AU Morning Wrap: ASX Opens Higher; Silver Lake Sinks 20%

U.S. stocks rebounded Friday to cap off a week of gains, as soft inflation data boosted investor sentiment and shares of big tech companies powered the indexes higher.

All three major indexes locked in weekly gains, with the S&P 500 and Dow each logging a third consecutive positive week. The Dow on Wednesday clinched a winning streak of 13 trading days, its longest streak since 1987.

Silver Lake Resources plunged 18.4 per cent to 91¢ following its quarterly results.

IGO declined 3.5 per cent to $13.97 despite posting record quarterly earnings and underlying free cash flow in the June quarter.

Lynas Rare Earths firmed 2.1 per cent to $6.70 after recording its highest ever quarterly production of neodymium and praseodymium (NdPr) in the June quarter.

Origin Energy opened flat at $8.53 after reporting that revenue from its share in Australia Pacific LNG (APLNG) fell 11 per cent in the June quarter, compared to the prior quarter, due to lower realised oil prices.

While the company faced softening nickel pricing during the quarter, it also reported a reduction in operating expenses across all operations.

For FY23, the company reported production of 261,604 ounces of gold and 1483 tonnes of copper, achieving FY23 sales guidance with 260,372 ounces gold and 1,325 tonnes copper.

Silver Lake said FY24 sales guidance for its Australian operations is 210,000 to 230,000 ounces at an all-in sustaining cost of $1850 to $2050 per ounce.

That was down from 82,604 ounces at an AISC of $1399 an ounce in the March quarter.

Gold production decreased quarter-on-quarter due to mining delays, reducing the quantities of higher grade run-of-mine ore from the open pit, the company said.

Gold Road said its 2023 AISC is now expected at the upper end of existing guidance of between $1540 to $1660 per attributable ounce.

However, June quarter production was higher than the previous quarter due to more "well workover and optimisation activity" carried out following the impacts of wet weather in prior periods and an unplanned non-operated outage.

Origin's FY23 electricity sales volumes increased 1 per cent on the prior year, while gas sales volumes decreased 5 per cent.

Strong production from the Greenbushes operations contributed to IGO reporting full-year spodumene production above the top of its FY23 guidance range.

Group sales revenue of $240.6 million was in line with the prior quarter, with higher sales volumes from both the Nova and Forrestania mines. This was offset by lower realised nickel prices.

The company's operating expenses were up 110 per cent on the same period last year.

US dollar-denominated fund managers saw FUM increase by 9.1 per cent as a result of the rebound in global equity markets, strong inflows and Pacific's new investment in investment management firm Cordillera.

Sales receipts of $188.9 million were lower than the $351 million recorded in the same period last year.

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