• Local shares tracked Wall Street higher, closing at +0.5%
  • Mining was best performer, with coal and lithium miners leading the pack
  •  MinRes shares jumped after posting a 40pc jump in revenue 


The ASX climbed by 0.5% on Tuesday, tracking last night’s rally on Wall Street. Mining, Discretionary and Utilities led, while Tech dragged the index lower.

Lithium miners were the best performers today, led by Mineral Resources (ASX:MIN) and Pilbara Minerals (ASX:PLS).

Coal mining stocks Yancoal (ASX:YAN) and Whitehaven Coal (ASX:WHC) were also trading higher.

Among the biggest decliners was Qantas (ASX:QAN), which fell by 2% despite the Albanese government’s decision to block Qatar Airways from running more flights in Australia.

Virgin Airlines CEO, Jayne Hrdlicka questioned the decision and argued that Qatar’s flights would have meant a big reduction in fares for customers, “maybe by 40%.”

Meanwhile, consumer confidence in Australia has surprisingly increased by 2.3 points over the past week, according to the ANZ-Roy Morgan Australian Consumer Confidence survey.

Around 19% of Aussies surveyed said their families are ‘better off’ financially than this time last year, compared to 52% who said their families are ‘worse off’ financially.

Elsewhere, Australia has sent its first shipment of barley to China after tariffs were lifted by Beijing last month. Prior to the tariffs, the China market was worth around $1.5 billion a year to barley exporters.



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Mineral Resources (ASX:MIN) jumped after posting a 40% jump in revenue to $4.8 billion (vs pcp). Underlying EBITDA was $1.8bn, up 71% on pcp. MIN declared total dividend of $1.90.

In the lithium segment, MinRes saw record earnings from its Wodgina site. In the iron ore segment, the year saw Final Investment Decision (FID) being approved to develop the Onslow Iron project.

Star Entertainment  (ASX:SGR)’s full year normalised EBITDA was $317m, slightly above announced guidance range.
Statutory net loss was $2.44bn, including significant impairment items totalling $2.48bn.



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Fisher & Paykel Healthcare (ASX:FPH) fell after providing an earnings guidance for the first half of FY24. The company expects operating revenue for the first half to be approximately $790 million, and NPAT of $95 million to $105 million. Trading to date indicates no material change to the previous full year revenue guidance of approximately $1.70 billion.

Cement producer Adbri (ASX:ABC) said it won’t be paying an interim dividend despite generating a 3.5% increase in net profit for the half to $49.8 million.

Adbri says it expects demand for its products to remain strong throughout the second half, with trading conditions similar to the first, but this was below what the market had expected.