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Friday, January 27, 2023

ASX closes 0.07% higher despite worrying food inflation data

UBS reports show that food prices at Australia’s largest supermarket chains, Coles and Woolworths, rose 9.2% in the December quarter, up from 8.2% in the previous 3 months.

At the closing bell, the S&P/ASX 200 was up 0.07 percent at 7,457.30.

Futures

Dow Jones futures point to a 22-point drop.
S&P 500 futures point to a 4.5 point drop.
Nasdaq futures point to a 14-point drop.
SPI futures point to a 4 point gain when the market reopens.

Best and worst performers

The best performing sector was Information Technology, with an increase of 1.3 percent. The worst performing sector was utilities, down 0.5 percent.

The best performing large cap was Pilbara Minerals (ASX: please), closing 6.15 percent higher at $4.83. Allkem’s actions followed. (ASX:AKE) and i go (ASX:OIG).

The worst performing large cap was Fisher & Paykel Healthcare Corporation (ASX:FPH), closing 2.84 percent lower at $23.63. AGL Energy shares followed. (ASX:AGL) and Meridian Energy (ASX:MEZ).

asian news

Japan’s Nikkei has gained 1.31 percent.
Hong Kong’s Hang Seng has gained 1.82 percent.
China’s Shanghai Composite has gained 2.66 percent.

company news

conical (ASX:CNJ) has announced outstanding cobalt, nickel and scandium results from its Mt Thirsty joint venture with Greenstone Resources (ASX:RSG). In response, Greenstone’s managing director and chief executive officer commented: “These latest results continue to highlight the prospectivity of the Mt Thirsty project and, more importantly, the set of target commodities, all of which play a critical role in the continued decarbonization. of our economy.” The shares closed 106 percent higher at 1.9 cents.

sizzle (ASX:SZL) announced a December business update for the month ending December 31, 2022. The company reported strong revenue and profitability growth in December, with total revenue increasing 15.7% year-over-year, reaching a new maximum of 13.6 million US dollars. In response, Charlie Youakim, President and CEO of Sezzle, stated: “We are excited as we have shown investors that we are clearly on the path to profitability with a well-capitalized balance sheet that does not require additional capital.” The shares closed 32.4 percent higher at 71.5 cents.

rare-x (ASX:REE) announced outstanding new 500m and 280m intercepts at its Cummins Range rare earth projects. In response, RareX CEO Jeremy Robinson said: “We are now approaching what is expected to be a very significant resource upgrade for the Cummins Range, with the latest drill results clearly highlighting the enormous scale of phosphate. of rare earths. mineralization. The shares closed 13.5 percent at 5.9 cents.

Chimeric Therapeutics’ third dose cohort (ASX:CHM) The Phase 1 clinical trial of CHM 1101 Cell Therapy (CLTX CAR T) was successfully completed, with all patients advancing beyond the 28-day safety follow-up period without experiencing any dose-limiting toxicity. Patients in the third dose cohort received a total dose of 240 X 106 CHM 1101 cells (CLTX CAR T) via dual routes of intratumoral (ICT) and intraventricular (ICV) administration. The Phase 1 clinical trial will now advance to the fourth and final dose cohort with dual routes of administration at a total dose of 440 X 106 CHM 1101 cells (CLTX CAR T). The shares closed 1.83 percent lower at 8.1 cents.

TerraCom (ASX:TER), an ASX-listed company, released its quarterly activity report for the three months ending December 31, 2022. The report highlights that the company has seen a 5% increase in total coal sales compared to the corresponding prior period, and operating EBITDA of $150 million for the December quarter. Furthermore, the report notes that Blair Athol (BA) is on track to deliver forecast coal sales of 2.2Mt for the 12 months ending June 30, 2023 and achieved operating EBITDA of $112.2 million. Comments from CEO Danny McCarthy include: “Coal prices remained buoyant, allowing TerraCom to deliver another strong result for the December quarter with combined operating EBITDA3 of $150 million achieved at the Australian and South Africa”. The shares closed 3.38 percent lower at $1.00.

LBT Innovations (ASX:LBT), an Australian medical technology company specializing in AI automation, has released its quarterly cash flow report and business update for the quarter ended December 31, 2022. The report highlights that the company has earned more than $3 million in non-dilutive funding for strategic product development and has initiated product development for a new $10 billion pharmaceutical microbial quality control testing market with AstraZeneca and Thermo Fisher. In addition, the report notes that the company has raised $0.5 million from eligible shareholders through a rights offering and had a cash balance of $2.5 million plus $1.0 million in short-term accounts receivable as of December 31. December 2022. Brent Barnes, Chief Executive Officer and CEO, said: “Over the last 3 months, the Company has made significant progress in delivering our product development and go-to-market strategies. Securing deals with AstraZeneca and Thermo Fisher take time as they go through their internal due diligence and approval processes. The shares closed 5.63 percent higher at 7.5 cents.

Novatti Group (ASX:NOV), a leading fintech that enables businesses to pay and get paid, is pleased to announce that an anti-money laundering fintech project it will lead has been approved for a $2.3 million grant under the Cooperative Research Centers (CRC) Projects -P) Australian Government Scholarship Program. Novatti Managing Director Peter Cook said: “Concerns over cybersecurity have risen sharply in recent years, where it has become the most critical corporate risk. The shares last traded 7.50 percent higher at $21.5.

Australian foundation investments (ASX:AFI) Half-year results for the period ending December 2022 show a 12.2% increase in profit after tax compared to the prior corresponding period. Revenue from operating activities also rose 10.1 percent. The company will pay an interim dividend of 11 cents per share, fully franked, which is an increase from the prior year. The shares last traded 0.93 percent higher at $7.57.

ABx group (ASX: ABX) reports that in response to recent high-grade results, ABx has commenced its drilling campaign ahead of schedule at its Deep Leads and Rubble Mound rare earth element (REE) discoveries in northern Tasmania. ABx Group Chief Executive Dr Mark Cooksey said: “I am delighted to report that our first drilling campaign for 2023 has started ahead of schedule. This is a critical campaign to understand the potential scale of the ABx REE domain in northern Tasmania.” The shares last traded 8.70 percent higher at 12.5 cents.

Commodities and the dollar

Gold is trading at US$1,928.80 an ounce.
Iron ore is 1.4% higher at US$126.65 a tonne.
Iron ore futures point to a 1.76 percent rise.
Light crude is trading $0.28 lower at $81.36 a barrel.
One Australian dollar is buying 69.82 US cents.






pedro milios

Peter Milios is a recent graduate of the University of Technology, majoring in Finance and Accounting. Peter currently works with equity research analyst Di Brookman for Corporate Connect Research.


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