AU Morning Wrap: ASX Rallies, Led by Miners; Fortescue Jumps 3.6%
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 and Nasdaq rally to 9-month high on AI hype
• ASX rallies 1.4% at the open
• Stocks to watch: Fortescue Metals, AMP, Select Harvests
- Moomoo News AU
Wall Street Summary
Stocks climbed Friday as a potential deal to raise the debt ceiling began to take shape and a rally in technology shares gained steam, capping a mostly positive week for major indexes.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ led the way, gaining 2.2% as enthusiasm for companies developing artificial-intelligence technologies kept building. The $S&P 500 Index (.SPX.US)$ advanced 1.3%, while the blue-chip $Dow Jones Industrial Average (.DJI.US)$ rose 329 points, or 1%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ jumped 1.4 per cent, or 98 points, to 7252.8 in the opening minutes of trade in a relief rally sparked the US debt ceiling deal.
The major miners jumped following an increase in iron ore prices late last week; $Fortescue Ltd (FMG.AU)$ climbed 3.5 per cent to $20.30 and $BHP Group Ltd (BHP.AU)$ added 2.5 per cent to $43.83.
$ALS Ltd (ALQ.AU)$ eased 0.5 per cent to $12.20 after reporting that its underlying continuing net profit after tax jumped 23.4 per cent in FY23 to $321 million.
$AMP Ltd (AMP.AU)$ firmed 1.4 per cent to $1.08 after announcing a series of executive changes and flagging that it will its Australian Wealth Management structure.
$Select Harvests Ltd (SHV.AU)$ edged 0.7 per cent higher to $4.39 after posting a $96.2 million net loss for the first six months of the 2023 financial year.
Stocks to Watch
$Leo Lithium (LLL.AU)$: Leo Lithium has entered a cooperation agreement with China's largest lithium producer, Ganfeng, which includes a commitment to expand the capacity at its Goulamina operations to 1 million tonnes a year.
The agreement includes a strategic placement to Gangeng to raise $106.1 million from the issue of 131 million new shares. The strategic placement offer price is 81¢ a share.
$Humm Group Ltd (HUM.AU)$: Humm group says the interim stop order issued by the Australian Securities and Investments Commission to its subsidiary, humm BNPL, on May 25 has been revoked.
"Hummgroup has addressed ASIC's concerns regarding the target market determination for the humm buy now pay later product," the company said in a statement.
As of this evening, the humm BNPL product is again available to new customers.
$ALS Ltd (ALQ.AU)$: ALS has reported an underlying continuing net profit after tax of $321 million for FY23, up 23.4 per cent on the prior year. Statutory net profit after tax jumped 52.9 per cent to $291 million.
The company delivered underlying continuing revenue of $2.4 billion, an increase of 19.5 per cent because of strong performances in its environmental, geochemistry and metallurgy businesses, and supported by acquisitions made within its life sciences division.
ALS declared a partially franked final dividend of 19.4¢ a share, bringing the total dividend for FY23 to 39.7¢ a share.
$Mincor Resources NL (MCR.AU)$: Mincor reported nickel-in-concentrate production of 1,839 tonnes for the June quarter to date and 5,161 tonnes for year to date.
In May 2023, Mincor's underground operations have mined 49,955 tonnes of ore month to date, thereby on track to achieve nameplate capacity of 600,000 tonnes per annum, earlier than planned.
Mincor's directors said they continue to unanimously recommend that shareholders accept Wyloo's takeover offer.
$Select Harvests Ltd (SHV.AU)$: Select Harvests has reported a net loss after tax of $96.2 million for the first six months of the 2023 financial year.
The result has been materially impacted by La Niña weather patterns affecting the 2022 and 2023 crops and the resultant write-off of goodwill.
The company reported an underlying EBITDA loss of $55.6 million, and a reported EBITDA loss of $117.4 million.
Select Harvests did not declare an interim dividend for the first half.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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