Rise and Shine: What you need to know before the ASX opens
Whoa ohhh, we’re halfway there…
On Stockhead today, Australia probes an area bigger than NSW and up to 2km deep for mineral wealth, why childcare stocks might be worth a look, and five 5 key insights from a leading VC founder.
But first, here’s what you need to know right now:
Assistant governor at the Reserve Bank of Australia Michele Bullock is delivering her speech today, and Westpac has monthly leading index data.
No companies have shares coming out of escrow today, but quite a few are due out of trading halts.
Centaurus Metals (ASX:CTM) and Estrella Resources (ASX:ESR) both have news of a capital raise, Paringa Resources (ASX:PNL) has an update on debt financing, which has already been alluded to by the Australian Financial Review, and MZI Resources (ASX:MZI) is set to talk about its funding arrangements.
Your author yesterday found out a dumb bit of trivia about MZI Resources. Its cosec is a bloke by the name of John Traicos.
Why is he noteworthy? Well, he holds the world record for the longest amount of time between Test match appearances, at 22 years. He played in South Africa’s last Test before they were banished from the sport in 1970, and then, 22 years later, played in Zimbabwe’s debut Test, taking a more-than-handy 5/86 from 50 overs at the tender age of 45 years.
Gold: $US1306.45 ($1,842.68) +0.23%
Silver: $US15.36 -0.48%
Oil (Brent): $US67.37 -0.09%
Oil (WTI): $US58.71 -0.42%
Coal: $US91.27 0.02%
Iron ore 62% fe: $US89 1.14%
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Cann Group’s (ASX:CAN) decision to shift its greenhouse medicinal cannabis growing facility from Tullamarine to Mildura was of interest on the Stockhead Facebook chat forum, with member Mel Culley pointing out the stock had risen more than 21 per cent on the news.
These were the five most-discussed stocks on trading gossip forum HotCopper at close on Tuesday:
— HotCopper (@HotCopper) March 19, 2019
Hopefully Mel got in on her spot – Cann Group shares ended up closing the day up 38 per cent to $2.30.
Results showed Austpac Resources (ASX: APG) jumped by 50 per cent to 0.2 cents, after receiving an $803,000 cash injection from a China-based company to complete testing for its zinc-iron recovery process.
Elsewhere, satellite manufacturer Beam Communications (ASX:BCC) jumped 41 per cent to 24 cents per share following an investor presentation this morning.
The company makes narrow-band satellites for global corporate supply chains and the Internet of Things, and counts former Netcomm CEO David Stewart as a major shareholder
There were big headaches at Wagners Holding (ASX:WGN), which fell 24 per cent to $2.49 at close.
It has a cement supply agreement with $5.7 billion construction giant Boral (ASX:BLD); and Boral has effectively used the Bunnings clause — “if you find a competitor’s lower price on the same stocked item, we’ll beat it by 10 per cent” — saying it has found cheaper cement elsewhere, and asked Wagners to reduce its price.
Wagners says revenue may be hurt by as much as $20 million.
“The company has commenced a formal process disputing the validity of the pricing notice on the basis it has concerns regarding the bona fide nature of the market pricing evidence provided and therefore the contractual basis upon which the notice has been issued,” Wagners told investors.
“The company has made an election under the agreement to suspend supply of cement products to Boral, pending resolution, or determination by the courts, of the dispute regarding the validity of the pricing notice.”
Papyrus Australia (ASX:PPY) was the biggest loser of the day, down 58 per cent to half a cent, after it told the market about defamation allegations that were filed against the company in the Federal Court. The company denies the allegations and says it will defend them.
That’s all you need to know. Go go go!