AU Morning Wrap: Bubs seeking A$63m to fund growth; RBA decision ahead

Moomoo News AU wrote a column · Jul 5, 2022 08:13

G'day, mooers! Check out the latest news on today's stock market!
• US stock and bond markets are closed on Monday
• Australian shares opened flat on Tuesday, ASX 200 down 0.07 per cent
• Stocks to watch: Bubs, Regis Resources, Champion Iron
- moomoo News AU

AU Morning Wrap: Bubs seeking A$63m to fund growth; RBA decision ahead

Wall Street Summary
US stock and bond markets are closed on Monday, July 4, in observance of the Independence Day holiday.

Futures tied to the S&P 500 and Dow Jones Industrial Average both slipped 0.4%, while contracts on the tech-heavy Nasdaq-100 fell 0.5%.

AU Market Watch
Australia's S&P/ASX 200 is on track to open flat ahead of the Reserve Bank's monthly board meeting, at which the central bank is widely expected to raise interest rates for a third consecutive month. ASX futures are flat, suggesting a lack of direction in the absence of a lead from U.S. markets, which were closed for the July 4 holiday.

Australian shares opened flat this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.07 per cent to 6608 as of 10:13 am.

Stocks to Watch
$BUBS Australia Ltd (BUB.AU)$: Stockbrokers Bell Potter and Citi have kicked off a $63 million equity raising for Bubs Australia.Funds raised would be used for working capital to assist with the immediate scale up of its activities, to increase its inventory, and to expand canning capability, Bubs shares enter trading halt.

$Regis Resources Ltd (RRL.AU)$: Gold producer Regis Resources has announced a record gold production in the June quarter:
• Total Group gold production for the June quarter 2022 increased 20 per cent to a quarterly record of 123.9koz
• Duketon gold production increased 24 per cent to 92.8koz
• Tropicana gold production increased 10 per cent to 31.1koz

$Champion Iron Ltd (CIA.AU)$: Donald Tremblay will be the new chief financial officer of Canadian iron ore player Champion Iron. Mr Tremblay was most recently CFO of the Iron Ore Company of Canada.

Ex-dividend: $Ardent Leisure Group Ltd (ALG.AU)$, $Clime Capital Ltd (CAM.AU)$, $Eildon Capital Group (EDC.AU)$
Dividends paid: $CIMIC Group Ltd (CIM.AU)$, $Incitec Pivot Ltd (IPL.AU)$, $National Australia Bank Ltd (NAB.AU)$

Commodities
• Iron ore prices continue to slide amid limited demand from steelmakers and downbeat market sentiment, sources told Fastmarkets.
• Oil continues to bounce on data showing lower output from OPEC members, unrest in Libya, sanctions on Russia and an oil and gas strike in Norway.
• Gold remains largely unchanged around US$1,805 ahead of the Fed's June meeting on Thursday.

Source: Dow Jones Newswires, AFR

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