Closing Bell: Business is confident, iron is awesome
Link copied to
IG Markets’ Kyle Rodda says a surging iron ore price – which topped $150 per tonne again overnight – has been the major driver of the rippling, Hemsworth-esque strength on show at the ASX earlier today.
The benchmark index climbed to a seven week intraday high. The S&P/ASX Emerging Companies ASX:XEC index closed more than 1% the better.
Did you know that our national business confidence snapped back in the second half of January?
This was the key finding of the NAB business survey today. Personally, I did not.
But there you go, the business confidence index rebounded by 15 points to be in positive territory, at +3, after cascading 25 points back in December.
Westpac’s Andrew Hanlan says Aussie businesses, “assessed the most significant impacts of the omicron wave are likely to be relatively short lived.”
“This adds to the prospects of a strong economic recovery over the year ahead.”
The NAB survey once again describes some significant pressures on supply side prices and labour costs against a ‘backdrop of strong underlying demand.’
The unemployment rate is apparently set to move below 4% this year, it’ll be the first time since Coppola’s Godfather Part 2.
So if you’re not working tomorrow, watch it. (Spoiler) Poor damn Fredo.
(Stocks highlighted in yellow rose after making announcements during the trading day).
Today we like iCandy Interactive (ASX: ICI) after it snapped up a 51% stake in Asia-based digital gamers Storms for $8 million of newly issued iCandy shares. ICI is more than 7% higher.
And then the shares in ReNu Energy (ASX:RNE) rallied in afternoon trade – up over 5% – after announcing it’s done its 100% acquisition of Countrywide Renewable Hydrogen (CRH).
The CRH backstory: it originates green hydrogen projects with a view to developing them in collaboration with project partners and governments, initially targeting domestic demand and where viable, expanding to meet future export demand. CRH shares are also up over 5%.
WA1 Resources (WA1:ASX) has finally listed and the copper and gold explorer has rocked it. Up more than 27% after it raised $4.5 million at its initial public offer price of 20¢ per share, the digger plans to get on the ground fast at its projects in WA.
(Stocks highlighted in yellow fell after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
|WEC||White Energy Company||0.023||-85.6%||42,940,827|
|ANL||Amani Gold Ltd||0.0015||-25.0%||62,200,500|
|JAV||Javelin Minerals Ltd||0.0015||-25.0%||2,830,001|
|LKO||Lakes Blue Energy||0.0015||-25.0%||105,724,158|
|OAR||OAR Resources Ltd||0.005||-16.7%||1,741,313|
|VMG||VDM Group Limited||0.0025||-16.7%||1,220,698|
|ANO||Advance Zinctek Ltd||2.18||-16.2%||125,848|
|AIB||Aurora Glb Trust||0.105||-16.0%||27,312|
|DDD||3D Resources Limited||0.003||-14.3%||3,442,000|
|WCN||White Cliff Min Ltd||0.031||-13.9%||23,024,783|
|EMP||Emperor Energy Ltd||0.045||-13.5%||1,590,388|
|SFM||Santa Fe Minerals||0.195||-13.3%||181,758|
|DLT||Delta Drone Intl Ltd||0.02||-13.0%||10,000|
Yesterday’s darling, PlaySide Studios (ASX:PLY) shares are down about 15% at 3.30pm.
The Aussie gaming studio says a technical glitch left its big time non-fungible tokens sold for whatever ‘minimal consideration’ is supposed to mean.
The downer follows PLY’s $8.5m sale of 7777 Beans NFTs, based on some cartoon characters from the ‘Dumb Ways to Die’ game.
PlaySide says there won’t be any long-term impacts from this issue nor will there be any material change to revenues earned from the original mint, given the strong secondary market volume.
Brisbane Broncos (ASX:BBL) is back in the game announcing that its profit before tax for the financial year ended December 31, 2021 is expected to be $4.26 million compared to a loss before tax of $470k in 2020.
The expected financial uptick reflects Brisbane Broncos home games during the 2021 NRL Telstra Premiership season being less impacted by Covid-19 interruptions than the 2020 season.
Consumer and commercial revenue increased in line with the ability to deliver 2021 season benefits to members, fans, corporate partners and sponsors. Incremental NRL funding above the base NRL Club grant also boosted revenue 2021. Still, the Bronco’s haven’t yet notched up a win, closing o.7% lower.
Godolphin Resources (ASX:GRL) has completed a two-hole 700m diamond drilling at its Gundagai South Gold Project, in New South Wales. The project is focused on the Surprise Hill North and Big Ben prospects.
Drilling intersected extensive disseminated pyrite, stringer and vein-hosted sulphide mineralisation at both prospects. Mineralised quartz veins were also intersected at the Big Ben Prospect.
Logging, cutting and sampling of HQ diamond core is underway with assays expected Q2 CY22.
The following companies went into a halt on Monday and are expected to recommence trading over the next few days.
Rectifier Technologies (ASX:RFT) – pending analysis of receipt.
WA Kaolin (ASX:WAK) – pending capital raise
iCandy Interactive (ASX:ICI) – pending acquisition