ASX Large Caps: Coal stocks gain; Novonix in hot water over disclosure
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Local shares fell close to 1% on Friday, ending what has been a volatile week 1% lower.
The Energy sector once again led from the front, up almost 2% as other sectors languished in the red.
Coal plays were the main winners today, with the likes of Yancoal (ASX:YAN) and New Hope (ASX:NHC) surging by around 8%.
Coal prices are at all time highs right now, driven to record levels by a combination of shortages, the war in Ukraine, substitution due to surging gas and oil prices and rising demand as economies and businesses open up post-Covid.
Investors have also been adding to their energy stock positions amid a looming supply shortage going into the northern hemisphere winter.
Overnight, benchmark Brent crude climbed further (trading at US$92.40 now) after President Biden confirmed the release of the final 15 million barrels from the SPR, as part of the 180 million previously agreed, and warned more could follow
“This allows us to move quickly to prevent oil price spikes and respond to international events,” the President said.
Biden also called for “responsibly increasing American oil production without delaying or deferring our transition to clean energy.”
On the ASX, Medibank Private (ASX:MPL)‘s trading halt has been extended indefinitely.
Yesterday, Medibank released a statement saying it has been contacted by a criminal claiming to have stolen 200GB of data. The group has apparently provided a sample of records for 100 policies which is believed to have come from the company’s ahm and international student systems.
Lithium battery play Novonix (ASX:NOV) was in hot water this morning after the ASX enquired why the company had only released an announcement about a US$150m grant from the US Department of Energy (DOE) yesterday, instead of when the day it was granted (14th Oct).
Novonix responded, saying that at the time it received the grant (14th Oct), it considered the information to be an incomplete proposal or negotiation.
“The correspondence from the DOE also stated that NVX was prohibited from disclosing its selection for negotiation of a financial award prior to the DOE making a public announcement about the matter.”
The NVX share price was down 3%.
Financial stocks also came under pressure today with most insurance stocks tumbling.
Insurance Australia Group (ASX:IAG), QBE Insurance (ASX:QBE) and Suncorp Group (ASX:SUN) all slumped by around 2%.
Looking ahead to tonight’s session on Wal Street, not much action on the economics calendar but the EU is scheduled to release its consumer confidence index.
Swipe or scroll to reveal the full table. Click headings to sort.
Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
TLX | Telix Pharmaceutical | 6.725 | 12% | 1,796,059 | $1,878,647,640 |
NHC | New Hope Corporation | 7.425 | 8% | 7,863,215 | $6,033,178,403 |
360 | Life360 Inc. | 6.27 | 7% | 3,355,981 | $1,100,037,932 |
PRU | Perseus Mining Ltd | 1.7275 | 6% | 3,393,994 | $2,218,434,078 |
YAL | Yancoal Aust Ltd | 5.95 | 6% | 4,810,667 | $7,420,869,636 |
CRN | Coronado Global Res | 2.06 | 5% | 3,138,674 | $3,277,467,042 |
SYR | Syrah Resources | 2.185 | 5% | 7,453,002 | $1,394,787,077 |
SMR | Stanmore Resources | 2.75 | 5% | 2,583,999 | $2,361,620,049 |
WHC | Whitehaven Coal | 10.525 | 5% | 9,314,202 | $9,324,876,547 |
EVT | Event Hospitality | 14.2 | 4% | 81,268 | $2,198,706,906 |
BFL | Bsp Financial Group | 4.9 | 4% | 2,300 | $2,209,950,501 |
ZIM | Zimplats Holding Ltd | 24.95 | 3% | 1,451 | $2,597,296,470 |
CXO | Core Lithium | 1.375 | 3% | 25,805,791 | $2,439,912,532 |
MIN | Mineral Resources. | 74.31 | 3% | 884,238 | $13,643,305,767 |
CIA | Champion Iron Ltd | 4.92 | 3% | 1,231,113 | $2,461,839,280 |
Telix Pharma (ASX:TLX) raced away 11% higher on no specific news.
Gold miner Perseus Mining (ASX:PRU) rallied 7% after announcing that it will emerge as a strategic shareholder with a 2.94% equity holding in Mako Gold (ASX:MKG).
Mako has just completed the acquisition of an additional 39% interest in the flagship Napié Gold Project in Côte d’Ivoire, increasing Mako’s total ownership to 90%.
Life 360 (ASX:360) was up 5% after revealing changes to pricing for some of its US based premium offerings. Pricing for annual subscriptions remains unchanged.
The company said it will provide a more comprehensive update of the pricing and product rollouts as part of its Q3 earnings release on 15 November.
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Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
HMC | Homeco Limited | 4.185 | -5% | 1,257,904 | $1,323,419,438 |
ORG | Origin Energy | 5.29 | -4% | 3,987,428 | $9,509,567,144 |
NVX | Novonix Limited | 2.195 | -4% | 5,500,238 | $1,109,630,181 |
RWC | Reliance Worldwide | 3.36 | -4% | 1,569,239 | $2,757,430,730 |
NIC | Nickel Industries | 0.71 | -3% | 6,530,181 | $2,007,486,020 |
GMG | Goodman Group | 16.005 | -3% | 2,368,935 | $31,065,349,334 |
NWL | Netwealth Group | 11.52 | -3% | 351,615 | $2,899,795,016 |
ARB | ARB Corporation. | 25.71 | -3% | 120,559 | $2,169,996,966 |
QBE | QBE Insurance Group | 11.805 | -3% | 2,151,194 | $18,054,041,133 |
MFG | Magellan Fin Grp Ltd | 10 | -3% | 1,401,298 | $1,889,872,799 |
CCP | Credit Corp Group | 16.455 | -3% | 122,396 | $1,149,078,806 |
WOR | Worley Limited | 13.34 | -3% | 737,422 | $7,209,013,333 |
QAN | Qantas Airways | 5.85 | -3% | 8,840,728 | $11,353,989,082 |
PPT | Perpetual Limited | 24.22 | -3% | 185,879 | $1,426,399,430 |