Gold still ended with a gain for the week and August, even though itfell off from a record high mid session Friday as the US dollar and US bond yields tightened after the key US inflation measure came in on forecast and brought a rate cut closer in 10 days time.
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Oil prices experienced another weak week, culminating in a 3% decline on Friday. West Texas Intermediate (WTI) crude closed at $73.55 per barrel, marking the third consecutive weekly loss. Brent crude also fell, ending the week at $76.93. For August, both benchmarks declined by 0.66%.
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Iron ore prices concluded a challenging August slightly above $100 per tonne in Singapore but appeared quite battered.
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A holiday in the U.S. today will provide a brief respite from market activity, but attention will quickly shift to domestic economic data. On Friday, investors will closely watch U.S. jobs data, while Australian markets will focus on the June quarter national accounts on Wednesday.
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Shareholders in Woolworths (ASX:WOW) won’t be getting another special dividend next February to go with the 40 cents a share revealed in last week’s financial report after the retailer sold its last stake of 4.1% in grog group, Endeavour on Friday night.
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Inflation rates on both sides of the Atlantic continue to cool, setting the stage for interest rate cuts by key central banks later this month.
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The latest official survey of activity in China's manufacturing sector confirms that August was another sluggish month for the country's economy.
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A month ago, markets were caught off guard by the fallout of a Japanese interest rate hike that sent shockwaves through the financial world, triggering a massive unwinding of the yen carry trade.
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The final day of the June 30 reporting period revealed a mixed bag of financial results, with some of Australia's major companies, including Harvey Norman, TPG, Ramsay Health Care, and Downer EDI, delivering varied outcomes amidst a challenging economic environment.
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Australian shoppers put their wallets and cards on hold in July after boosting spending in May and June during end-of-financial-year specials from desperate retailers.
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From the December 2024 half-year, Target will cease to exist as an independent entity in terms of its sales reports within Wesfarmers' public reporting.
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On the face of it, BYD, the world's biggest EV maker from China, has reported a solid half-year result for the six months to June, with revenue and earnings up sharply from a year ago.
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After-hours trading can often be a volatile time in the US stock market, as companies release their earnings reports and investors react to the results. The most recent session was no exception, with several major companies making significant moves following their earnings announcements.
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Federal Reserve officials will get a fresh look at their preferred inflation gauge on Friday, a data point that could influence the September rate decision, even as their focus appears to be shifting elsewhere.
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Despite continuing high interest rates, the US economy was stronger than previously expected, with the second estimate of June quarter economic growth being upgraded to a robust 3% from 2.8% a month ago.
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Thursday saw Warren Buffett’s Berkshire Hathaway finally end a trading session with a market value of one trillion dollars.
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Trump Media shares continue to track Donald Trump's downward move in opinion polls – which is making him poorer by the day as they hit a succession of new lows this week.
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Perth-based miner IGO (ASX:IGO) seems to have escaped another round of punishment from investors sceptical about its nickel and lithium operations.
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The slides in June 30 profits for both Qantas (ASX:QAN) and Air NZ (ASX:AIZ) signal that the two airlines are preparing for an anticipated slowdown in revenue and earnings for 2024-25.
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Global miner South32 (ASX:S32) reported a 60% fall in underlying earnings for the 2023-24 financial year, but it tempered the impact of this significant drop with a new $US200 million share buyback following the sale of its Illawarra Metallurgical Coal business.
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The wheels well and truly fell off the finances of luxury online retailer Cettire (ASX:CTT), and investors once again punished the former high-flyer with another market pounding on Thursday.
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Mineral Resources (ASX:MIN) shares were justifiably sold down on Thursday after the company quietly released its 2023-24 results late in the evening, revealing the shocking news that it was dropping its final dividend.
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Bega Cheese (ASX:BGA) has increased its dividend for the year ending June, following a rise in sales, profits, and a reduction in debt. This positive outcome comes despite the ongoing challenges faced by many companies over the past year.
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Perth-based Mineral Resources (ASX:MIN) has dropped its final dividend after reporting a surge in debt for the year to June and an 80% decline in earnings.
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Shares in Warren Buffett's Berkshire Hathaway became the first U.S. non-tech company to reach a $1 trillion market value on Wednesday, continuing its impressive 2024 rebound.
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Nvidia's revenue more than doubled in the past quarter, continuing its streak of impressive growth and surpassing market expectations. The US chipmaker also authorised another $50 billion share buyback as earnings soared over the past year.
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Nine Entertainment (ASX:NEC) has confirmed that the country's media sector is struggling, with declining revenue and earnings. However, unlike its rivals, Seven and Ten, Nine will still pay a dividend, albeit at a lower rate of 8.5 cents per share for the year.
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For such a strong (but well-guided) annual result, the 2.9% rise for Flight Centre Group (ASX:FLT) shares on Wednesday seemed appropriate.
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African-focused gold miner Perseus Mining (ASX:PRU) on Wednesday announced a higher dividend and share buyback, reflecting the company's robust financial performance. The surge in global gold prices during the past year significantly boosted revenue and earnings.
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Shares in data centre boomer, NextDC (ASX:NXT), slipped yesterday after the company produced a mixed result that left some investors perplexed.
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Lynas Rare Earths (ASX:LYC) weathered the global rare earths market downturn and still managed to report a profit, albeit significantly lower than the previous year. Like its lithium peer, Pilbara Minerals, Lynas demonstrated resilience in the face of declining demand for these exotic minerals.
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Tabcorp (ASX:TAH) shares plummeted over 20% on Wednesday after the company announced a significant non-cash impairment charge of $1.37 billion for its wagering business. This write-down, which is more than double the size of a similar impairment in February, reflects the challenges facing the gambling industry in Australia.
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A slightly higher average price for 2023-24 helped Fortescue (ASX:FMG) offset a dip in exports, resulting in a solid rise in earnings and a higher dividend for the year to June.
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Worley (ASX:WOR) reported a 27% increase in underlying profit for the 2024 financial year. However, the engineering services group's share price only rose by 2.5%, falling short of analysts' forecasts and leaving shares down 17% year-to-date.
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In a statement that is likely to ruffle feathers in the boardrooms of many mining companies, BHP (ASX:BHP) has predicted a challenging future for the iron ore market. The Australian mining giant believes that the commodity's days of soaring prices are over, citing China's economic slowdown and increased supply as key factors.
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The country’s second-largest supermarket group, Coles Group (ASX:COL), will pay shareholders 3% more in total dividends for the 2023-24 year after a 2.1% increase in earnings to a new high of $1.1 billion.
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Moody's Ratings gave BHP's (ASX:BHP) 2023-24 results a thumbs up, despite multi-billion-dollar impairment losses on its nickel business and involvement in the Samarco mine dam failure in Brazil nine years ago.
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Fashion jewellery retailer Lovisa (ASX:LOV) shares plummeted sharply on Tuesday after the company's 2023-24 results were met with disappointment by analysts and investors.
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BHP (ASX:BHP) has reduced its final dividend to 74 US cents per share from the previous year's final dividend of 80 US cents, following a slight increase in operating profit for the year ending June.
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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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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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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 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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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 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 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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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 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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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 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 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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