rising U.S.

Treasury yields.

Investors are now awaiting more data this week to get a hint on the timing of the Federal Reserve’s interest-rate cuts.

As of 11:35 a.m.

ET, the Dow Jones Industrial Average was up 147.19 points or 0.38% at 39,152.68, the S&P 500 declined to 5,168.12 with 7.15 points down or 0.14%, and the Nasdaq Composite was down 89.49 points, or 0.55%, at 16,176.15.

Citi upgrades Sims (ASX:SGM) to 'buy'; Forecasts Long-term Recoveries

Thu, 14 Mar 2024 08:00:30 +1000

Investment bank Citi has upgraded its rating for shares of the Australia-based Sims to ‘buy’.

The decision comes as analysts predict ex-China steel production to increase this year and Turkish scrap volumes to rise by 20% compared to previous corresponding period.

The brokerage firm also expects the company’s EBIDTA to reach A$567 million by FY26 with margins restored to 4%.

Looking further ahead, they anticipate Sims to benefit from steel decarbonisation trends in the long run.

Despite this, they forecast a challenging H2 FY24 for the company due to declining ferrous scrap prices, which could pose risks to FY24 earnings forecasts.

Of analysts working on the company, 13 rate the stock as ‘buy’ or higher, seven hold it, and five rate it as ‘sell’ or lower with a median price target of A$13.50 according to LSEG data.

Year-to-date, the stock has fallen approximately 24% as of the last close.

Sims (ASX:SGM) is a global leader in metal recycling, ferrous and nonferrous metals trading.

Banks Offer Boost to Australian Shares; Investors Weigh US Inflation Print

Wed, 13 Mar 2024 17:01:54 +1000

Australian shares saw modest gains, largely driven by financial and real estate stocks, as traders evaluated the effect of a higher-than-anticipated U.S.

consumer inflation print on rate cut predictions.

The S&P/ASX 200 index concluded with a modest increase of 0.2% at 7,729.400 points.

Investors' optimism about a potential U.S.

rate cut in June remained undeterred despite Tuesday’s late data publication indicating U.S.

consumer prices, a primary inflation measuring metric, were slightly higher than expected.

The Market predilections for a rate cut in June currently hovers around 67%, slightly less than the 70% seen last week, referenced from the CME FedWatch Tool.

Luci Ellis, chief economist at Westpac, stated that most central banks in advanced economies are inclined to reduce rates, barring any sudden inflationary shocks, as they are running on a data-dependent mode.

Ellis anticipates a rate cut by the Australian central bank in September, followed by another in November.

In Sydney, National Australia Bank (ASX:NAB), ANZ Group (ASX:ANZ), and Westpac Banking Corp (ASX:WBC) contributed to a gain of 0.9% in financials, with advancements between 1.7% and 1.8%.

The real estate and consumer sectors rose by 1.04% and 0.1% respectively, with Goodman Group (ASX:GMG) surging 2.5% and Wesfarmers (ASX:WES) ascending 1.5%.

In contrast, the heavyweight mining sector fell 0.9% to its lowest level since October 23rd, due to the ongoing reduction in iron ore prices resulting from weakened Chinese demand.

Major losses occurred with Newmont Corp’s (ASX:NEM) local shares dipping by 3%, while iron ore miners Fortescue (ASX:FMG) and BHP Group (ASX:BHP) dropped 1% and 1.3% respectively.

Liontown Resources (ASX:LTR) saw the sharpest increase among all shares, closing 6.1% higher after securing a A$550 million debt facility to augment its lithium project in Western Australia.

National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers.

Hera Med (ASX:HMD) Shares Surge in Biggest Intraday Rise in Three Months Following Strategic Partnership

Wed, 13 Mar 2024 16:30:24 +1000

Shares of Hera Med (ASX:HMD) have seen a significant rise of as much as 15% to A$0.023, marking their largest intraday percentage gain since December 18, 2023.

This lift of stock also puts the company at its highest level since February 28.

The spike in stock comes following the company’s recent strategic partnership agreement with FemBridge, a U.S.-based maternal solutions organization.

The aim of this agreement is to develop a scalable maternal health solution.

‘We anticipate achieving commercial milestones in the immediate future, with a steady growth trajectory expected throughout the remainder of 2024,’ say co-founders Traci Quillen and Maggie Huether.

The company has also seen a rise in trading volume, with about 911,410 shares changing hands, versus the 30-day average volume of 258,305 shares.

Despite the recent rise, the company’s stock is down 0.9% so far this year, as of the last close.

Hera Med (ASX:HMD) is a provider of pregnancy monitoring solutions.

Premier1 Lithium (ASX:PLC) Shares Rise with Drilling Commencement

Wed, 13 Mar 2024 16:15:17 +1000

Shares of Premier1 Lithium (ASX:PLC), once known as SensOre, saw an increase as high as 2.7% to A$0.038, marking their biggest intraday percentage gain since March 7.

The rise came after the lithium exploratory company announced that drilling had begun at the Moonera project located in Western Australia.

Despite this increase, the company’s stock is down by roughly 35% for this year, as of its last close.

This news was originally reported by Neha Soni in Bengaluru.

Premier1 Lithium is a company focused on lithium exploration, specifically in Western Australia.

Australian Mining Stocks Reach Over 4-Month Low due to Slump in Iron Ore Prices; Shares of Core Lithium (ASX:CXO) and BHP Group (ASX:BHP) Fall

Wed, 13 Mar 2024 16:01:13 +1000

Australian mining stocks have fallen to their lowest level since October 24, representing a 0.8% drop.

The Dalian iron ore futures prices have hit a five-month low this Tuesday, with the deceleration attributed to weak sentiment and tepid demand from China, the leading consumer.

In particular, the shares of Core Lithium (ASX:CXO) fell as much as 9.1% subsequent to the company reporting disappointing results and a change in CEO.

Consequently, Core Lithium (ASX:CXO) ranked as the top loser in the mining sub-index, with shares plunging to their lowest level since February 15.

In addition to this, the shares of leading miner BHP Group (ASX:BHP) fell as much as 1.1% to their lowest level since June 1.

Overall, as of the last closing, mining stocks are approximately 13% down this year, in stark contrast to a 1.6% rise in the benchmark index.

Core Lithium (ASX:CXO) is an Australian company focused on lithium exploration and development.

Mandrake Resources (ASX:MAN) Registers Strong Gain Following Project Update

Wed, 13 Mar 2024 15:45:16 +1000

Mandrake Resources (ASX:MAN) shares have witnessed an upswing, rising as much as 10.5% to A$0.042, marking the stock’s most substantial intraday increase since January 29.

The stock is now at its highest level since February 9.

The surge in the share price can be attributed to the defining of a substantial exploration target for lithium mineralization at the Utah Project, as revealed by the lithium explorer.

The company also noticed a significant uptick in trading volumes with around 5 million shares changing hands, approximately seven times the 30-day average volume.

Despite this upturn, the stock is down around 12% year-to-date as of the last close.

Mandrake Resources (ASX:MAN) is a mining company that focuses on lithium exploration.

Eagle Mountain Mining Sees Boost Following Positive Drillings Results in US Project

Wed, 13 Mar 2024 15:30:36 +1000

Eagle Mountain Mining (ASX:EM2) has experienced a share rise of 13.0%, with each share increasing to A$0.078.

If these gains hold, it would mark the company’s best day since the 11th of December.

The copper mining firm reports significant progress in the Silver Mountain project in Arizona, USA, with notable uranium-thorium and rare earth results.

The company states the development of its mineralisation model—detailed full elemental analysis and mineral identification—is ongoing.

Despite the current boost, by the end of last year, EM2 had logged a 7.4% decline.

Eagle Mountain Mining is a copper mining firm in the resources sector, engaged in mineral exploration and development.

National Australia Bank (ASX:NAB) Announces Removal of Operational Risk Capital Add-On

Wed, 13 Mar 2024 15:15:13 +1000

National Australia Bank (ASX:NAB) stated that its common equity tier 1 capital will see an uptick of 18 basis points at Level 2, following the withdrawal of its operational risk capital add-on.

The bank noted an announcement from APRA, Australia’s prudential regulator, detailing the removal of a A$500 million operational risk capital add-on.

National Australia Bank is one of the four largest financial institutions in Australia offering banking services to individuals and businesses across the globe.

Transurban Group (ASX:TCL) Confirms Financial Close on EUR1.0 Billion Eurobond Market Issuance

Wed, 13 Mar 2024 15:01:04 +1000

Transurban Group (ASX:TCL) has confirmed it has reached the financial close on its EUR1.0 billion issuance in the Eurobond market.

Transurban Group is a toll road owner and operator specialising in the development, operation, maintenance, and financing of toll road networks.

Losses Extended by Core Lithium (ASX:CXO) Amid Disappointing Results and Leadership Change

Wed, 13 Mar 2024 14:30:16 +1000

Core Lithium (ASX:CXO), a lithium extraction company headquartered in Australia, has seen a significant decline in their shares, with a reduction of as much as 9.1% to A$0.20.

This evident plunge is noted as being the most significant intra-day percentage decrease since Jan.

The company’s loss after income tax summated to A$167.6 million, in contrast with a loss from continued operations of A$9.2 million reported a year ago.

This unfavorable financial performance is further complemented by a consequential announcement that CEO Gareth Manderson will be stepping down as a part of the company’s strategic review.

The shares of Core Lithium (ASX:CXO) hit their lowest level since Feb.

15, making the company the most significant percentage gainer/loser on the benchmark S&P/ASX 200 index.

Over 21.5 million shares changed hands in comparison with the 30-day average volume of approximately 19.6 million shares.

According to financial services multinational Citi, ‘We maintain our Sell; holders are essentiality buying an option here on an upper-cost quartile project.’ Core Lithium’s (ASX:CXO) stock is down by 12% this year as of last close, in comparison to a 1.6% increase in AXJO.

Company description: Core Lithium (ASX:CXO) is an Australian-based company mainly involved in lithium extraction and exploration.

NickelSearch (ASX:NIS) rises on land access agreements at WA lithium project

Wed, 13 Mar 2024 14:15:16 +1000

Shares of NickelSearch (ASX:NIS) saw a significant increase, rising as much as 38.5% to A$0.036.

It was the company’s most substantial intraday percentage gain since November 8, 2023.

The increase was due to the nickel explorer announcing the signing of land access agreements with a private landholder and two occupiers at its Carlingup project in Western Australia.

These agreements allow the company to submit an application for its first lithium drill programme at the project.

Approximately 3.7 million shares changed hands, a number significantly higher than the 30-day average volume of nearly 1.2 million shares.

Based on the last closed trading session, the company’s stock is up 64.4% year-to-date.

NickelSearch is an Australian mining company, primarily focused on nickel exploration.

Liontown (ASX:LTR) Set for Best Day in One Year Following $363 Million Debt Facility Agreement

Wed, 13 Mar 2024 14:00:35 +1000

Liontown Resources (ASX:LTR) looks to be having its best day in one year, jumping 18.3% to A$1.555.

If upheld, this surge would be the highest it’s seen since March 28, 2023.

Presently, Liontown stock is the top performer in the ASX 200 benchmark index.

The company, a lithium developer, has recently secured a A$550 million debt facility.

This capital will be used for its planned ramp-up and expansion of the Kathleen Valley lithium project in Western Australia.

Liontown suggests that this financial backstop will provide sufficient time to complete the Kathleen Valley’s 4 million tons per annum expansion, which has already been announced.

Around 25 million shares are circulating in today’s market, which is an uptick from the 30-day average volume of 16.5 million.

Year-to-date, the stock has experienced a decrease of 20.3%, as of the last close.

Liontown Resources is a company engaged in the exploration and production of lithium.

Volt Resources (ASX:VRC) Identifies Alabama Site For Natural Graphite Anode Production Facility

Wed, 13 Mar 2024 13:45:13 +1000

Volt Resources (ASX:VRC) has announced its identification of an Alabama site for its natural graphite anode production facility.

The company confirmed it received a letter of support from the owner of the proposed site which could potentially deliver non-dilutive funding of about US$ 100 million for this project.

Volt Resources is a graphite exploration company based in Australia.

St George Mining (ASX:SGQ) States Lithium Potential Grows At Myuna Rocks Project

Wed, 13 Mar 2024 13:30:19 +1000

St George Mining (ASX:SGQ) has stated that the lithium potential at the Myuna Rocks Project has grown.

The company decline to offer additional details on the scale of the expansion at this time.

St George Mining is an Australian-based company focused on mining exploration.

Cooper Metals (ASX:CPM) Dips to Over 4-Month Low on Disappointing Drilling Results

Wed, 13 Mar 2024 13:15:13 +1000

Shares of Cooper Metals (ASX:CPM) witnessed a massive fall, plunging as much as 52.7% to A$0.130 and marking their greatest intraday percentage drop on record.

The company’s shares hit its lowest level since November 7, 2023.

This dramatic shift is ascribed to the disappointing outcomes from its mining assays at the Mt Isa East copper-gold project in Queensland.

The mineral explorer announced that the prospect drilling found a relatively narrow steeply dipping sulphide mineralised vein at the project, contrary to expectations of broad intercepts of copper mineralisation not being intersected so far.

Astonishingly, about 4.6 million shares changed hands, compared with the usual 30-day average volume of 239,069.

So far, based on the last close, the stock is down 19.1% year-to-date.

Cooper Metals is an Australian company engaged in the exploration and mining of copper and gold resources.

Mandrake Resources (ASX:MAN) Announces Significant Lithium Exploration Target at Utah Project

Wed, 13 Mar 2024 13:00:24 +1000

Mandrake Resources (ASX:MAN) has announced the definition of a substantial lithium exploration target at its project in Utah.

Future company coverage: MAN.

Mandrake Resources is a company dedicated to mining and exploration projects.

Raiden Resources (ASX:RDN) Secures Heritage Survey for Andover North Lithium Project

Wed, 13 Mar 2024 12:45:09 +1000

Raiden Resources (ASX:RDN) has announced that it has secured a heritage survey for its Andover North Lithium project.

This endeavor forms part of the company’s commitment to responsible and sustainable operations.

Raiden Resources (ASX:RDN) is a firm that is focused on the exploration, development, and production of mineral resources.