Australia-based energy company, Santos (ASX:STO), announced that the Federal court has given the green light for an appeal against the National Native Title Tribunal’s judgment on certain lease grants of oil production at its paramount Narrabri gas project.

The Tribunal had previously given Santos the approval to continue with the A$3.6 billion project in December 2022.

It stated that the advantages tipped the balance over concerns raised by the Gomeroi traditional owners, who suggested the project could endanger their culture, land, water, and potentially contribute to climate change.

However, Santos reported that the court has ruled the National Native Title Tribunal made a legal error by deciding not to take into consideration evidence on climate impacts provided on behalf of the Gomeroi applicant.

The long-awaited Narrabri coal seam gas project is located in New South Wales, the most highly populated state in Australia, which sources all its gas supply from neighboring states.

Santos confirmed that work continues to secure land access, resolve native title disputes, obtain pipeline licensing and remaining environmental approvals to get the Narrabri and the Hunter Gas Pipeline ready for a final investment decision.

Santos is an Australian energy company specializing in oil and gas exploration and production.

Shares of GQG Partners (ASX:GQG), an Australia-based company, soared by as much as 6.9% to A$2.330, the highest since February 16.

The company recorded its greatest intraday percentage elevation since the middle of February 2020.

The U.S.-based asset manager announced that the total funds under management as of February 29 were $137.5 billion, a substantial increase from $127.0 billion at the end of January.

Until the last close, the firm’s stock had climbed 27.9% YTD.

GQG Partners is an asset management company that specializes in offering investment solutions to institutions, individuals, and advisors worldwide.

Shares of Australian company Heavy Minerals (ASX:HVY) soared by up to 35.8% to A$0.11, marking the most significant intraday percentage gain since October 3rd.

The stock reached its highest point since December 12.

The industrial mineral explorer signed a non-binding Memorandum of Understanding (MoU) with Abrasive Blasting Service & Supplies, a private Australian manufacturer.

The MoU is set for the sale of 15,000 tonnes per annum (tpa) of Garnet in Australia and New Zealand.

This arrangement will account for approximately 10% of Heavy Minerals' anticipated annual Garnet production from its Port Gregory project in Western Australia.

As of 0015 GMT, around 514,570 shares had changed hands, vastly outdoing the 30-day average volume of 74,625 shares.

The value of the stock has declined 14.7% year-to-date, as of its last close.

Heavy Minerals is a company that specialises in the exploration of industrial minerals.

Australia’s Santos (ASX:STO) announced Thursday that it has received the Federal court’s permission to appeal against the National Native Title Tribunal’s determination concerning certain petroleum production lease grants at its flagship Narrabri gas project.

Santos is an oil and gas production company with its flagship Narrabri gas project at the heart of its operations.

Australia’s corporate regulator issued an infringement notice and penalty to ASX (ASX:ASX), marking the first such incident for the market operator in the country.

ASX paid a penalty of A$1.1 million ($721,930) following an investigation into their compliance, the first instance of their kind in Australia.

The exchange rate at the time of issue was $1 equivalent to 1.5237 Australian dollars.

ASX is a multi-asset class, vertically integrated exchange group, and one of the world’s top-10 listed exchange groups measured by market capitalisation.

Analysts at Jefferies have expressed an increasingly cautious stance on consumer discretionary retail companies in Australia based on rising valuations.

The brokerage highlights that the market is eyeing a potential monetary pivot.

It predicts that Super Retail Group (ASX:SUL) will face a significant increase in wage costs in FY25, as a result of the proposed enterprise agreement for 2024.

Anticipated costs for Coles Group (ASX:COL) are also seen to rise as a consequence of the implementation and ramp up of the Witron & Ocado project, although this would be partially offset by a tailwind due to reduced stock loss.

Jefferies believes that there is a risk of aggressive pricing due to heightened scrutiny of pricing and competition.

All consumer stocks under their review met or exceeded consensus NPAT expectations, the only exceptions being Flight Centre Travel Group (ASX:FLT) and Woolworths (ASX:WOW).

According to Jefferies, inflation tailwind is moderating for food retailers whilst sales from discretionary retailers demonstrate increased resilience.

Super Retail Group is a specialty retailer of automotive, tools, leisure and sports products.

Wall Street followed the uptrend of global shares on Wednesday with the key U.S.

Treasury yield seeing decline for a month-low.

This comes as Federal Reserve Chair Jerome Powell reassures investors, expressing that despite inflation isn’t exactly tamed, investors can anticipate rate cuts throughout the year.

MSCI’s global stocks gauge rose by 0.56%.

Wall Street’s three primary indices were lifted on Wednesday following Jerome Powell’s affirmation that the U.S.

central bank is expected to decrease its benchmark interest rate this year.

At this time, the Dow Jones Industrial Average had increased by 48.13 points or 0.12% to 38,633.32.

The S&P 500 gained 25.80 points, or 0.51% at 5,104.45, and the Nasdaq Composite added 107.45 points, or 0.67%, at 16,047.04.

The primary European equity indexalso reached an all-time high on Wednesday driven by technological and financial shares.

Meanwhile, investors evaluated Federal Reserve Chair Jerome Powell’s Congressional testimony ahead of the subsequent day’s European Central Bank’s policy decision.

Pan-European STOXX 600 index rose by 0.4%.

While Japan’s Nikkei share average barely missed reaching a record closure for another session on Wednesday, technological shares pulling down the index due to drops in U.S.

counterparts during the preceding night.

Among today’s notable merger and acquisition deals, one of Boeing’s biggest clients, the Dubai carrier Emirates, has professed its support for a prospective Boeing takeover of Spirit AeroSystems.

This move, it is suggested, would help address the ongoing industrial crisis at Boeing.

In other news, prominent Italian shipbuilder Fincantieri is reportedly negotiating with Leonardo to purchase its submarine unit, Whitehead Alenia Sistemi Subacquei (Wass).

As a result of these talks, Fincantieri’s shares have soared by over 5%.

Meanwhile, Piraeus Bank has set its new offering price at 3.9 to 4.0 euros per share, according to Greece’s bank bailout fund (HFSF).

On another front, a consortium of investors in London Stock Exchange Group has liquidated approximately 1.9 billion pounds ($2.41 billion) of shares in the London bourse owner, capitalizing on growing interest in the LSEG’s transition into a financial data titan.

In another development, activist fund Oasis Management has purchased a 9.6% stake in Japan’s Ain Holdings, causing the pharmacy operator’s shares to rocket 15%.

Elsewhere, Australia’s fourth-largest bank, ANZ Group (ASX:ANZ), has announced a deal to sell around 546 million shares, or a 16.5% interest, in Malaysian lender AMMB Holdings (AmBank) for roughly 2.10 billion ringgit ($443.69 million).

The press release does not specify whether the transaction involves an individual or multiple buyers.

ANZ Group is a multinational banking and financial services company based in Melbourne, Australia.

Shares of Australian Ethical Investment (ASX:AEF) saw a significant increase following the release of their upbeat half-year results.

The shares rose as much as 6.9% to A$5.240 marking their highest level since February 12.

The performance report revealed that the fund manager posted a net profit after tax of A$6.2 million, a notable surge from A$1 million posted last year.

The company also posted impressive half-year revenue figures of A$48.5 million, which highlighted a growth rate of 33% from the previous year.

Throughout the course of this reporting period, around 119,974 shares changed hands.

This volume is 1.1 times higher than the 30-day average volume of shares.

Despite these gains, Australian Ethical Investment’s stock has dipped 9.4% this year, as of the last close.

Australian Ethical Investment (ASX:AEF) is a leading fund manager that emphasizes investments that align with ethical principles.

Shares of WAM Research (ASX:WAX) have ascended to a 4.5 month high, rising by up to 3.1% to hit an A$1.15 peak, their highest since October 2, 2023.

The brokerage services company posted its half-year net profit from ordinary activities after income tax expenses at A$15.1 million, marking an impressive 72.9% increase from last year.

WAM Research declared an interim dividend of 5.0 AU cents per share.

Approximately 274,200 of the shares changed hands, compared to the 30-day average volume of 144,924 shares.

So far, the stock has risen 10.6% this year, taking into account the data as of the last close.

Megha Rani reports.

WAM Research is a brokerage services company.