The Australian sharemarket experienced a rally near midday AEST, driven by strong performances in the mining sector and significant gains by individual companies. Reece shares climbed following the announcement of a buyback plan, boosting investor confidence. Starpharma surged after securing a deal with Roche Group, a major pharmaceutical company. Meanwhile, gold prices flirted with record highs, reflecting broader market trends.
In other company news, a rare glimpse into Canva’s accounts has stirred debate regarding the company’s profitability. Canva, a design software company, reported statutory losses for five consecutive years up to 2022, despite substantial revenue growth and positive cash flow. The company provides design tools and templates for users to create various visual content. Similarly, the future of Optus CEO is under scrutiny amid concerns about investment in network infrastructure.
Elsewhere, Macquarie-backed seaweed group Sea Forest is eyeing a potential IPO, having enlisted the support of a Japanese giant. The investment bank holds a 10 per cent stake in Sea Forest, with other investors including Peter Gunn and Zoe Foster Blake. A final townhouse sale has also brought closure to an $18 million ‘ghost estate’ after 21 years, resolving a long-standing property issue.
