Last Orders: What you might have missed on the ASX today
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Australian stock markets have carried on their good run from November into December, and are heading back to their January starting points after a volatile year’s trading.
The ASX All Ordinaries finished trading at 6,922 points – up 13.30 points on the day.
The index is only 1.65 per cent off from its starting point of early January 2020, and is up 51 per cent from its mid-March low point.
The ASX 200 index was also in the green, and stood at 6,687 points when trading came to a stop Tuesday, a rise of 12 points on day.
The big news of the day was the continued rise in prices of iron ore which have reached a fresh 2020 high.
Iron ore cargoes for delivery to China surged to $US147.50 per tonne ($198.70/t) this week, a level not seen since early 2013.
Meanwhile, the Australian dollar has stabilised at 74c against the US dollar on reports of improving business conditions in Australia’s economy.
“Despite the tensions with China, the Australian economy continues to rebound,” said Commonwealth Bank of Australia currency strategists in a report.
The Australian dollar is at its highest rate against the greenback for two years, and no doubt is supported by the roaring trade in iron ore to China.
Among the market’s winners today are a education software company, and a cannabis stock, while new arrivals to the ASX market fared disappointingly.
TALi Digital (ASX:TD1) – an edtech platform providing learning tools for kids with attention deficit disorders had a good day.
The company received a strategic $US2m investment by the India-based Brand Capital International (BCI) which it says will help it roll out in India.
Cannabis biotech stock Incannex Healthcare (ASX:IHL) climbed after initiating a brand new clinical trial – against generalised anxiety.
Another leader in morning trade was VIP Gloves (ASX:VIP), which jumped by around 20 per cent after announcing the board had approved a new dividend policy.
The company flagged an annual dividend payout ratio of between 20-40 per cent of earnings, which will be paid twice-yearly at the discretion of the directors.
Skin Elements (ASX:SKN) rose after telling shareholders it had been advanced an unsecured loan of $500,000.
Two of today’s losers are the ASX’s two debutantes today.
First was food delivery stock Youfoodz (ASX:YFZ). It raised capital at $1.50 per share, fell to $1.16 on debut and has finished the day at $1.05 – 30 per cent down.
Also down (by 16 per cent) was the ASX’s biggest IPO this year, coal export terminal operator Dalyrmple Bay (ASX:DBI).
Australian coking coal prices are currently in the doldrums as shippers struggle to sell spot cargoes into China’s quota-driven imports market.
The Queensland terminal ships mostly coking coal and a smaller quantity of thermal coal.
–Talga Group (ASX:TLG) said it has completed a scoping study for its Niska South, Niska North and Nunasvaara North graphite resources in northern Sweden. The battery anode company said the study demonstrated strong support for a stand-alone mine and anode refinery based on robust economics and its high-grade graphite resource.
Production is expected to start at the Niska project in 2025, and when combined with its existing Vittangi Anode project, will form the largest natural graphite anode producer in the world outside of China. The study shows the Vittangi anode project has a net present value of about $US3.5bn ($4.7bn), and free operating cash flow of $US690m per year.
SI6 Metals (ASX:SI6) – company update
Adavale Resources (ASX:ADD) – capital raising
Cann Global (ASX:CGB) – capital raising
The Agency Group (ASX:AU1) – clarificatio
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Bryah Resources (ASX:BYH) – capital raising
Pacific Nickel Mines (ASX:PNM) – capital raising
iCandy Interactive (ASX:ICI) – capital raising
Aldoro Resources (ASX:ARN) – drilling results
KneoMedia (ASX:KNM) – capital raising
Big River Industries (ASX:BRI) – capital raising
Village Roadshow (ASX:VRL) –
Adslot (ASX:ADS) – capital raising
Roots Sustainable Agricultural Technologies (ASX:ROO) – capital raising
Lucapa Diamond (ASX:LOM) – exploration update
Toro Energy (ASX:TOE) – exploration update
Holista CollTech (ASX:HCT) – company update
Resonance Health (ASX:RHT) – regulatory clearance
Manuka Holdings (ASX:MKR) – capital raising
Golden Deeps (ASX:GED) – capital raising
Calidus Resources (ASX:CAI) – capital raising