Seven miles offshore, Kevin heard the unmistakable sound of a hackey being sacked on the beach. The hippies would swim soon, and Kevin would be ready. Pic via Getty Images
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The ASX has hit 10 winners in a row, which means:
$10 says it picks the giant, angry-looking bull.
While it’s making up its mind, here’s what’s been happening around the place today.
The ASX has added another day to its current winning streak, and while the gain isn’t enormous, it has pushed the ASX 200 far enough past the 8,000 point mark that there’s a better than outside chance the benchmark can find firm footing, and stay there for a while.
The gains were led by a boisterous effort from the InfoTech sector, with credit for a big chunk of the 1.88% gain from today easily apportioned to sector heavyweight WiseTech Global (ASX:WTC), which has picked up where ti left off yesterday (up 17% to $111.71), by adding another 7.77% to its share price this session.
WiseTech and InfoTech in general had other top-shelf support today, with a 9.95% effort from $2 billion+ market cap Codan (ASX:CDA), which announced group revenue of $550.5 million, up 21% on pcp, alongside a net profit after tax of $81.3 million, up 24% versus pcp.
That has prompted the company to shell out a chonky dividend of $0.12 per share, fully franked.
The surge in InfoTech also had support from among the market heavyweights elsewhere on the roster today, including a healthy jump for Brambles (ASX:BXB) (up 6.13%) and Fortescue (ASX:FMG) (up 2.28%).
And lastly for this section, there were a string of announcements this morning from the ASX, naming more than 30 companies that hadn’t paid their annual fee required to stay publicly traded on the exchange.
As a result, a swag of companies had trade suspended today – some of them are companies that were looking reasonably robust earlier in the year, but more than a couple of them really have been circling the drain for quite some time.
All companies on the list have a deadline to cough up the fees, or they will face being unceremoniously dumped if they aren’t paid up in full by 5.00pm AEST on Wednesday, August 28 2024.
There were a bunch of earnings results out today, and the highlights of those included a shocker for Megaport (ASX:MP1) which sank by 21% after declaring a sluggish guidance for FY25. The company projects FY25 revenue between $214 million and $222 million, with EBITDA ranging from $57 million to $65 million – lower than what the market had expected.
Sonic Healthcare (ASX:SHL) announced a final dividend of 63 cents, which is unfranked, compared to 62 cents, which was fully franked, from the previous year. The company’s full-year NPAT stood at $511.09 million. Revenue for the year increased by 9.8% to $8.97 billion.
Medibank Private (ASX:MPL) declared a final dividend of 9.4 cents, fully franked, up from 8.3 cents the previous year. The company reported a 59.6% increase in full-year NPAT, reaching $492.5 million.
Super Retail Group (ASX:SUL) announced a final dividend of 37 cents and a special dividend of 50 cents, both fully franked, compared to a 44-cent final dividend the previous year. The company’s full-year NPAT decreased by 8.7% to $240.1 million, while revenue increased by 2.1% to a record $3.88 billion.
Northern Star Resources (ASX:NST) declared a final dividend of 25 cents, up from 15.5 cents the previous year. The company’s full-year NPAT increased by 9.1% to $638.5 million, and revenue rose by 19.1% to $4.92 billion.
Whitehaven Coal (ASX:WHC) declared a final dividend of 13 cents fully franked, down from 42 cents the previous year. Its full year NPAT dropped by 87% to $355 million, and revenue fell by 37% to $3.82 billion.
Meanwhile, Synlait Milk (ASX:SM1) dropped 2% after confirming media speculation that it was reviewing its North Island assets in New Zealand, including milk collection and processing. No decisions have been made, but there is speculation about selling raw milk to Open Country. An update is expected before September 30.
It was a little quiet in the news department today, aside from the headlines squealing about the wholesale job slashing going on at Bank of Queensland (ASX:BOQ), where 400 workers have their professional necks on the guillotine of cost-cutting.
Apologies – BoQ says the job slashing is because of how awesome its shift to a more digital way of doing things is behind the job cuts, which will conveniently add about $50 million a year in cost savings to the $200 million in savings that the bank has previously announced.
Reaction from regional customers has, predictably, been a lot of hootin’ and a-hollerin’, because it’s almost inevitable that face-to-face services are going to be vastly reduced.
BoQ has also announced that it is planning on walking away from part of its current corporate structure, by eliminating owner-managed branches of the bank and bringing those most likely to survive the job cuts back into the centrally managed fold, in a process that BoQ reckons will be complete sometime next year.
The market was not jazzed by any of BoQ’s news – it was down more than 6.0% by the close of play.
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| FL1 | First Lithium Ltd | 0.16 | 68.4 | 1,229,797 | $7,567,092 |
| CNJ | Conico Ltd | 0.0015 | 50.0 | 9,823,334 | $2,201,528 |
| ME1 | Melodiol Glb Health | 0.0015 | 50.0 | 277,914 | $924,819 |
| ION | Iondrive Limited | 0.013 | 44.4 | 13,072,741 | $6,376,568 |
| BLZ | Blaze Minerals Ltd | 0.005 | 42.9 | 1,000,000 | $2,199,954 |
| IRX | Inhalerx Limited | 0.027 | 35.0 | 157,600 | $3,795,339 |
| CDT | Castle Minerals | 0.004 | 33.3 | 4,812,749 | $3,983,479 |
| SMM | Somerset Minerals | 0.004 | 33.3 | 827,500 | $3,092,996 |
| YAR | Yari Minerals Ltd | 0.004 | 33.3 | 150,000 | $1,447,073 |
| A8G | Australasian Metals | 0.13 | 30.0 | 333,218 | $5,212,049 |
| MME | Moneyme Limited | 0.13 | 30.0 | 1,456,960 | $80,007,848 |
| CNQ | Clean Teq Water | 0.31 | 29.2 | 343,676 | $17,338,153 |
| TAR | Taruga Minerals | 0.009 | 28.6 | 7,180,088 | $4,942,187 |
| DES | Desoto Resources | 0.135 | 28.6 | 95,440 | $6,674,063 |
| WOA | Wide Open Agricultur | 0.014 | 27.3 | 761,378 | $5,870,553 |
| IMI | Infinitymining | 0.025 | 25.0 | 196,334 | $2,375,068 |
| ECT | Env Clean Tech Ltd. | 0.0025 | 25.0 | 8,204 | $6,343,621 |
| ICG | Inca Minerals Ltd | 0.005 | 25.0 | 935,023 | $3,242,146 |
| LPD | Lepidico Ltd | 0.0025 | 25.0 | 1,391,000 | $17,178,250 |
| M24 | Mamba Exploration | 0.01 | 25.0 | 1,120,194 | $1,504,658 |
Thursday’s winners included First Lithium (ASX:FL1), which rose 30% higher on Thursday morning after announcing the assay results for its recent drilling at the Blakala lithium prospect in Mali. The results from the Series Two drilling, which included RC pre-collars and diamond drill tails, show high-grade lithium levels. These results confirm the continuity and extension of the Main Pegmatite at depths between 60 to 100 metres, following earlier promising results. The drilling has revealed that the Main Pegmatite extends approximately 1,200 metres with consistent high-grade lithium, further supported by both surface sampling and previous drilling.
Australasian Metals (ASX:A8G) was also up 30%+ this morning after announcing promising results from its due diligence on the Dingo Hole Highly Pure Quartz (HPQ) Project. Sampling showed an average silica content of 99.95% SiO2 after preliminary acid leaching, aligning with historical data. The levels of aluminum, titanium, and lithium were extremely low. SRK Consulting estimates that the Exploration Target for Dingo Hole ranges from 10.4 million to 42.6 million tonnes, with silica grades between 99.37% and 99.85%. The next steps involve removing additional elements to reach higher purity levels, potentially up to 99.999%.
Castle Minerals (ASX:CDT) was another riser today after saying that it has completed a 1,106-metre, 9-hole RC drilling program at its Kpali Gold Project in Ghana. This drilling is the first phase of a larger campaign to explore the potential of a new gold camp in West Africa. Initial results from earlier drilling showed high-grade gold mineralisation, and the recent program included holes at both Kpali and the nearby Kpali East prospect.
The assay results from this drilling are expected by mid-September and will guide the next stages of exploration at Kpali and other nearby prospects. The project is located in a promising area known for major gold deposits.
hipages Group (ASX:HPG), which connects homeowners with tradespeople, saw a 13% increase in full year revenue, reaching $75.8 million. Recurring revenue grew by 15% to $72.1 million, while Monthly Recurring Revenue (MRR) and Average Revenue Per User (ARPU) both saw strong growth of 13% and 11%, respectively. EBITDA rose by 33% to $16.4 million, improving the margin to 22%.
Critical Resources (ASX:CRR) gained after reporting results from its recent stripping program at the Tot pegmatite within the Mavis Lake Lithium Project in Ontario. The program revealed high lithium grades, including up to 3.79% Li2O. The Tot pegmatite shows significant high-grade spodumene mineralisation over a 50-metre strike length. This supports the company’s Exploration Target of 18–29 million tonnes at 0.8–1.2% Li2O. The company plans further exploration and is well-positioned to benefit from growing sector activity.
And Osteopore (ASX:OSX) has completed successful pre-clinical studies in collaboration with the University of Chile. This work is part of a project funded by a US$360k grant from the Government of Chile and the University of Chile, aimed at developing a new type of 3D-printed bone implant designed to accelerate bone regeneration. The studies have shown that the new implant materials are compatible with bone, and promote faster bone growth. Specifically, they increased cell adhesion and bone-mineralising activity significantly compared to baseline levels. Osteopore now plans to start clinical trials in the latter half of 2025.
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| FAU | First Au Ltd | 0.001 | -50.0 | 200,000 | $3,623,987 |
| KAM | K2 Asset Mgmt Hldgs | 0.03 | -36.2 | 8 | $11,331,004 |
| ABE | Ausbondexchange | 0.028 | -34.9 | 200,640 | $4,844,729 |
| T3D | 333D Limited | 0.006 | -33.3 | 1,247 | $1,075,004 |
| TKL | Traka Resources | 0.001 | -33.3 | 3,152,556 | $2,918,488 |
| WML | Woomera Mining Ltd | 0.002 | -33.3 | 1,001,300 | $4,554,417 |
| DME | Dome Gold Mines Ltd | 0.12 | -29.4 | 58,000 | $63,139,487 |
| FNR | Far Northern Res | 0.145 | -27.5 | 102,968 | $7,253,165 |
| EXL | Elixinol Wellness | 0.003 | -25.0 | 553,136 | $5,284,729 |
| IEC | Intra Energy Corp | 0.0015 | -25.0 | 2,857,743 | $3,381,563 |
| MRQ | Mrg Metals Limited | 0.003 | -25.0 | 8,609,323 | $10,846,075 |
| MP1 | Megaport Limited | 9.34 | -20.8 | 7,592,593 | $1,880,514,585 |
| CMG | Criticalmineralgrp | 0.155 | -20.5 | 23,146 | $8,227,812 |
| BUY | Bounty Oil & Gas NL | 0.004 | -20.0 | 16,660,000 | $7,492,505 |
| CTO | Citigold Corp Ltd | 0.004 | -20.0 | 590,556 | $15,000,000 |
| EMT | Emetals Limited | 0.004 | -20.0 | 2,000,000 | $4,250,000 |
| GGE | Grand Gulf Energy | 0.004 | -20.0 | 600,200 | $10,476,235 |
| OVT | Ovanti Limited | 0.004 | -20.0 | 21,361 | $7,613,027 |
| PKO | Peako Limited | 0.004 | -20.0 | 536,367 | $4,392,374 |
| TAS | Tasman Resources Ltd | 0.004 | -20.0 | 1,162,749 | $4,026,248 |
Meteoric Resources (ASX:MEI) has signed a MoU with Ucore Rare Metals for the supply of 3000t of total rare earth oxide (TREO) from its Caldeira asset in Brazil for Ucore’s REE production facility in Louisiana, USA.
Sun Silver (ASX:SS1) has intersected up to 331.76 g/t silver over 13m outside the resource as well as a historical data review confirming strategic mineral, antimony, is also on the cards, with assay results greater than 10,0001ppm.
Silver Mines (ASX:SVL) is moving ahead with the resubmission of all required permits to progress the Bowdens silver project following last week’s legal decision.
Great Southern Mining (ASX:GSM) has kicked up RC drilling at the Duketon gold project in WA focusing on the Golden Boulder prospect as well as newly defined targets.
Strickland Metals (ASX:STK) is looking to repeat the success it had with the Melrose project in WA with its Rogozna asset in Serbia after its second hole hit an impressive 308m intersection grading 1.9 g/t gold equivalent.
Bioxyne (ASX:BXN) has achieved an Australian first following the manufacturing and delivery of pharmaceutical cannabis pastilles (gummies) under its Goods Manufacturing Practice certification.
Norwest Minerals (ASX:NWM) will test three critical mineral targets including Tamba, Duck and Malibu within its wider Arunta West project via a 120-hole drilling program in September.
Assay results for all remaining Series Two RC pre-collars and diamond drillholes tails for the first 15 Series Two holes at First Lithium’s (ASX:FL1) Blakala project have now been received.
American West Metals (ASX:AW1) has confirmed the large lateral extent of the Storm copper system at depth during deep diamond drilling with the red metal returned in all holes.
Dundas Minerals (ASX:DUN) – pending an announcement regarding a capital raising.
Cycliq (ASX:CYQ) – pending the release of an announcement in relation to a capital raising.
Perpetual (ASX:PPT) – pending the release of an announcement regarding a capital raising.
IPH (ASX:IPH) – pending an announcement in connection with a corporate transaction and associated equity capital raising.
At Stockhead we tell it like it is. While Meteoric Resources, Sun Silver, Silver Mines, Strickland Metals, Bioxyne, First Lithium, American West Metals and Norwest Minerals are Stockhead advertisers, they did not sponsor this article.
