AU Morning Wrap: RBA Minutes Ahead; UBS Warns on Lithium Earnings
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 edges up, gold slips below US$2,000
• ASX slips, Telix jumps
• Stocks to watch: Pilbara Minerals, Telix, Core Lithium
- Moomoo News AU
• S&P 500 edges up, gold slips below US$2,000
• ASX slips, Telix jumps
• Stocks to watch: Pilbara Minerals, Telix, Core Lithium
- Moomoo News AU
Wall Street Summary
Stocks and bond yields rose Monday ahead of a busy week of earnings, with some of the biggest U.S. corporations due to report.
After a jolt of volatility in the first quarter, April has brought a calm across a range of markets—including stocks, bonds and currencies.
Stocks hugged the flatline for much of the trading session and turned higher in the final hour of the trading day, with gains accelerating into the closing bell. The $S&P 500 Index(.SPX.US$ rose 13.68 points, or 0.3%, to 4151.32. The $Dow Jones Industrial Average(.DJI.US$ added 100.71 points, or 0.3%, to 33987.18. The $Nasdaq Composite Index(.IXIC.US$ added 34.26 points, or 0.3%, to 12157.72.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ is down 0.23 per cent in early trade led lower by declines in the consumer staples, healthcare and energy space. The real estate sector is the sole shade of green with a gain of 0.4 per cent.
The best performer is $Pilbara Minerals Ltd(PLS.AU$ after UBS warned on earnings but said a rise in its long-term lithium price forecasts led it to upgrade its valuation from $4.60 to $4.65. The stock is up 4.1 per cent in early trade.
Elsewhere, prostate imaging business Telix is up 7.4 per cent after topping analysts' expectations with March quarter sales and cashflows.
The latest RBA meeting minutes will be released at 2.30pm AEST.
Stocks to Watch
$Pilbara Minerals Ltd(PLS.AU$: Broker UBS says it has cut its forecasts for earnings from lithium miners between 10 per cent and 40 per cent, with price forecasts cut between 10 per cent 30 per cent over 2023 and 2024 as prices of the battery ingredient in China slump.
However, the broker said a 20 per cent upgrade to its long-term lithium spodumene, concentrate, and hydroxide price forecasts largely offsets lower earnings in the near term.
$Telix Pharmaceuticals Ltd(TLX.AU$: Prostate cancer imaging business Telix Pharmaceuticals has posted net operating positive cashflow of $2.5 million on sales of $83.2 million for the January quarter. As at March 31 it had cash on hand of $121.3 million.
It said total US sales were up 27 per cent on the prior quarter, with plans to accelerate a rollout in Europe and the Asia-Pacific region.
$IPH Ltd(IPH.AU$: IPH, a holding company for law firms, said a cyberattack contributed to a budget shortfall of $4.4 million for Spruson & Ferguson and Griffith Hack.
Remediation costs are expected to between $2 million and $2.5 million as a result of the hack. The company said it had notified a small number of individuals affected.
$HUB24 Ltd(HUB.AU$: Funds administration platform Hub24 posted net inflows of $1.9 billion for the March quarter to take total funds under administration to $76.9 billion.
It said platform funds lifted 16.5 per cent from a year earlier period to $59.4 billion, with portfolio, administration and reporting services up 1 per cent to $17.5 billion.
$Core Lithium Ltd(CXO.AU$: Lithium miner Core Lithium has lifted the size of its Finiss resource by 62 per cent to 30.6 million tonnes at a grade of 1.31 per cent lithium oxide.
It says the reported update is a result of all drilling completed in 2022 and the drilling program was completed at its known prospects and the Bynoe Pegmatite field.
Core Lithium shipped its first lithium concentrate to China from Darwin in January.
$Praemium Ltd(PPS.AU$: Funds platform Praemium has lifted its total funds under administration by 8 per cent to $43.7 billion.
It said total net inflows over the financial year to date have reached $1.24 billion.
Source: Dow Jones Newswires, AFR
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