- Deep Yellow up 11pc on uranium supply issues after Kazatomprom announcement
- Santos came out of trading halt and surged after court decision on Barossa
- China held rates steady, contrary to market expectations
The ASX pared earlier gains, finishing the day flat.
Energy stocks lifted on the back of higher crude prices, and Santos (ASX:STO)’s 4% surge after the company was given a court the go-ahead to lay pipes at its $5.8bn Barossa gas project off the Northern Territory coast (see more below).
The oil market was further disrupted today after Yemen’s Houthi rebels reportedly fired back on an American destroyer in the Red Sea.
Retail stocks were mainly up after Super Retail Group (ASX:SUL) reported record sales for the half (see more below).
Among the decliners were lithium stocks, with IGO (ASX:IGO), Mineral Resources (ASX:MIN) down -3-4%.
Across the region, Asian stocks mainly rose as traders boosted bets on Fed Reserve interest-rate cuts this year.
“Rate cuts are likely still in the cards, but China looks to be taking a more measured approach to policy easing,” said Marvin Chen, an analyst at Bloomberg Intelligence.
His comments came after China’s central bank held a key interest rate steady today, contrary to market’s expectations that it slash the rate.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DYL | Deep Yellow Limited | 1.4925 | 11.3806 | 15,996,486 | $1,024,068,554 |
| BOE | Boss Energy Ltd | 5.55 | 9.0373 | 6,031,356 | $2,080,040,426 |
| PDN | Paladin Energy Ltd | 1.295 | 7.4689 | 49,261,802 | $3,594,967,517 |
| SLX | Silex Systems | 5.32 | 7.2581 | 1,100,796 | $1,170,292,532 |
| SUL | Super Ret Rep Ltd | 16.76 | 6.0089 | 1,342,060 | $3,570,316,965 |
| PMV | Premier Investments | 27.9 | 4.4162 | 209,268 | $4,260,738,334 |
| ELD | Elders Limited | 8.3 | 4.2714 | 1,278,731 | $1,252,665,423 |
| STO | Santos Ltd | 7.855 | 4.0397 | 6,723,204 | $24,520,685,856 |
| MAD | Mader Group Limited | 7.06 | 3.8235 | 93,420 | $1,360,000,000 |
| JBH | JB Hi-Fi Limited | 59.88 | 3.4912 | 765,544 | $6,326,064,141 |
| SMR | Stanmore Resources | 4.065 | 3.4351 | 1,328,336 | $3,542,469,122 |
| ING | Inghams Group | 4.21 | 3.1863 | 1,795,725 | $1,516,452,772 |
| SDR | Siteminder | 5.49 | 2.4254 | 593,354 | $1,485,074,328 |
| ALD | Ampol Limited | 36.32 | 2.3387 | 354,160 | $8,457,341,494 |
Uranium producer Deep Yellow (ASX:DYL) was the best large cap today, up 11% after an announcement from the world’s biggest uranium miner, Kazatomprom, a London-listed company controlled by the Kazakhstan’s government.
Kazatomprom said it was experiencing issues that could persist into 2025, including shortages of sulfuric acid and construction delays at its newly developed deposits – which could add to the list of challenges facing global supply of uranium.
Super Retail Group (ASX:SUL) was up 6% after reporting a record first half sales of $2 billion.
The company’s total sales (from the combined sales of Supercheap Auto, BCF, Macpac and rebel) were 3% higher than the pcp.
On the back of this revenue, first half profit before tax (PBT) is expected to be between $200 million and $203 million.
Oil producer Santos (ASX:STO) jumped 3% after declaring that it has won a a court case launched against it by Traditional Owners at the company’s Barossa gas project in the Timor Sea, north of Darwin.
The Federal Court of Australia has dismissed the application and discharged the injunction that prevented pipelay activities south of the kilometre 86 (KP86) point along the Barossa Gas Export Pipeline.
Following the decision, Santos says it will continue pipelaying activity for the Barossa Gas Project.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| TUA | Tuas Limited | 2.87 | -7.72 | 303,983 | $1,450,437,978 |
| SNZ | Summerset Grp Hldgs | 10.08 | -5.79 | 602 | $2,506,810,787 |
| LTM | Arcadium Lithium PLC | 8.49 | -4.82 | 1,246,587 | $4,840,101,038 |
| IGO | IGO Limited | 7.68 | -4.78 | 2,674,517 | $6,103,578,573 |
| PLS | Pilbara Min Ltd | 3.58 | -4.28 | 20,218,661 | $11,255,410,114 |
| LTR | Liontown Resources | 1.42 | -4.21 | 4,692,834 | $3,596,647,361 |
| PNV | Polynovo Limited | 1.51 | -4.14 | 529,369 | $1,083,665,419 |
| HLS | Healius | 1.40 | -4.11 | 2,042,750 | $1,060,057,883 |
| BGL | Bellevue Gold Ltd | 1.53 | -3.92 | 2,284,543 | $1,835,730,292 |
| QAN | Qantas Airways | 5.21 | -3.79 | 5,067,970 | $9,329,299,819 |
| AWC | Alumina Limited | 1.06 | -2.97 | 9,685,013 | $3,177,341,152 |
| MIN | Mineral Resources. | 61.07 | -2.66 | 669,758 | $12,245,996,493 |
| CLW | Chtr H Lwr | 3.57 | -2.46 | 1,227,205 | $2,646,017,006 |
| ABB | Aussie Broadband | 3.63 | -2.42 | 214,706 | $1,036,585,150 |
| A2M | The A2 Milk Company | 4.03 | -2.18 | 844,203 | $2,978,491,409 |
Pilbara Minerals (ASX:PLS) was down over -3% despite announcing that it has expanded its offtake agreement with Ganfeng Lithium.
Under an existing agreement with Ganfeng signed in 2017, Pilbara Minerals supplies 160,000 tonnes per annum (ktpa) of spodumene concentrate from the company’s 100% owned Pilgangoora Operation.
The amendment results in a total allocation of up to 310ktpa of spodumene concentrate over a period of three calendar years (CY24, CY25 and CY26). The terms of the amendment are detailed below:
- CY24 – Pilbara Minerals will supply an additional 150kt of spodumene concentrate taking the total supply in CY24 to 310kt.
- CY25 – Pilbara Minerals will supply an additional 100kt (with an option to increase to 150kt at Pilbara Minerals’ election) of spodumene concentrate taking the total supply in CY25 to 260kt – 310kt.
- CY26 – Pilbara Minerals will supply an additional 100kt (with an option to increase to 150kt.