Proactiveinvestors Australia Proactive Investors Australia https://www.proactiveinvestors.com.au Proactiveinvestors Australia Proactive Investors Australia RSS feed en Thu, 23 May 2019 13:38:37 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - S&P/ASX 200 set for negative start but Flash PMI shows faster growth ]]> https://www.proactiveinvestors.com.au/companies/news/220816/spasx-200-set-for-negative-start-but-flash-pmi-shows-faster-growth-220816.html S&P/ASX 200 (INDEXASX:XJO) futures are pointing to a weak start today after US markets bounced around driven by US-China trade news and meeting minutes from the Federal Reserve.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished lower but bounced off their afternoon lows.

Notably, both oil and natural gas were down around 2%, driving sell-offs in those stocks and sectors with exposure.

Locally, Commonwealth Bank released its monthly Flash Services PMI and Flash Manufacturing PMI data points for May.

The Flash Services PMI came in at 52.3 vs last month’s 50.1 and the Flash Manufacturing PMI came in at 51.1 vs last month’s 50.9.

A score of above 50 indicates expansion and a higher number than the previous month indicates a faster rate of growth

 

[VIDEO] US sharemarkets fell as nvestors monitored news on the US-China trade dispute. The Dow Jones index ended lower by 101 points or 0.4%. The S&P500 index lost 0.3%. And the Nasdaq index fell by 35 points or 0.5%. https://t.co/eMx2H8kt5x #ausbiz

— CommSec (@CommSec) May 22, 2019

 

Pre-market company news: ALL half result and TRS trading update

Discount retailer The Reject Shop (ASX:TRS) has released a trading update this morning saying sales are below expectations and gross margins are well below expectations.

Shares in the company will likely be in for tough day.

Slot machine manufacturer Aristocrat Leisure Ltd (ASX:ALL) is in for a positive day after it revealed NPATA of $422.3 million for the half ended 31 March 2019.

This is above many analysts expectations and will likely see investors in the gaming stock rewarded.

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Thu, 23 May 2019 09:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220816/spasx-200-set-for-negative-start-but-flash-pmi-shows-faster-growth-220816.html
<![CDATA[News - S&P/ASX 200 trading slightly down at lunch, Lynas surges ]]> https://www.proactiveinvestors.com.au/companies/news/220737/spasx-200-trading-slightly-down-at-lunch-lynas-surges-220737.html S&P/ASX 200 (INDEXASX:XJO) lost 20 points in the first house but has regained 15 points to be slightly down on the day.

With many of the Chinese-listed rare earth stocks trading at limit-up prices over recent days due to tariffs, investors have turned to Lynas Corporation Ltd (ASX:LYC).

Lynas mines rare earths from its Australia-based mine and traded as high as 11.9% this morning to $2.53 before pulling back to $2.40 around lunch.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher last night as global investor sentiment improved.

The improvement was the result of the US temporarily easing trade restrictions on Huawei, which has been cause for concern recently given the US and China are negotiating on trade.

More positive signs for Australian housing market

The Coalition’s shock win on the weekend has been the start of a chain of events in equity markets that point to confidence in a recovery in housing.

While some debate remains as to the house market’s future, the gains in the banks and those stocks strongly exposed to housing such as Adelaide Brighton Ltd (ASX:ABC) can’t be ignored.

Adelaide Brighton hit a high of $4.22 today, which is 23% higher than its low of $3.43 reached last week.

 

[VIDEO] Mid-Session: The Australian sharemarket is down slightly at lunch while remaining near the 11.5 year high hit on Tuesday. Fortescue Metals $FMG is a weight as it trades ex-dividend. https://t.co/nD9ZySyR0U #ausbiz

— CommSec (@CommSec) May 22, 2019

 

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Wed, 22 May 2019 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220737/spasx-200-trading-slightly-down-at-lunch-lynas-surges-220737.html
<![CDATA[Media files - Bulls Bears & Brokers: Martin Place Securities' Barry Dawes on post-election investor confidence ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13433/bulls-bears--brokers-martin-place-securities--barry-dawes-on-post-election-investor-confidence-13433.html Tue, 21 May 2019 22:06:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13433/bulls-bears--brokers-martin-place-securities--barry-dawes-on-post-election-investor-confidence-13433.html <![CDATA[News - S&P/ASX 200 gets a boost from banks as housing expectations rise ]]> https://www.proactiveinvestors.com.au/companies/news/220631/spasx-200-gets-a-boost-from-banks-as-housing-expectations-rise-220631.html S&P/ASX 200 (INDEXASX:XJO) was a bit flustered on the open today after a release from banking regulator APRA circulated before the open.

APRA proposed that the 7% serviceability buffer on home loans be removed, which is good news for borrows and the housing market.

All the big four banks are trading between 1-2% higher at around lunch.

RBA meeting minutes suggest door is still open for a rate cut

At 11.30am today the Reserve Bank of Australia released its meeting minutes from its most recent interest rate decision meeting, providing further insight into future policy moves.

The notes confirmed the RBA will continue to pay close attention to developments in the labour market and set monetary policy to support sustainable growth in the economy and achieve the inflation target over time.

The market took this to say that a rate cut is on the cards if there is no improvement in the employment data.

 

[VIDEO] Mid-Session: Local shares were weighed down in early trade reflecting the losses on Wall Street, although the Index found its footing helped by the minutes from the last RBA meeting. https://t.co/fBeHcWwwoS #ausbiz

— CommSec (@CommSec) May 21, 2019

 

Pre-market: S&P/ASX 200 set for negative start as US markets fall on Huawei ban

ASX 200 futures are pointing to a weak start today after US China tensions flared again on reports that US companies are cutting supplies to Huawei.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished lower with semiconductor companies the worst hit, the semiconductor index was down 4%.

Alphabet's (NASDAQ:GOOGL) Google yesterday moved to restrict its dealings with Chinese telco giant Huawei.

 

The major U.S. indices all closed in the red, with the Dow dropping 0.33%, the S&P 500 falling about 0.67% and the Nasdaq closing down 1.46%. Tech was the day's worst performing sector, and Apple had the largest negative impact on the Dow. https://t.co/Xx4GmAR59Q pic.twitter.com/zYHnkZcmEI

— CNBC (@CNBC) May 20, 2019

 

Fed chairman speaks at 9.00am AEST

Federal Reserve chair Jerome Powell is due to deliver a speech titled "Assessing Risks to our Financial System" at the Financial Markets Conference in Florida at around 9.00am AEST.

Given Powell’s status, volatility is often experienced during his speeches as traders attempt to decipher interest rate clues.

Questions from the audience are also expected.

Financial results from JHX and OFX released pre-market

James Hardie (ASX:JHX) has released its full year result (31 March end) revealing adjusted net operating profit of US$73.8 million for the final quarter and US$300.5 million for the full year.

On 5 February 2019, JHX guided to adjusted net operating profit of between US$295 and US$315 million so the result has come in low-mid range of guidance.

OFX Group Ltd (ASX:OFX) also has a March year end and has delivered 8.1% growth in underlying EBITDA to $32.2 million but a 5.8% decrease in statutory NPAT to $17.6 million.

OFX’s CEO and managing director Skander Malcolm said: As we look to the year ahead, our growth priorities are clear.

“We will continue our regional growth strategy, particularly in North America and Asia, while improving the client experience, growing our Corporate and Enterprise base, and building partnerships to help us grow and execute more effectively.”

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Tue, 21 May 2019 08:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220631/spasx-200-gets-a-boost-from-banks-as-housing-expectations-rise-220631.html
<![CDATA[Media files - Bulls, Bears & Brokers: DJ Carmichael's Davide Bosio on market certainty after election result ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13419/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-market-certainty-after-election-result-13419.html Tue, 21 May 2019 00:39:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13419/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-market-certainty-after-election-result-13419.html <![CDATA[News - S&P/ASX 200 rallies to 11.5 year high ]]> https://www.proactiveinvestors.com.au/companies/news/220574/spasx-200-rallies-to-115-year-high-220574.html S&P/ASX 200 (INDEXASX:XJO) closed 1.7% higher at 6476, its highest level since December 14, 2007.

The market gained as the coalition’s surprise re-election stamped out the threat of dividend imputation changes and capped health insurance premiums.

The banks provided the market with the biggest boost, as the financial sector surged 5.9%. Westpac Bank (ASX:WBC) jumped 9.2% to $27.75, while ANZ Bank (ASX:ANZ) climbed 7.8% to $27.86.

Without gains in the finance sector the market would have been down.

Big drop for Webjet

The biggest decline was Webjet (ASX:WEB) falling 7.7% to $15.50, nearmap (ASX:NEA) closing 5.7% lower at $3.61 and Altium (ASX:ALU) which closed 4.6% lower at $31.10.

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Mon, 20 May 2019 17:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220574/spasx-200-rallies-to-115-year-high-220574.html
<![CDATA[News - S&P/ASX 200 surges higher led by banks on Coalition election upset ]]> https://www.proactiveinvestors.com.au/companies/news/220550/spasx-200-surges-higher-led-by-banks-on-coalition-election-upset-220550.html S&P/ASX 200 (INDEXASX:XJO) is trading up 1.40% or 89.1 points higher 6454.4 at 12.20pm being led by bank stocks with the big four all trading over 5% higher.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished lower last Friday but the local market is being driven by a shock election win.

With the media, election polls and bookmakers all suggesting a comfortable Labor victory leading into Saturday, investors were likely already positioned for their policy changes.

It has been no secret that a lot of fund managers have been underweight bank stocks and a Labor government was seen as a further headwind for the banks.

On the open today, investors were scrambling into the bank stocks – ANZ (ASX:ANZ) hit a high of 7.7%, Commonwealth Bank (ASX:CBA) 6.7%, Nation Australia Bank (ASX:NAB) 8.4% and Westpac (ASX:WBC) hitting 8.9%.

WAAAX not moving with the market

Previously the tech stocks have moved in sync with the market but that has not been the case today.

Wisetech (ASX:WTC) is down 3.1%, Altium (ASXLU) down 2.55%, Appen (ASX:APX) down 1.55%, and Xero (ASX:XRO) down 2.58% at 12.29pm.

Afterpay (ASX:APT) is the only WAAAX stock in the green, up 0.55%.

 

[VIDEO] Mid-Session: The ASX 200 rose as much as 1.7% in opening trade as investors responded to a surprise conservative victory at the Federal Election on Saturday. https://t.co/spWArJvvHq #ausbiz

— CommSec (@CommSec) May 20, 2019

 

Are the banks an endorsement for Australian housing?

With the Australian people not giving Labor the nod, one policy that won’t see daylight is changes to negative gearing, which was tipped to accelerate the decreasing house price index.

With the Coalition government retaining power and today’s strong move back into bank stocks, which generate the majority of their earnings from residential mortgages, is the expectation that the housing market bounces?

There is undoubtedly a recovery in short-term confidence, which will play a role in encouraging buyers back into the market.

That said, it will be at least a couple of months before we see evidence of this flow through to published data.

This coming Saturday’s weekly auction rates will be the first test.

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Mon, 20 May 2019 12:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220550/spasx-200-surges-higher-led-by-banks-on-coalition-election-upset-220550.html
<![CDATA[Media files - Bulls, Bears & Brokers: Alto Capital's Tony Locantro on market trends leading to AU Federal Election ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13395/bulls-bears--brokers-alto-capital-s-tony-locantro-on-market-trends-leading-to-au-federal-election-13395.html Fri, 17 May 2019 02:05:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13395/bulls-bears--brokers-alto-capital-s-tony-locantro-on-market-trends-leading-to-au-federal-election-13395.html <![CDATA[News - RIU Sydney Resources Round-up engenders upbeat mood among investors and exhibitors ]]> https://www.proactiveinvestors.com.au/companies/news/220378/riu-sydney-resources-round-up-engenders-upbeat-mood-among-investors-and-exhibitors-220378.html The RIU Sydney Resources Round-up last week attracted at least 1,000 investors and fund managers who took the opportunity to connect with a broad cross-section of Australia’s junior and mid-cap resources scene.

Hundreds of people were seated in the conference hall at any one time to hear of the opportunities available in the sector as well as trends that are influencing the market.

With more than 70 presentations during the 2.5 days of the 16th Sydney round-up and in excess of 70 companies hosting display booths, there was no shortage of opportunities.

READ: RIU Sydney Resources Round-up paints positive outlook for base metals

Vertical Events managing director Stewart McDonald said he was delighted with the response to the conference at the Sofitel Sydney Wentworth.

He said it was noticeable that there was a steady turnover of investors throughout the event, both in the conference hall and at the booths.

More than 70 companies had display booths.

“Challenging investment conditions in the sector failed to dampen the enthusiasm of the investors with most exhibitors and presenters reporting genuine interest.

“There was definitely an upbeat mood among attendees and exhibitors,” he said.

“This was enhanced by many of the investors using the conference as a forum to identify opportunities.”

Strong sense of optimism

McDonald said there was a strong sense of optimism for the near-term future of the resources sector in Australia.

This sentiment was backed up by a number of presenters who identified a number of factors behind the outlook.

Blackstone Minerals managing director Scott Williamson presents.

These included the ongoing strength in the gold sector, changing market dynamics for base and battery metals, the US-China trade war and downward pressure on the Australian dollar.

Westpac Institutional Bank director – economics Justin Smirk said that the shift to services-based growth in China rather than industrial was seeing increased demand for base metals away from bulk resources while the impending electric vehicle revolution was also changing dynamics.

READ: Blackstone Minerals Ltd has high hopes for future of new Vietnamese nickel project

An individual success from the conference was Blackstone Minerals Ltd (ASX:BSX) which revealed details of a new acquisition.

As well as attracting plenty of interest during the event, the company’s share price increased by around 35% afterwards to 8.5 cents on Monday.

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Thu, 16 May 2019 15:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220378/riu-sydney-resources-round-up-engenders-upbeat-mood-among-investors-and-exhibitors-220378.html
<![CDATA[Media files - Bulls, Bears & Brokers: DJ Carmichael's Davide Bosio on the market prior to AU Federal Election ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13379/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-the-market-prior-to-au-federal-election-13379.html Thu, 16 May 2019 01:27:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13379/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-the-market-prior-to-au-federal-election-13379.html <![CDATA[News - S&P/ASX 200 trending higher – rise of the microcap? ]]> https://www.proactiveinvestors.com.au/companies/news/220270/spasx-200-trending-higher--rise-of-the-microcap-220270.html S&P/ASX 200 (INDEXASX:XJO) is trading near its intra-day high, up 0.64% or 39.7 points higher to 6279.6 points at 1.27pm.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) found reason to rally last night as Trump calmed fears around US-China trade negotiations.

While larger ASX companies continue their trading updates headed into the end of the June half, a number of microcaps have recorded double and even triple digit percentage moves.

Today’s mover is Crowd Media Ltd (ASX:CM8), up 152% at 1.30pm to 4.3 cents with over $1.6 million worth of shares changing hands.

Yojee Ltd (ASX:YOJ) is another worthy mention, up 41% to 11 cents on $1.4 million volume.

Both stocks trading was driven by news with Crowd Media confirming it executed new digital marketing deals pre-market and Yojee signing a SaaS agreement with a global top-10 logistics company.

Yojee shares were in a trading halt from yesterday and commenced trading at 11.34am.

 

[VIDEO] Mid-Session: The ASX 200 has posted solid gains in early trade on Wednesday following several days of turmoil for global markets. Technology and energy names are the most improved, while property stocks are the only decliners. https://t.co/4i2zO9d1Fh #ausbiz

— CommSec (@CommSec) May 15, 2019

 

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Wed, 15 May 2019 13:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220270/spasx-200-trending-higher--rise-of-the-microcap-220270.html
<![CDATA[Media files - Bulls, Bears & Brokers: Martin Place Securities' Barry Dawes says "stick with the leaders" on gold ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13356/bulls-bears--brokers-martin-place-securities--barry-dawes-says--stick-with-the-leaders--on-gold-13356.html Wed, 15 May 2019 01:38:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13356/bulls-bears--brokers-martin-place-securities--barry-dawes-says--stick-with-the-leaders--on-gold-13356.html <![CDATA[News - S&P/ASX 200 down 1.0%, after US markets tumble on Monday ]]> https://www.proactiveinvestors.com.au/companies/news/220173/spasx-200-down-10-after-us-markets-tumble-on-monday-220173.html S&P/ASX 200 (INDEXASX:XJO) is down 1.09% or 68.8 lower to 6228.9 points at 12.35pm.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) closed over 2% lower as US-China trade negotiations failed to progress.

The ASX 200 bottomed out at 6,203 at around 10.45am and was boosted by remarks from President Trump on trade talks.

He said that the outcome of the trade talks should be known in 3-4 weeks which was taken positively by the markets with US futures rallying and the ASX 200 rising.

 

[VIDEO] Mid-Session: The Australian sharemarket is having its second worst day of 2019. The US market slumped by as much as 3.4% last night due to China raising tariffs on the US. NAB is down 5% as it trades ex-dividend. https://t.co/PSyUUgBr08 #ausbiz

— CommSec (@CommSec) May 14, 2019 MYX down 16% on trading update

Mayne Pharma (ASX:MYX) shares are down 16% through the day after a market update this morning was not taken kindly by investors.

Year-to-date sales were impacted by additional competition on key generic products and market trading pressures however MYX pointed to stronger FY20 results.

Mayne Pharma CEO Scott Richards said: “As foreshadowed at our half year results in February, our generic business has faced a challenging start to calendar 2019 driven by competitive pressure on our key products including liothyronine and dofetilide.

"We have also faced typical wholesaler destocking in the retail channel in the first calendar quarter, one-off failure-to-supply penalties emanating principally from products supplied by third party manufacturers, together with shelf stock adjustments resulting from price changes on some products.

"Pleasingly, all other segments have demonstrated good growth in the first four months of the half with Specialty Brands up 53%, Metrics Contract Services up 21% and Mayne Pharma International up 8% on the prior corresponding period (pcp).”

Huge intra-day swings in momentum stocks - APT, APX, ALU, BUB, OCC

Although the index remains well in the red today, a number of stocks that were smashed early have gone on to regain early losses with some now positive over the day.

Appen (ASX:APX), Bubs Australia (ASX:BUB) and OrthoCell (ASX:OCC) are all positive for the day after being down around 10% early on.

Afterpay (ASX:APT) and Altium (ASX:ALU) are down around 1.5% but were down around 6% at their lows.

OrthoCell was down 15% at its low of the day and rallied to be up +9% representing a very large swing.

 

 

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Tue, 14 May 2019 12:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220173/spasx-200-down-10-after-us-markets-tumble-on-monday-220173.html
<![CDATA[News - S&P/ASX 200 weighed down by financial sector, drops 0.2% ]]> https://www.proactiveinvestors.com.au/companies/news/220107/spasx-200-weighed-down-by-financial-sector-drops-02-220107.html S&P/ASX 200 (INDEXASX:XJO) slipped 13 points or 0.2% to 6,297, snapping a two-session winning streak.

The financial sector was the worst hit, falling 1.8%.

ANZ Bank (ASX:ANZ) lost 3.9% to $26.43, while Macquarie Group (ASX:MQG) fell 3.6% to $120.16 as the two banks traded ex-dividend.

Commonwealth Bank (ASX:CBA) shares dropped 2.5% to $73.50 after the lender said it had set aside another $714 million in the third quarter for customer remediation.

Fewer than anticipated burst pipes

Shares in Reliance Worldwide Corporation (ASX:RWC) fell 15.6% to $3.89 after the company downgraded its full year earnings guidance.

The plumbing supply firm is now expecting an FY19 EBITDA of between $260-270 million due to fewer than anticipated burst pipes during the US winter.

M&A

Dairy cooperative Fonterra (ASX:FSF) has sold New Zealand ice cream brand Tip Top to global giant Froneri for NZ$380 million.

In upcoming economic news, US data on consumer inflation expectations will be released.

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Mon, 13 May 2019 16:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220107/spasx-200-weighed-down-by-financial-sector-drops-02-220107.html
<![CDATA[News - S&P/ASX 200 down 0.4%, banks weighing down market ]]> https://www.proactiveinvestors.com.au/companies/news/220090/spasx-200-down-04-banks-weighing-down-market-220090.html S&P/ASX 200 (INDEXASX:XJO) is down 0.44% or 27.8 lower to 6283.1 points at 12.25pm.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) closed higher last Friday but our local market was unable to follow suit.

ANZ (ASX:ANZ) and Macquarie Group (ASX:MQG) are both trading ex-dividend today, ANZ down 4.16% and MQG down 3.46% putting pressure on the market just after midday.

Commonwealth Bank’s (ASX:CBA) March quarter trading update also hasn’t helped the ASX 200 index with CBA being down 2.77% at 12.29pm.

 

[VIDEO] Mid-Session: The Australian sharemarket is off to a sluggish start on Monday due to ANZ & Macquarie trading ex-dividend and CBA posting a weaker quarterly profit result. https://t.co/KDmLh3yGBb #ausbiz

— CommSec (@CommSec) May 13, 2019 President Trump keeping markets guessing

Trade negotiations between United States and China remain unresolved with President Trump taking to Twitter this morning Sydney time.

 

China is DREAMING that Sleepy Joe Biden, or any of the others, gets elected in 2020. They LOVE ripping off America!

— Donald J. Trump (@realDonaldTrump) May 12, 2019 Reliance Worldwide trading update sees its shares smashed

Reliance Worldwide Corporation (ASX:RWC) shares touched $3.40 around the open, down 26.2% from its Friday close.

Shares have since recovered to $3.98 around lunch or down 13.7% on the day.

The company downgraded FY2019 EBITDA to be in the range of $260 to $270 million or $20 million lower than the prior $280 to $290 million range.

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Mon, 13 May 2019 12:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220090/spasx-200-down-04-banks-weighing-down-market-220090.html
<![CDATA[News - S&P/ASX 200 closes higher despite escalating US-China trade tensions ]]> https://www.proactiveinvestors.com.au/companies/news/220036/spasx-200-closes-higher-despite-escalating-us-china-trade-tensions-220036.html S&P/ASX 200 (INDEXASX:XJO) finished a choppy session in positive territory, rising 0.25% to 6311, despite the US following through with threats of increased tariffs on China.

The US has increased the tariff rate from 10% to 25% on $200 billion of imports from China.

The Chinese government released a statement shortly after, saying "China expresses deep regret over the development and will have to take necessary countermeasures."

Economic growth forecasts

The Reserve Bank of Australia today cut its near-term economic growth forecasts, while leaving its longer-term expectations unchanged.

In its Statement on Monetary Policy, the RBA said it now expects annual GDP growth to June of 1.75% compared to the 2.25% it flagged six months ago, while the December target has been downgraded from 3% to 2.75%.

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Fri, 10 May 2019 17:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220036/spasx-200-closes-higher-despite-escalating-us-china-trade-tensions-220036.html
<![CDATA[News - S&P/ASX 200 up 0.26% despite another weak lead from Wall Street ]]> https://www.proactiveinvestors.com.au/companies/news/220018/spasx-200-up-026-despite-another-weak-lead-from-wall-street-220018.html S&P/ASX 200 (INDEXASX:XJO) is up 16.4 points, or 0.26%, to 6312 after trading in the red just before the Reserve Bank of Australia’s (RBA) Statement on Monetary Policy (SoMP).

RBA lowered its trimmed mean CPI (consumer price inflation) forecast for 2019 from 2% to 1.75%, and for 2020 from 2.25% to 2% – a 0.25ppt reduction in the forecast.

The RBA also said that its “central scenario is for the Australian economy to grow by around 2.75% in 2019 and 2020, which is slightly down from 3.0% and 2.75% in the February SoMP.

Gainers

Woodside Petroleum (ASX:WPL) is leading the market up 1.5%, Rio Tinto (ASX:RIO) is up 1.3% and Wesfarmers (ASX:WES) is up 0.7%.

New Hope Corp (ASX:NHC) has risen 3.4%, TPG Telecom (ASX:TPM) is up 3.5% and Iluka Resources (ASX:ILU) is trading 3.6% higher.

[VIDEO] Mid-Session: The Australian sharemarket is marginally higher towards lunch on Friday with the ASX 200 climbing 15 points to be back above 6,300. The improvement comes despite another weak lead from Wall St. https://t.co/jyNytHjRss #ausbiz

— CommSec (@CommSec) May 10, 2019 ]]>
Fri, 10 May 2019 12:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220018/spasx-200-up-026-despite-another-weak-lead-from-wall-street-220018.html
<![CDATA[News - Proactive CEO Sessions next week feature growing bio-pharma and exploration companies ]]> https://www.proactiveinvestors.com.au/companies/news/220012/proactive-ceo-sessions-next-week-feature-growing-bio-pharma-and-exploration-companies-220012.html Proactive’s CEO Sessions next week will feature three bio-pharma companies developing potentially life-changing medical treatments and two exploration companies with projects that have game-changing potential.

The bio-pharma companies presenting to investors on Monday in Sydney and Melbourne on Tuesday are Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

These CEO Sessions will also feature Mongolian-focused copper-gold explorer Xanadu Mines Ltd (ASX:XAM) and Infinity Lithium Ltd (ASX:INF), which is focused on lithium in Spain.

All five companies will present at the Sydney CEO Session on Monday, May 13 and at the Melbourne session on Tuesday, May 14.

There are still seats available and online registrations can be taken at www.proactiveinvestors.com.au/events.

READ: Zelda Therapeutics in deal with Ilera to access US market

Zelda is making significant progress in its business growth strategy with a focus on developing drugs to support clinical decision making for individual patients.

Recent developments include a heads of agreement (HoA) with medicinal cannabis company Ilera Healthcare to explore collaborative opportunities and being granted a new patent covering a novel method to predict patient disease-free survival.

The range of commercialisation opportunities with US-based Ilera include licensing of Zelda products, co-development and data sharing.

READ: Invitrocue signs agreement to develop new breast cancer models for its Onco-PDO test

Invitrocue is a leading healthcare bio-analytic solutions provider that recently signed an agreement with the Shanghai Institute of Biochemistry and Cell Biology for the development of new breast cancer models for its proprietary Onco-PDO test.

The Onco-PDO technology enables patient-derived cancer cells (organoids) to be cultured in laboratories for testing against a panel of drugs to support clinical decision making for individual patients.

Oventus is a medical device company commercialising a unique treatment platform for the treatment of sleep apnea and snoring.

READ: Oventus Medical launches lightweight sleep apnea treatment device in Australia

Early this year the company recently launched a lightweight sleep apnea treatment appliance in Australia, the nylon-made O2Vent Optima device.

This is a customised 3D-printed nylon oral appliance that advances the jaw forward to open the airway and improves the effectiveness of oral appliance therapy.

READ: Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia

Xanadu Mines has completed an open pit scoping study at the Kharmagtai Copper-Gold Project in Mongolia, which is in the same region as Rio Tinto plc’s (LON:RIO) Oyu Tolgoi Copper-Gold Project.

This confirmed the viability of near-surface copper and gold mineralisation as well as the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

Infinity Lithium is seeking to develop its 75%-owned San Jose Lithium Project in Spain and produce battery-grade lithium hydroxide.

READ: Infinity Lithium updated PFS test work positive, remains on track

The company is on-track to complete an updated pre-feasibility study (PFS) for the project in June or July this year.

Stage I test work has been completed focusing on metallurgical test work designed to confirm previous upgrade factors from the November 2018 scoping study, which valued the project at up to US$1.017 billion.

As a result of this work, suitable amounts of concentrate have been produced for stage II hydrometallurgical test work.

This is designed to develop the sulphate-roast-water-leach (SRWL) flowsheet to a PFS standard.

Register for the CEO Sessions today

Sydney details, Monday, May 13, 2019

Melbourne details, Tuesday, May 14, 2019

Featuring at both sessions will be Xanadu Mines Ltd (ASX:XAM), Infinity Lithium Ltd (ASX:INF), Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

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Fri, 10 May 2019 09:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220012/proactive-ceo-sessions-next-week-feature-growing-bio-pharma-and-exploration-companies-220012.html
<![CDATA[Media files - Bulls, Bears & Brokers: DJ Carmichael's Davide Bosio on recent activity in the lithium sector ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13271/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-recent-activity-in-the-lithium-sector-13271.html Thu, 09 May 2019 02:50:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13271/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-recent-activity-in-the-lithium-sector-13271.html <![CDATA[News - RIU Sydney Resources Round-up paints positive outlook for base metals ]]> https://www.proactiveinvestors.com.au/companies/news/219842/riu-sydney-resources-round-up-paints-positive-outlook-for-base-metals-219842.html Investors at this week’s RIU Sydney Resources Round-up have been told that there is a promising outlook for base metals and battery metals as new market dynamics emerge.

Hundreds of investors attended the presentations and visited the exhibition halls on the opening sessions on Tuesday afternoon while attendance today is even stronger.

The presentation hall has been filled for the keynotes and company presentations while there is a strong level of enquiry at the exhibitor booths.

The event at the Sofitel Sydney Wentworth continues tomorrow.

READ: RIU Sydney Resources Roundup focuses on juniors and mid-caps

Westpac Institutional Bank director – economics Justin Smirk in his address today said that there was a more positive long-term outlook for base metals, and particularly copper, while gold would remain a safe haven.

He forecast that after a generally positive period in resources, 2019 would not be quite so buoyant.\

More sustainable growth

For most resources there would be a slight downward trend but, he said this was nothing to be too concerned about as it reflected changing global market conditions and a period of more sustainable growth.

The changing market dynamics included slowing economic growth in most major economies, including the US and China, as well as the transition to a consumer society in China.

Previous growth in infrastructure development saw strong demand for the bulk commodities such as iron ore and met coal.

Shift in China’s dynamics

Smirk said the shift to services-based growth in China rather than industrial was seeing increased demand for other metals while the impending electric vehicle revolution was also changing dynamics.

Bellevue Gold’s managing director Steve Parsons addresses investors.

In his opening address yesterday, Austex Daily Unique Research executive director Rob Murdoch said that the Australian market had risen sharply in the first few months of 2019, however, in the past week there had been a correction.

Best sectors this year

“Rare earths, tin, manganese and coal have done well in the first quarter while cobalt has been the poorest performer, reflecting changing commodity prices in the period, with cobalt off by 60%.”

He said that in the past 12 months the real winners in the resources sector had been the less sexy resources of iron ore, coal and oil & gas, and agreed that base metals and battery metals had bright futures.

Majors up 6.8% on average

Austex statistics showed that the major miners were up 6.8% on average in the past 12 months while other sectors had not performed so well.

In the mid-caps with a market cap of more than $50 million, the best performers over the past four months include Walkabout Resources Ltd (ASX:WKT) and Galena Mining Ltd (G1A).

In the sector with companies having a market cap between $10 million and $50 million, among the best performers were Black Rock Mining Ltd (ASX:BKT), Verdant Minerals Ltd (ASX:VRM) and Ausmex Mining Group Ltd (ASX:AMG).

Murdoch said there were not too many winners in the juniors section below $10 million market cap as there was much more risk.

Only 774 listed resource companies

Interestingly, he said that the total number of listed resource companies at the end of April was 774, which was the lowest number since 2015.

The exhibitor booths have attracted strong interest.

He also explained that IPOs were not working to date in 2019 with most new listings lower that their listing price while the average enterprise value of juniors had fallen over the past four years.

This was due to a number of factors, including the post conglomerate gold ‘boom’, battery metals volatility, complex laterite deposits and the need to develop downstream markets and users.

The first quarter of 2019 was the worst capital raising quarter in four years but on a more promising front, the exploration spend has been steadily improving since 2016.

Increase in exploration spend

Reflecting the importance that many investors place on exploration, he said there had been a noticeable upward trend in share prices of those companies that spent more in this regard.

Statistics showed that in recent months the number of announcements had been increasing but was still lower than in previous years.

After rising for three years, there has been a noticeable dip in the average cash held by juniors over the last two quarters.

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Wed, 08 May 2019 15:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219842/riu-sydney-resources-round-up-paints-positive-outlook-for-base-metals-219842.html
<![CDATA[News - S&P/ASX 200 and other global markets spooked by Donald Trump’s tweets ]]> https://www.proactiveinvestors.com.au/companies/news/219713/spasx-200-and-other-global-markets-spooked-by-donald-trumps-tweets-219713.html S&P/ASX 200 (INDEXASX:XJO) closed 0.72% down at 6283, the first time it has closed below the 6300 level in nine sessions.

Two tweets by Donald Trump have dampened the local bourse - along with markets around the world - as investors worried the US-China trade war might not be so close to resolution after all.

....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!

— Donald J. Trump (@realDonaldTrump) May 5, 2019

The worst performers of the session were Cimic Group Ltd (ASX:CIM), which fell 7.07% to $46.50 and Bellamys Australia Ltd (ASX:BAL) which declined 6.99% to $9.72.

The best performers of the session were Regis Resources Ltd (ASX:RRL), which rose 3% to $4.47 and Domain Holdings Australia Ltd (ASX:DHG) which added 2.83% to end at $2.91.

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Mon, 06 May 2019 17:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219713/spasx-200-and-other-global-markets-spooked-by-donald-trumps-tweets-219713.html
<![CDATA[News - Copper discovery rates forecast to remain at decade-long lows, according to S&P Global ]]> https://www.proactiveinvestors.com.au/companies/news/219711/copper-discovery-rates-forecast-to-remain-at-decade-long-lows-according-to-sp-global-219711.html Copper discovery rates are at decade-long lows, according to a report from S&P Global Market Intelligence, despite increased funding going towards exploration.

More than US$25 billion was allocated to all stages of copper exploration in the past decade, compared to the US$15.4 billion spent in 1990-2008, though this has not translated into major new discoveries.

S&P Global forecasts new copper discoveries will remain historically low, which will not affect the short or medium-term pipeline but may have consequences for long-term supply.

Sector focused on expanding existing assets

One contributing factor of the decline, according to the report, is a key shift in focus within the exploration sector.

Grassroots exploration budgets have halved since the 1990s, with juniors increasingly focused on expanding known deposits and producers concentrating on exploration at existing operations.

The lack of significant discoveries, however, is not expected to have an immediate impact on the near-term pipeline.

S&P notes there are numerous developing copper assets that can feed the short and medium-term supply pipeline, although many of these require additional investment.

However, the report states the longer-term pipeline is at risk from the reduced discovery rates.

  Latin America centre of global copper exploration

While the amount of copper discovered annually varies year-to-year, it roughly followed the trend of annual spending on copper exploration to 2009.

In terms of return in copper discovered for exploration dollars spent, the 1990s were a more successful decade than the 2000s, with almost half of the 220 major discoveries of the past 29 years, containing more than half of discovered copper, being made in the 1990s.

Latin America is the primary location for copper exploration, attracting over one-third of copper budgets over the past two decades and accounting for 42% of global production in 2018.

Much of this has focused on Chile and Peru, which together account for 80% of copper discovered in Latin America and 45% of the global total found since 1990.

Potential long-term effects

S&P Global has defined a major deposit as one containing over 500,000 tonnes of copper in reserves, resources and past production.

While it has confirmed a lack of new significant deposits being found, S&P notes that a portion of the shortfall is attributable to recently-found deposits that require additional exploration to expand beyond its major discovery threshold.

The report indicates it takes about 20 years to advance an asset from discovery to production, meaning the reduced discovery rates of the past decade will limit the pool of projects coming online in 15-20 years.

This is when many major copper mines are currently scheduled to be producing much less than now and a host of smaller producers will have ended operations.

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Mon, 06 May 2019 02:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219711/copper-discovery-rates-forecast-to-remain-at-decade-long-lows-according-to-sp-global-219711.html
<![CDATA[News - S&P/ASX 200 ends lower as bank, energy stocks weigh ]]> https://www.proactiveinvestors.com.au/companies/news/219644/spasx-200-ends-lower-as-bank-energy-stocks-weigh-219644.html S&P/ASX 200 (INDEXASX:XJO) slipped 2 points to 6,335 with losses in the financial, energy and materials sectors outweighing gains in retail, telco and industrials stocks.

Oil price falls

The energy sector was the biggest loser, dropping 1.3% following a fall in global oil prices on oversupply concerns.

Woodside Petroleum (ASX:WPL) slipped 0.9% to $34.93, while Santos (ASX:STO) dropped 2.3% to $6.96.

Macquarie net profit hits record $1.98 billion

Macquarie Group (ASX:MQG) was also a laggard, sinking 5.4% to $128.81 after warning of a more subdued performance next year.

The investment bank beat its own guidance today, posting a 17% rise in full year net profit to a record $1.98 billion.

However, managing director and CEO Shemara Wikramanayake said its FY20 result was expected to be slightly down.

ResMed was the biggest gainer

ResMed (ASX:RMD) was the biggest gainer on the ASX 200 index, soaring 9.9% to $16.26.

The sleep apnoea company reported a 12% rise in March quarter revenue to US$662.2 million, while quarterly profit increased 15% on the previous corresponding period to US$157 million.

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Fri, 03 May 2019 17:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219644/spasx-200-ends-lower-as-bank-energy-stocks-weigh-219644.html
<![CDATA[News - S&P/ASX 200 futures suggest positive start, US markets down on oil ]]> https://www.proactiveinvestors.com.au/companies/news/219616/spasx-200-futures-suggest-positive-start-us-markets-down-on-oil-219616.html S&P/ASX 200 (INDEXASX:XJO) has given back its earlier gains to be trading flat at around midday.

The ABS monthly building approvals data came in at -15.5% vs -12.5% expectations which saw the AUD sold off but effect on the share market was muted.

Shares in Macquarie (ASX:MQG) are down 6.11% at 12.01pm after it downgraded its outlook in its full-year result.

Buy-now, pay-later company Afterpay (ASX:APT) is up 3% to $27.66 at midday after revealing a new funding facility to continue its rapid US expansion.

Pre-market: S&P/ASX 200 futures suggest positive start, US markets down on oil

ASX 200 futures are pointing to a positive open although US markets were lower overnight as the oil price continued to fall.

US chemicals company, DowDuPont Inc (NYSE:DWDP) finished down 6.73% as it reported a fall in earnings for the March quarter.

On the commodity front, oil prices hit a one-year low on news that US crude oil inventories spiked suggesting the market is not as tight as expected.

Crude Oil WTI fell more than US$2 to around US$61.10 before steadying at US$61.66.

Australia building approval data at 11.30am

At 11.30am, the Australian Bureau of Statistics (ABS) will released its monthly building approvals data.

It is considered a good gauge of future construction activity as attaining an approval is among the first steps in constructing a new building.

Economists estimate the monthly figure to be -12.5%.

In pre-market company news, Macquarie Group (ASX:MQG) has relased its full year results and Amcor (ASX:AMC) shareholdes approved the US$6.8 billion takeover of US rival Bemis (NYSE:BMS).

 

[VIDEO] Dow Jones fell by close to 0.5% overnight (2nd day of falls). The market backed away from the record highs hit earlier in the week. More here https://t.co/O5s9bFSoEl #ausbiz

— CommSec (@CommSec) May 2, 2019

 

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Fri, 03 May 2019 09:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219616/spasx-200-futures-suggest-positive-start-us-markets-down-on-oil-219616.html
<![CDATA[News - Australian banks slow to invest in lithium projects due to lack of pricing index, according to Gilbert + Tobin ]]> https://www.proactiveinvestors.com.au/companies/news/219628/australian-banks-slow-to-invest-in-lithium-projects-due-to-lack-of-pricing-index-according-to-gilbert--tobin-219628.html While governments, industry and financial institutions are collaborating across Europe and North America to establish frameworks for battery metals investment and supply chains, Australia has seen a reluctance among mainstream banks to provide development capital for pre-production lithium projects.

This is despite both the Federal and Western Australian State governments’ backing of a battery chemical production hub in Perth and the broader international movement towards electric vehicles and lower emissions.

"Uncertainty over future cash flows"

Speaking with Cannings Purple’s Investor Insight, Gilbert & Tobin energy and resources group partner Justin Little said the investment barrier comes from project revenue risks and long payback periods for the scale of debt being sought, which can run up to several hundred million dollars.

He said: “Uncertainty over future cash flows in the absence of published index prices for spodumene concentrate has led banks to hold back from major lithium project investments.

“With up to 30 different reporting agencies offering lithium price bulletins, according to lithium content, chemical state, the location of the buyer and whether the lithium is sold on long-term contracts or the spot market, it is easy to understand why uncertainty exists in the market.

“The best current measure for a bank to rely on when assessing project finance is published offtake arrangements, including the credit quality of the off-taker, the agreed price mechanism and the supply-demand balance.”

Proposed lithium price index

The London Metals Exchange (LME) has recently asked companies that currently asses battery-grade lithium prices to submit proposals for the supply of a lithium price index.

It also announced its new lithium cash-settled futures contracts would be released in the fourth quarter of financial year 2019, with aim of providing greater price certainty through transparency of LME contract trading.

Little told Investor Insight that difficulties he had seen in recent offtake deals related to identifying an appropriate spodumene concentrate price, with some using either Chinese import or export prices.

As Chinese purchase prices tend to be understated and sale prices overstated, Little believes having a spodumene concentrate contract price on the LME would allow mainstream debt providers to hedge pricing risk. 

Financing dynamics to shift in the long-term

Based on his experience with lithium clients, Little said the existing uncertainty results in Australian banks opting to provide short-term credit provisions rather than major project investments.

This pushes companies towards more expensive offshore bond markets, large private equity groups or to pursue funding options directly with customers.

Little added: “The current gap in the debt finance market has been treated as an opportunity by specialist lenders such as Swiss private equity firm Pala Investments and Australia’s Tribeca Global Natural Resources Credit Fund, who have emerged to assist the small end of the resources sector.

“We don’t expect this trend to continue in the longer term, and anticipate the debt finance dynamics around lithium and other battery chemical projects will shift quite quickly once one or more of the big four lenders in Australia commits to a major project or two in this emerging sector, which we think is likely to happen.

“Foreign and local banks are currently nibbling at the hook with smaller amounts, with BNP Paribas providing small working capital facilities for both Pilbara Minerals and Galaxy Resources, while Westpac is also active in the sector.”

Pricing mechanism will help address concerns

Along with concerns around medium-term oversupply and the growing diversification of the sector, speculation in the market has caused the banks to respond with caution.

Little said: “Lithium is all the rage now, but the loan periods are seven to eight years and who knows what the lithium market will look like then.

“If [banks] can’t hedge their risk on price, they just won’t lend.

Another element of reluctance from banks, according to Little, is not understanding the marketing of lithium, together with the potential lithium rush to end up being a bubble.

He adds: “A better understanding around the marketing of lithium and having an LME pricing mechanism will help address these concerns.”

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Fri, 03 May 2019 00:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219628/australian-banks-slow-to-invest-in-lithium-projects-due-to-lack-of-pricing-index-according-to-gilbert--tobin-219628.html
<![CDATA[News - S&P/ASX 200 weighed down by banking, energy and telco stocks ]]> https://www.proactiveinvestors.com.au/companies/news/219543/spasx-200-weighed-down-by-banking-energy-and-telco-stocks-219543.html S&P/ASX 200 (INDEXASX:XJO) erased most of yesterday’s gains with losses across the board, closing down 37 points or 0.6% to 6,338.

Banks, energy, telco and mining stocks were the biggest weights on the market.

Hard to sustain a 99 cent dividend

The National Australia Bank (ASX:NAB) today cut its dividend to its lowest in almost nine years after posting a 7.1% rise in first-half cash profit to $2.95 billion, sending its shares down 0.3% to $25.70

The lender’s interim dividend has been slashed by 16% to 83 cents as interim CEO Philip Chronican conceded it had become harder and harder to sustain a 99 cent dividend.

AMP Ltd (ASX:AMP) shares dropped 2.6% to $2.25 after the wealth manager announced it had experienced net cash outflows of $1.8 billion in the first quarter.

Kidman surges

Shares in lithium developer Kidman Resources (ASX:KDR) surged 45% to $1.87 after its board backed a takeover offer from Wesfarmers (ASX:WES) of $1.90 cash per share.

The bid represents a premium of 47.3% to Kidman’s closing price yesterday of $1.29.

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Thu, 02 May 2019 17:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219543/spasx-200-weighed-down-by-banking-energy-and-telco-stocks-219543.html
<![CDATA[News - RIU Sydney Resources Roundup next week focuses on juniors and mid-caps ]]> https://www.proactiveinvestors.com.au/companies/news/219530/riu-sydney-resources-roundup-next-week-focuses-on-juniors-and-mid-caps-219530.html RIU Sydney Resources Roundup next week shines the spotlight on Australia’s strong resources sector with more than 70 presentations from industry experts and the who’s who of the junior and mid-cap market.

Adding even more value will be the more than 70 displays in the exhibition area of the conference at Sydney’s Sofitel Sydney Wentworth from Tuesday, May 7, to Thursday, May 9.

16th version

Organised by Vertical Events, it will be the 16th RIU Sydney Resources Roundup and will attract brokers and investors from all over Australia.

Attendees will come to see and hear first-hand from the presenting and exhibiting companies what progress has been made and what their strategies will be for the next 12 months and beyond.

“Action-packed program”

Vertical Events managing director Stewart McDonald said: “Following on from a very successful RIU Explorers Conference in Fremantle in February, we’re looking forward to holding our 16th RIU Sydney Resources Roundup.

“We started this event back in 2004 and in the last two years the participation interest has forced us to expand the program to two and half days.

“The action-packed conference program consists of a diversified range of resources companies and a number of highly regarded keynote presenters.

“Strong investment appetite”

“A significant contributor towards the popularity of this event is the strong investment appetite from the Sydney investor community.

“Attending Conference investors can range from broker, fund and institutional representatives to high net worth retail and sophisticated investors. 

“Essentially the RIU Sydney Resources Roundup provides the ideal environment to bring together key decision managers from resources companies and investors.”

Day one

The keynote at 1.10pm on Tuesday, May 7, titled ‘Year to date and what it may mean for the rest of 2019’ will be delivered by Austex Daily Unique Research executive director Rob Murdoch.

Presenters in the early afternoon session include Corazon Mining Ltd (ASX:CZN) managing director Brett Smith, Cardinal Resources Ltd (ASX:CDV) CEO & MD Archie Koimtsidis, St George Mining Ltd (ASX:SGQ) executive chairman John Prineas and Broken Hill Prospecting Ltd (ASX:BPL) MD & CEO Trangie Johnston.

Other presenting companies in the session are Venture Minerals Limited (ASX:VMS), PepinNini Lithium Ltd (ASX:PNN), Matsa Resources Limited (ASX:MAT) and Nusantara Resources Ltd (ASX:NUS).

Blackstone Minerals Ltd (ASX:BSX) MD Scott Williamson kicks off the late afternoon session on day one with other presenters including Cassini Resources Ltd (ASX:CZI) MD Richard Bevan, Canyon Resources Ltd (ASX:CAY) MD Phillip Gallagher and Kin Mining NL (ASX:KIN) MD Andrew Munckton.

Remaining presenting companies in the session are Alliance Resources Limited (ASX:AGS), Breaker Resources NL (ASX:BRB), Middle Island Resources Ltd (ASX:MDI) and Dark Horse Resources Ltd (ASX:DHR).

AMEC starts day two

The second day, Wednesday, May 8, kicks off with an address by Association of Mining and Exploration Companies (AMEC) CEO Warren Pearce titled ‘The Federal Election and the Impact on the Mining/Exploration Industry’.

Early morning presenters include Piedmont Lithium Ltd (ASX:PLL) president & CEO Keith D Phillips, Bellevue Gold Ltd (ASX:BGL) MD Steve Parsons, Musgrave Minerals Ltd (ASX:MGV) MD Rob Waugh and Peel Mining Ltd (ASX:PEX) MD Rob Tyson.

The session’s other presenting companies are Red 5 Limited (ASX:RED), First Au Ltd (ASX:FAU) and Genesis Minerals Ltd (ASX:GMD).

Westpac Institutional Bank director – Economics Justin Smirk begins the late morning session with ‘Year of the Pig – Will it Bring Favourable Fortune to the Commodities Markets?’

This keynote will be followed by Talisman Mining Ltd (ASX:TLM), Rox Resources Ltd (ASX:RXL) MD Alex Passmore, VRX Silica Ltd (ASX:VRX) MD Bruce Maluish, Galan Lithium Ltd (ASX:GLN) MD JP Vargas de la Vega, Emmerson Resources Ltd (ASX:ERM) MD & CEO Rob Bills, and DGR Global Ltd (ASX:DGR).

Afternoon presenters

Presenters in the early afternoon session on May 8 include Comet Resources Limited (ASX:CRL) MD Tony Cooper and Salt Lake Potash Ltd (ASX:SO4) MD & CEO Tony Swiericzuk.

Other company presentations in the session will be from Ardiden Ltd (ASX:ADV), AVZ Minerals Ltd (ASX:AVZ), Ardea Resources Ltd (ASX:ARL), Marenica Energy Ltd (ASX:MEY), Heron Resources Ltd (ASX:HRR) and BCI Minerals Ltd (ASX:BCI).

Presenting in the day’s closing session will be Metro Mining Ltd (ASX:MMI) MD & CEO Simon Finnis, ioneer Ltd (ASX:INR) MD Bernard Rowe and Saturn Metals Ltd (ASX:STN) MD Ian Bamborough.

This session will also include Cygnus Gold Ltd (ASX:CY5), Galileo Mining Ltd (ASX:GAL), Magnetic Resources NL (ASX:MAU) and Helix Resources Ltd (ASX:HLX).

Day three

Launching day three will be Westpac Institutional Bank director, CIB, Large Corporates, Infrastructure & Resources Trevor Connell with ‘Financing Trends in the Mining Industry’.

Presenters to follow in that session include King Island Scheelite Limited (ASX:KIS) executive chairman Johann Jacobs, De Grey Mining Limited (ASX:DEG) technical director & operations manager Andrew Beckwith and FYI Resources Ltd (ASX:FYI) MD Roland Hill.

Mako Gold Ltd (ASX:MKG), Barra Resources Limited (ASX:BAR), Red Metal Limited (ASX:RDM) and Kairos Minerals Ltd (ASX:KAI) are that session’s other presenting companies.

Late morning presenters will include Technology Metals Australia Ltd (ASX:TMT) MD Ian Prentice and Kingston Resources Ltd (ASX:KSN) MD Andrew Corbett.

Also featuring in this session will be Metalicity Ltd (ASX:MCT), Ausgold Ltd (ASX:AUC), Calidus Resources Ltd (ASX:CAI), Black Cat Syndicate Ltd (ASX:BC8), Exore Resources Ltd (ASX:ERX) and Trigg Mining.

Final session

The final session of the conference will begin with ‘JORC & VALMIN - Friend or Foe? Decoding Investments & Raising Funds’ from CSA Global Pty Ltd manager – corporate Graham Jeffress.

Company presentations will be from Spectrum Metals Ltd (ASX:SPX), Aurelia Metals Ltd (ASX:AMI), Hillgrove Resources Limited (ASX:HGO) and Carawine Resources Ltd (ASX:CWX).

Gold Road Resources Ltd (ASX:GOR) exploration manager Julian Woodcock will be the final company presenter before CRU Consulting Australia senior consultant Toby Green presents ‘Tech Metals Market Round-up’.

RIU Sydney Resources Roundup will wind up with Noah’s Rule Pty Ltd principal Sean Russo’s address ‘It’s not what you do, it’s the way that you do it (and WHY?)’.

For information about the conference, including the program visit www.riusydneyresourcesroundup.com.au

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Thu, 02 May 2019 15:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219530/riu-sydney-resources-roundup-next-week-focuses-on-juniors-and-mid-caps-219530.html
<![CDATA[News - S&P/ASX 200 down 0.6% mid-afternoon, WES bids for KDR ]]> https://www.proactiveinvestors.com.au/companies/news/219526/spasx-200-down-06-mid-afternoon-wes-bids-for-kdr-219526.html S&P/ASX 200 (INDEXASX:XJO) is down 0.65% or 41.2 points lower to 6,334.7 points at 2.15pm.

The slow start today was spurred by a late sell off in the US with both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finishing lower.

The late US sell off came as the Federal Reserve’s Jerome Powell kept rates on hold and indicated no strong case for rate cut or hike.

 

After a strong start to the trading day, the Dow dropped more than 160 points after Fed Chair Powell crushed hopes of lower rates. Real estate was the only sector to finish in the green. https://t.co/9YcNLobmKs pic.twitter.com/Cq9t5InAvd

— CNBC (@CNBC) May 1, 2019

 

Wesfarmers lobs $786 million bid for Kidman

Wesfarmers this morning revealed a $1.90 cash bid to acquire all shares in Kidman Resources valuing the purchase at $776 million.

Shares in Kidman are up 44.2% to $1.86 today from their closing price yesterday of $1.29.

Kidman’s major asset is a 50% interest in the Mt Holland lithium project based in Western Australia.

Mt Holland is jointly owned with Sociedad Quimica y Minera de Chile S.A. (SQM), one of the world’s largest producers and marketers of lithium products.

A number of lithium stocks are trading higher today on the news including Orocobre (ASX:ORE), Galaxy Resources (ASX:GXY), and Pilbara Minerals (ASX:PLS).

 

[VIDEO] Mid-Session: The Australian sharemarket is being held back by the major banks at lunch. $NAB has cut its dividend for the first time since 2009 and banks are sliding on softer commodity prices. https://t.co/FUS7MwPhRN #ausbiz

— CommSec (@CommSec) May 2, 2019

 

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Thu, 02 May 2019 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219526/spasx-200-down-06-mid-afternoon-wes-bids-for-kdr-219526.html
<![CDATA[News - S&P/ASX 200 bounces back after a rally in the financial sector ]]> https://www.proactiveinvestors.com.au/companies/news/219445/spasx-200-bounces-back-after-a-rally-in-the-financial-sector-219445.html S&P/ASX 200 (INDEXASX:XJO) was boosted by a rally in the financial sector, while energy and mining stocks reclaimed some recent losses.

The index finished the session up 50 points or 0.8% to 6,375. Almost all sectors improved, with the utilities and consumer discretionary sectors the exceptions.

Major banks gain

ANZ (ASX:ANZ) closed up 2.8% to $27.95 after investors reacted positively to the bank’s first-half results.

The lender posted a 2% lift in first half cash profit to $3.56 billion, slightly higher than analyst expectations.

The other three major banks also joined the rally to recoup some of their losses of the previous day, with Commonwealth (ASX:CBA) up 1.25% to $75.45, National Australia Bank (ASX:NAB) up 1.95% to $25.845, and Westpac (ASX:WBC) up 2.27% to $28.135.

Bega Cheese (ASX:BGA) shares rose 5.1% to $5.32 after the Australian dairy company won a court case allowing it to keep using the packaging on the peanut butter brands it bought from Kraft Heinz in 2017.

In upcoming news, the US Federal Reserve will hand down its interest rate decision at 4 am AEST.

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Wed, 01 May 2019 17:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219445/spasx-200-bounces-back-after-a-rally-in-the-financial-sector-219445.html
<![CDATA[Media files - Bulls, Bears & Brokers: Martin Place Securities' Barry Dawes analyses recent gold trends ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13165/bulls-bears--brokers-martin-place-securities--barry-dawes-analyses-recent-gold-trends-13165.html Tue, 30 Apr 2019 23:54:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13165/bulls-bears--brokers-martin-place-securities--barry-dawes-analyses-recent-gold-trends-13165.html <![CDATA[News - S&P/ASX 200 falls 0.5% amid a broad-based sell-off ]]> https://www.proactiveinvestors.com.au/companies/news/219347/spasx-200-falls-05-amid-a-broad-based-sell-off-219347.html S&P/ASX 200 (INDEXASX:XJO) closed down 34 points or 0.5% to 6,325 amid a broad-based sell-off led by mining, energy and utilities stocks.

Weaker than expected Chinese official PMI (Purchasing Managers' Index) data also weighed on sentiment.

Newcrest shares fall

Newcrest Mining (ASX:NCM) reported a 5% fall in gold production in the March quarter compared with the previous quarter.

Copper production fell 6% on the quarter earlier to 25,303 metric tonnes and quarterly all-in sustaining cost rose by 2.5%.

Despite the result, group gold production is up 7% year-to-date on the same period a year earlier.

Newcrest shares closed down 2.4% to $25.01.

Bubs milking it

Bubs Australia (ASX:BUB) shares rose 3.9% to $1.20 after the company more than doubled third-quarter revenue to $11.8 million.

The result was boosted by strong infant formula sales to China and domestic daigou trade in March.

Top performer

Aveo Group (ASX:AOG) was the best performer on the ASX 200, closing up 10.4% to $2.13 following reports the company is in talks with a bidder who may be prepared to make an offer valuing Aveo at $2.50-$2.70 per share.

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Tue, 30 Apr 2019 17:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219347/spasx-200-falls-05-amid-a-broad-based-sell-off-219347.html
<![CDATA[News - S&P/ASX 200 down 0.6% mid-morning, busy end-of-month news day ]]> https://www.proactiveinvestors.com.au/companies/news/219314/spasx-200-down-06-mid-morning-busy-end-of-month-news-day-219314.html S&P/ASX 200 (INDEXASX:XJO) opened near-flat but has trended down over the morning to be down 0.51% to 6326 points at 11.34am.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher last night but couldn’t help boost our local market.

With day one of three today at Macquarie’s Australia Conference 2019 in Sydney, a number of companies are releasing presentations with potential sensitive market information.

Google reports poor result aftermarket in US

After the US markets closed, Google’s parent company Alphabet (NASDAQ:GOOG) shares were down 7.3% on weaker than expected revenue.

 

EARNINGS: Alphabet Q1 EPS $11.90 Adj. vs. $10.61 Est.; Q1 Revs. $36.34B vs. $37.33B Est. • $GOOGL https://t.co/N757kcr9JF pic.twitter.com/lHWyPJLjyr

— CNBC Now (@CNBCnow) April 29, 2019

 

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Tue, 30 Apr 2019 11:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219314/spasx-200-down-06-mid-morning-busy-end-of-month-news-day-219314.html
<![CDATA[Media files - Bulls, Bears & Brokers: DJ Carmichael's Davide Bosio on continued consolidation in the gold sector ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13146/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-continued-consolidation-in-the-gold-sector-13146.html Tue, 30 Apr 2019 03:06:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13146/bulls-bears--brokers-dj-carmichael-s-davide-bosio-on-continued-consolidation-in-the-gold-sector-13146.html <![CDATA[News - S&P/ASX 200 snaps positive streak after financial, energy stocks fall ]]> https://www.proactiveinvestors.com.au/companies/news/219240/spasx-200-snaps-positive-streak-after-financial-energy-stocks-fall-219240.html S&P/ASX 200 (INDEXASX:XJO) closed down 26 points or 0.4% to 6,359 – ending a four session positive streak which saw the market hit an 11 year high.

The market was held down by falls in the financial, energy, telco and Industrials sectors.

Energy stocks dip

The energy sector was hit by a 3% fall in oil prices to three week lows.

Investors booked profits on Friday after US President Donald Trump put pressure on OPEC nations to lower the oil price.

Woodside Petroleum (ASX:WPL) fell 0.9% to $35.90, while Santos (ASX:STO) lost 0.7% to $7.27.

Zip Co and Freelancer shares surge

Zip Co (ASX:Z1P) shares rose 16.5% to $2.89, after nearly doubling its quarterly earnings compared with the same period a year ago.

The buy-now-pay-later platform made an unaudited $23 million in revenue for the quarter ended March 31, 2019.

Freelancer Group (ASX:FLN) shares gained 21.4% to close at $0.85 after the company reported record first quarter cash receipts of $14 million, up 15.8% on the previous corresponding period.

In upcoming economic news, US personal income and spending data will be released along with the Dallas Federal Reserve manufacturing index.

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Mon, 29 Apr 2019 17:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219240/spasx-200-snaps-positive-streak-after-financial-energy-stocks-fall-219240.html
<![CDATA[News - S&P/ASX 200 down 0.4% at midday as election takes centre stage ]]> https://www.proactiveinvestors.com.au/companies/news/219211/spasx-200-down-04-at-midday-as-election-takes-centre-stage-219211.html S&P/ASX 200 (INDEXASX:XJO) opened flat but has trended down all morning to be on its low for the day so far of 6,357.6 points, or down 0.44% at 12.06pm.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher on Friday but our market hasn’t taken their lead this morning.

It has been a busy morning for company news with a number of March quarterly reports being released as well as election promises being made over the weekend.

Labor pledges money for childcare, GEM TNK MFD all up

As the election nears, more policies are being pledged and some could affect ASX companies materially.

Opposition leader Bill Shorten revealed it would spend $4 billion over four years to make childcare free for most low-income households.

ASX-listed childcare operators are all trading positively today as a result, with G8 Education Ltd (ASX:GEM) up 4.2%, Think Childcare Ltd (ASX:TNK) up 4.4%, and Mayfield Childcare (ASX:MFD) up 1.1%.

Z1P and SPT quarterlies reveal high growth

The growing buy-now, pay-later space got another boost today from quarterlies released by Zip Co Ltd (ASX:Z1P) and Splitit Ltd (ASX:SPT).

Splitit revealed a 103% increase year-on-year in active merchants pushing its share price over 20% higher and Zip grew quarterly revenue by 20% on the prior quarter, it’s up 7.6% at 12.24pm.

The biggest player in the sector, Afterpay Touch Group Ltd (ASX:APT) is also catching some of the positive sector sentiment, trading up 4.5%.

Splitit completed a 20-cent IPO in January 2019

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Mon, 29 Apr 2019 12:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219211/spasx-200-down-04-at-midday-as-election-takes-centre-stage-219211.html
<![CDATA[News - S&P/ASX 200 trading slightly down on low volume to close the week ]]> https://www.proactiveinvestors.com.au/companies/news/219138/spasx-200-trading-slightly-down-on-low-volume-to-close-the-week-219138.html S&P/ASX 200 (INDEXASX:XJO) has been relatively quiet since opening slightly down this morning, the index was down 18 points at its low of the day so far.

Flight Centre Travel Group Ltd (ASX:FLT) has been making headlines this morning after lowering its earnings guidance.

At 11.32am, FLT shares were down 12.5% or $5.52 lower to $38.65.

Other companies suffering declines today include Fortescue Metals (ASX:FMG), down 4.67%, and Worley Parsons (ASX:WOR) down 3.6%, at 11.35am.

Pre-market: S&P/ASX 200 futures flat following ANZAC holiday

ASX 200 futures are pointing to a flat open following yesterday’s public holiday for ANZAC Day.

The US indices showed mixed results overnight with the S&P 500 Index (INDEXSP:.INX) and Dow Jones Industrial Average (INDEXDJX: .DJI) lower and the Nasdaq Composite (INDEXNASDAQ:.IXIC) higher.

Amazon.com, Inc. (NASDAQ: AMZN) released its earnings aftermarket in the US reporting record earnings for the fourth consecutive quarter.

The record earnings were expected by the market and the share price remains flat for now.

 

Amazon saw a huge EPS beat in its Q1 earnings, reporting $7.09 compared to the estimated $4.72. https://t.co/BGpB2bm8B0 pic.twitter.com/Ts9tMKnC22

— CNBC (@CNBC) April 25, 2019

 

Galaxy director buys shares, Perseus receives permit for third gold mine

Early news across this ASX this morning includes lithium miner Galaxy Resources Ltd (ASX:GXY) board member John Turner purchasing 30,000 shares on-market earlier this week.

Gold miner Perseus Mining Ltd (ASX:PRU) has been granted an exploration permit to develop and operate its third gold mine, the Yaouré Gold Mine in Côte d’Ivoire.

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Fri, 26 Apr 2019 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219138/spasx-200-trading-slightly-down-on-low-volume-to-close-the-week-219138.html
<![CDATA[News - S&P/ASX 200 rallies to 11 year high fuelled by healthcare, tech and consumer staples ]]> https://www.proactiveinvestors.com.au/companies/news/219008/spasx-200-rallies-to-11-year-high-fuelled-by-healthcare-tech-and-consumer-staples-219008.html S&P/ASX 200 (INDEXASX:XJO) has closed near the 11-year high it hit during earlier trade, up 62 points or 1% to 6,382 – the highest level since December 2007.

The healthcare sector climbed 2.38%, while tech, consumer staples and heavyweight financial stocks more than offset a subdued day for energy and mining shares.

Gainers and losers

Bellamy’s Australia (ASX:BAL) rose 15.6% to $11.12 after the Chinese market regulator released three approvals for its branded infant formula.

Northern Star (ASX:NST) shares dropped 2.5% to $8.26 amid problems at its Alaskan operations which impacted the gold miner’s quarterly performance.

Consumer confidence up

The weekly ANZ-Roy Morgan consumer confidence rating increased by 3.6% to 119.5 points – the biggest rise in 10 months.

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Wed, 24 Apr 2019 17:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219008/spasx-200-rallies-to-11-year-high-fuelled-by-healthcare-tech-and-consumer-staples-219008.html
<![CDATA[News - Proactive CEO Sessions next month feature bio-pharma and exploration companies ]]> https://www.proactiveinvestors.com.au/companies/news/218999/proactive-ceo-sessions-next-month-feature-bio-pharma-and-exploration-companies-218999.html Proactive’s CEO Sessions next month feature three pharma & biotech companies developing potentially life-changing medical treatments and two exploration companies with projects that have game-changing potential.

Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN) are the bio-pharma companies that will present to investors on May 13 and May 14.

These CEO Sessions will also feature Mongolian-focused copper-gold explorer Xanadu Mines Ltd (ASX:XAM) and Infinity Lithium Ltd (ASX:INF), which is focused on lithium in Spain.

All five companies will present at the Sydney investor event on Monday, May 13 and at the Melbourne event on Tuesday, May 14.

READ: Zelda Therapeutics in deal with Ilera to access US market

Zelda is making significant progress in its business growth strategy with a focus on developing drugs to support clinical decision making for individual patients.

Recent developments include a heads of agreement (HoA) with medicinal cannabis company Ilera Healthcare to explore collaborative opportunities and being granted a new patent covering a novel method to predict patient disease-free survival.

The range of commercialisation opportunities with US-based Ilera include licensing of Zelda products, co-development and data sharing.

READ: Zelda Therapeutics secures patent to detect breast cancer

Zelda’s Australian patent details a method for detecting levels of expression of a novel receptor complex containing proteins HER2 and CB2.

HER2 is a recognised marker of aggressive breast cancer while CB2 is a key receptor in the endocannabinoid system.

READ: Invitrocue signs agreement to develop new breast cancer models for its Onco-PDO test

Invitrocue is a leading healthcare bio-analytic solutions provider that recently signed an agreement with the Shanghai Institute of Biochemistry and Cell Biology for the development of new breast cancer models for its proprietary Onco-PDO test.

The Onco-PDO technology enables patient-derived cancer cells (organoids) to be cultured in laboratories for testing against a panel of drugs to support clinical decision making for individual patients.

Oventus is a medical device company commercialising a unique treatment platform for the treatment of sleep apnea and snoring.

READ: Oventus Medical launches lightweight sleep apnea treatment device in Australia

Early this year the company recently launched a lightweight sleep apnea treatment appliance in Australia, the nylon-made O2Vent Optima device.

This is a customised 3D-printed nylon oral appliance that advances the jaw forward to open the airway and improves the effectiveness of oral appliance therapy.

Optima incorporates Brisbane-based Oventus’ proprietary airway technology and is compatible with the Oventus ExVent valve technology which will also be launched this year.

READ: Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia

Xanadu Mines recently completed an open pit scoping study at the Kharmagtai Copper-Gold Project in Mongolia, which is in the same region as Rio Tinto plc’s (LON:RIO) massive Oyu Tolgoi Copper-Gold Project.

This study confirmed the viability of near-surface copper and gold mineralisation as well as the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

Metallurgical test work is in progress to refine the recoveries of copper and gold reporting to concentrate.

Infinity Lithium is seeking to develop its 75%-owned San Jose Lithium Project in Spain and produce battery-grade lithium hydroxide.

READ: Infinity Lithium updated PFS test work positive, remains on track

The company is on-track to complete an updated pre-feasibility study (PFS) for the project in June or July this year.

Stage I test work has been completed focusing on metallurgical test work designed to confirm previous upgrade factors from the November 2018 scoping study, which valued the project at up to US$1.017 billion.

As a result of this work, suitable amounts of concentrate have been produced for stage II hydrometallurgical test work.

This is designed to develop the sulphate-roast-water-leach (SRWL) flowsheet to a PFS standard.

After stage II, the leach solution produced will move to stage III, the final stage, where through a process of purification and crystallisation lithium hydroxide will be produced.

Register for the CEO Sessions today

Sydney details, Monday, May 13, 2019

Melbourne details, Tuesday, May 14, 2019

Featuring at both sessions will be Xanadu Mines Ltd (ASX:XAM), Infinity Lithium Ltd (ASX:INF), Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

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Wed, 24 Apr 2019 14:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218999/proactive-ceo-sessions-next-month-feature-bio-pharma-and-exploration-companies-218999.html
<![CDATA[News - S&P/ASX 200 up 1.0% to 10-year highs, weak inflation data supports rate cut ]]> https://www.proactiveinvestors.com.au/companies/news/218995/spasx-200-up-10-to-10-year-highs-weak-inflation-data-supports-rate-cut-218995.html S&P/ASX 200 (INDEXASX:XJO) is trading at levels not seen since before the GFC marking a 10-year high.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished at record closing highs overnight.

Today’s weak inflation data was cheered by the market as it supports a rate cut by the Reserve Bank of Australia to further stimulate the economy.

Market rallies, AUD drops as inflation lower than expected

The AUD weakened following the release of quarterly CPI inflation data that came in at no change (0.00%) versus expectations of +0.2% for the March quarter.

This put that seasonally adjusted annual change at 1.3%, well below the RBA’s target rate of 2-3%.

The data shows the change in the price of goods and services purchased by consumers.

Inflation alongside employment are arguably the RBA’s two most important data points when it comes to determining interest rates.

 

[VIDEO] Mid-Session: Local shares pushed ahead to a 12 year high on Wednesday morning helped by a lower than expected inflation reading. https://t.co/TtnwL1ukHP #ausbiz

— CommSec (@CommSec) April 24, 2019

 

Wagners lowers guidance amid Boral spat

Last month, Wagners Holding Company Ltd (ASX:WGN) opted to suspend the supply of cement for six months to its largest customer Boral Ltd (ASX:BLD) amid a pricing dispute.

After-market yesterday, Wagners revealed that the dispute has not been resolved and its EBIT guidance has been materially lowered to the range of $25 to $28 million.

Shares in Wagners are down 10.62% to $2.02 at 12.56pm.

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Wed, 24 Apr 2019 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218995/spasx-200-up-10-to-10-year-highs-weak-inflation-data-supports-rate-cut-218995.html
<![CDATA[News - S&P/ASX 200 hits eight-month high after energy stocks rally ]]> https://www.proactiveinvestors.com.au/companies/news/218939/spasx-200-hits-eight-month-high-after-energy-stocks-rally-218939.html S&P/ASX 200 (INDEXASX:XJO) has surged through the 6300 barrier, finishing at its highest point in eight months on a buoyant energy sector.

The benchmark index finished up 59.6 points, or 0.95%, to 6,319.4 points.

Oil prices near 6-month highs

The energy sector was by far the biggest gainer, jumping 2.5% after global oil prices lifted to near 6-month highs on Monday due to supply concerns.

The US has announced a further clampdown on Iranian oil exports and will next month eliminate all waivers allowing eight economies to buy Iranian oil without facing US sanctions.

Woodside and Santos rise

Woodside Petroleum (ASX:WPL) gained 2.6% to $36.56, while Santos (ASX:STO) jumped 3.1% to $7.44.

EML Payments (ASX:EML) rose 13.8% to $1.98 after the company revealed a deal to provide a reloadable betting card to bet365's New Jersey customers.

In upcoming economic news, weekly data on US chain store sales is scheduled along with the monthly data on house prices.

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Tue, 23 Apr 2019 17:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218939/spasx-200-hits-eight-month-high-after-energy-stocks-rally-218939.html
<![CDATA[News - S&P/ASX 200 up 0.8% around midday, breaks 6,300 level ]]> https://www.proactiveinvestors.com.au/companies/news/218914/spasx-200-up-08-around-midday-breaks-6300-level-218914.html S&P/ASX 200 (INDEXASX:XJO) started the trading session positive and has continued that way throughout the morning session, breaking through 6,300 just before 11.00am.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished marginally higher overnight in the US as their earnings season continues.

News flow has been steady across the Australian market with a short trading week ahead given the Easter Monday and ANZAC Thursday non-trading days.

Quarterly inflation data tomorrow

The major piece of economic data out this week for the Australian market is the quarterly CPI figure on Wednesday at 11.30am.

The data shows the change in the price of goods and services purchased by consumers.

Inflation alongside employment are arguably the RBA’s two most important data points when it comes to determining interest rates.

 

[VIDEO] Mid-Session: The ASX 200 has commenced a holiday shortened week with solid gains at lunch on Tuesday, ahead by 0.7%, led by energy names. https://t.co/bL0RBAoRF9 #ausbiz

— CommSec (@CommSec) April 23, 2019

 

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Tue, 23 Apr 2019 12:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218914/spasx-200-up-08-around-midday-breaks-6300-level-218914.html
<![CDATA[News - S&P/ASX 200 loses early gains as unemployment data suggests no rate cut ]]> https://www.proactiveinvestors.com.au/companies/news/218799/spasx-200-loses-early-gains-as-unemployment-data-suggests-no-rate-cut-218799.html S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) opened positively and trended 20 points higher before a sharp drop at 11.30am on the unemployment data.

The data itself wasn't that shocking, with unemployment for March coming in at 5.0%, the expected level.

The good news largely outweighed the bad in the data, which means the economy may not be in need of stimulus in the form of a rate cut.

 

[VIDEO] Mid-Session: The Australian sharemarket has given back all its 0.4% in gains following a stronger than expected employment report which reduces chances of a rate cut in coming months. https://t.co/Ee86ZpMhco #ausbiz

— CommSec (@CommSec) April 18, 2019

 

Pre-market: S&P/ASX 200 futures pointing to slightly higher open heading into Easter

ASX 200 futures are suggesting a slightly higher open this morning in the last trading session before the Easter weekend.

The S&P 500 Index (INDEXSP:.INX) closed down 6.61, -0.23% to 2,900.45 and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed down 4.15 -0.052% to 7,996.08.

The AUDUSD is unchanged over the past 24 hours at 0.7177.

Gold was up slightly to US$1,276 per ounce while WTI Crude Oil was down slightly to US$63.70 per barrel.

Unemployment data at 11.30am could be crucial for interest rates

The Australian Bureau of Statistics (ABS) will release its monthly unemployment data today for the month of March 2019.

Economists have forecast an unemployment rate of 5.0% vs last month’s rate of 4.9%.

Unemployment alongside inflation are the two key metrics the RBA uses when deciding interest rates so any move higher for unemployment builds the case for a rate cut.

[VIDEO] Dow Jones & Nasdaq finished flat ahead of the Easter break. S&P 500 eased due to losses from healthcare stocks. Aussie shares set for a slightly better start. https://t.co/7Hth2s76Ww #ausbiz

— CommSec (@CommSec) April 17, 2019 ]]>
Thu, 18 Apr 2019 08:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218799/spasx-200-loses-early-gains-as-unemployment-data-suggests-no-rate-cut-218799.html
<![CDATA[Media files - Bulls, Bears and Brokers: DJ Carmichael’s Davide Bosio on raisings, rumours and roadshows ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13030/bulls-bears-and-brokers-dj-carmichaels-davide-bosio-on-raisings-rumours-and-roadshows-13030.html Tue, 16 Apr 2019 20:20:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13030/bulls-bears-and-brokers-dj-carmichaels-davide-bosio-on-raisings-rumours-and-roadshows-13030.html <![CDATA[News - S&P/ASX 200 has a strong morning session as RBA releases dovish minutes ]]> https://www.proactiveinvestors.com.au/companies/news/218636/spasx-200-has-a-strong-morning-session-as-rba-releases-dovish-minutes-218636.html S&P/ASX 200 (INDEXASX:XJO) opened weaker but has powered higher over the morning session, hitting a high of 6,282.80 (+0.50%) just after midday.

Meeting minutes from the RBA at 11.30am were judged as dovish, keeping the door open for another rate drop, sending the AUD slightly lower and share market higher.

The minutes said that members agreed that the likelihood of a scenario where the cash rate would need to be increased in the near term was low.

Furthermore, the minutes revealed “Members also discussed the scenario where inflation did not move any higher and unemployment trended up, noting that a decrease in the cash rate would likely be appropriate in these circumstances.”

 

[VIDEO] Mid-Session: The Australian sharemarket is a touch higher at lunch despite kicking off the session in negative territory. Gains from banks and healthcare stocks are helping most. https://t.co/UhHbStTZJe #ausbiz

— CommSec (@CommSec) April 16, 2019

 

Pre-market: S&P/ASX 200 futures pointing to slightly lower open, RBA minutes at 11.30am

S&P/ASX 200 futures are pointing to a slightly lower open this morning after US markets regained earlier losses to finish just below flat.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished slightly lower.

A number of quarterly updates are out this morning from companies such as Cimic Group (ASX:CIM), Transurban (ASX:TCL), Rio Tinto (ASX:RIO), and Blackmores (ASX:BKL).

At 11.30am today the Reserve Bank of Australia will release its meeting minutes from its most recent meeting, providing further insight into future policy moves.

 

Stocks slipped slightly today following mixed quarterly numbers from Goldman Sachs and Citigroup. The Dow fell 0.11% and the S&P 500 fell 0.06%. https://t.co/NyRSWeBDj8 pic.twitter.com/krgy4rhGoZ

— CNBC (@CNBC) April 15, 2019 ]]>
Tue, 16 Apr 2019 14:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218636/spasx-200-has-a-strong-morning-session-as-rba-releases-dovish-minutes-218636.html
<![CDATA[News - S&P/ASX 200 finishes flat after utilities, mining shares drag ]]> https://www.proactiveinvestors.com.au/companies/news/218562/spasx-200-finishes-flat-after-utilities-mining-shares-drag-218562.html S&P/ASX 200 (INDEXASX:XJO) opened slightly positive but erased its gains to close a tenth of a point up (0.0016%) at 6,251.

Advances for financials, consumer staples and energy were offset by losses for materials, healthcare and utilities.

Gainers and losers

The top performers included Bravura Solutions Ltd (AX:BVS) which surged 7.05% to $5.770.

Whitehaven Coal Ltd (AX:WHC) added 4.21% to end at $4.21 and A2 Milk Company Ltd (AX:A2M) was up 4.06% to 14.610.

The worst performers of the session included Pendal Group Ltd (AX:PDL), which tumbled 8.71% to $8.490.

Bellamys Australia Ltd (AX:BAL) fell 5.67% to $9.31 and Saracen Mineral Holdings Ltd (AX:SAR) was down 4.73% to $2.62.

Petrol price rises

The national average price of unleaded petrol rose by 3.5 cents in the past week to 144.5 cents a litre – the highest level since mid-November 2018.

Across capital cities, unleaded petrol prices are currently in a range of $1.35-$1.58 a litre. Just two months ago, prices were around $1.20 a litre.

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Mon, 15 Apr 2019 17:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218562/spasx-200-finishes-flat-after-utilities-mining-shares-drag-218562.html
<![CDATA[News - S&P/ASX 200 down 0.1% at lunch, US earning season underway ]]> https://www.proactiveinvestors.com.au/companies/news/218539/spasx-200-down-01-at-lunch-us-earning-season-underway-218539.html S&P/ASX 200 (INDEXASX:XJO) opened slightly positive but has drifted down over the morning to be slighty down for the day at early afternoon.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher on Friday, which has been enough to boost other Asian equity markets, but not Australia.

Reporting season is underway in the US and is off to a strong start after JPMorgan (NYSE:JPM) impressed investors on Friday, finishing up 4.63%.

Perpetual price action continues

Listed fund manager Perpetual Ltd (ASX:PPT) is down 5.07% today at 1.44pm to $41.00 after finishing up 5.7% on Friday.

Rumours are spreading around the market that it may be looking at Platinum Asset Management Ltd (ASX:PTM) as a potential target.

IFL cops class action, shares down 2.1%

IOOF Holdings Ltd (ASX:IFL) shares are down 2.05% at $6.455 at 1.48pm after it revealed it has been served with a class action proceeding.

IOOF considers the claim speculative and without foundation.

[VIDEO] US stocks hit 6-month highs. Better bank earnings & a massive lift in Walt Disney's share price helped https://t.co/uEshwCyS1B #ausbiz

— CommSec (@CommSec) April 14, 2019 ]]>
Mon, 15 Apr 2019 13:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218539/spasx-200-down-01-at-lunch-us-earning-season-underway-218539.html
<![CDATA[News - S&P/ASX 200 bounces back, up 0.7% in the early afternoon ]]> https://www.proactiveinvestors.com.au/companies/news/218463/spasx-200-bounces-back-up-07-in-the-early-afternoon-218463.html S&P/ASX 200 (INDEXASX:XJO) opened at 6,199 and shot up 30 points in the first 10 minutes of trade, it is up 0.66% to 6239.6 at 1.25pm.

Key US markets remained subdued with the S&P 500 Index (INDEXSP:.INX) flat and the Nasdaq Composite (INDEXNASDAQ:.IXIC) slightly down last night.

While it is a quiet Friday, some the keys pieces of news around the market come from CTX, PDL, PPT, GRR and the BVS-GBT takeover.

 

[VIDEO] Mid-Session: The Australian sharemarket is rebounding from yesterday’s losses and is firmly in positive territory on Friday. The ASX 200 is lifting around 38 points or 0.6% to 6238 at lunch. https://t.co/zFgWBsKBff #ausbiz

— CommSec (@CommSec) April 12, 2019

 

Caltex shares run on production and margin update

Caltex Australia Limited (ASX:CTX) provided its margin and sales from production numbers for March 2019 pre-market this morning.

Shares in the fuel supplier ripped 2% higher on the news showing investors were content with their first take on the numbers.

Caltex also took the opportunity to reaffirm its 2019 production guidance.

Pendal and Perpetual update on their funds under management

Fund managers Pendal Group Ltd (ASX:PDL) and Perpetual Limited (ASX:PPT) both provided updates regarding their funds under management (FUM) today.

Pendal, whos shares are flat, revealed an increase of $8.1 billion for the March quarter, which comprised of +$0.2 billion of net flows.

Perpetual released its March quarter FUM update during market hours, revealing a $0.3 billion decrease, largely due to losing a $1.3 billion mandate.

Shares in Perpetual sold off in the 10 minutes proceeding the announcement but buyers stepped in and the stock is now up 4.9% on the day.

Bravura makes a bid for GBST

Bravura Solutions Ltd (ASX:BVS) submitted a non-binding indicative proposal to acquire 100% of shares in GBST Holdings Limited (ASX:GBT) for $2.50 cash per share.

Shares in GBST are trading up 22% to $2.41.

Grange Resources updates with some good and bad news, shares down

Grange Resources Limited (ASX:GRR) have regained some of the opening losses this morning to be down 4.5% to 31.5 cents in the early afternoon.

The sell-off is in reaction to a production update from its Savage River open pit iron ore mine that cited lower production rates in the first half of 2019.

 

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Fri, 12 Apr 2019 13:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218463/spasx-200-bounces-back-up-07-in-the-early-afternoon-218463.html
<![CDATA[Media files - Bulls, Bears & Brokers: Tony Locantro on Australia's housing market woes ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12977/bulls-bears--brokers-tony-locantro-on-australia-s-housing-market-woes-12977.html Thu, 11 Apr 2019 22:10:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/12977/bulls-bears--brokers-tony-locantro-on-australia-s-housing-market-woes-12977.html <![CDATA[News - S&P/ASX 200 slides after financials, miners decline ]]> https://www.proactiveinvestors.com.au/companies/news/218396/spasx-200-slides-after-financials-miners-decline-218396.html S&P/ASX 200 (INDEXASX:XJO) slid 0.4% to 6198.7 as investors traded cautiously following similarly cautious tones struck by the European Central Bank and US Federal Reserve on Wednesday.

Bank of Queensland earnings slip

The financial sector led the market losses with Bank of Queensland Ltd (ASX:BOQ) suffering the biggest loss on the index, sliding 4.9% to $8.95 after reporting a poor first half result.

The bank reported its cash earnings were down, its interest margin was tighter and its earnings per share has decreased.

South32 extends poor run

Major miners also fell as most base metals traded lower on the London Metal Exchange.

South32 (ASX:S32) extended its poor run, dipping 3.2%to $3.58, Rio Tinto (ASX:RIO) closed 1.3% lower at $100.48 and BHP Group (ASX:BHP) fell 0.6% to $39.64.

Amcor (ASX:AMC) shares rose 1.3% to $15.55 after the company's buyout of the US packaging group Bemis Company (NYSE:BMS) was given the green light by Brazil's competition regulator.

Consumer inflation accelerated to 2.3% in March 2019 compared to last year, up from 1.5% in February and posting the biggest jump in more than a year.

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Thu, 11 Apr 2019 17:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218396/spasx-200-slides-after-financials-miners-decline-218396.html
<![CDATA[News - S&P/ASX 200 down 0.5% at lunch, BOQ result disappoints ]]> https://www.proactiveinvestors.com.au/companies/news/218373/spasx-200-down-05-at-lunch-boq-result-disappoints-218373.html S&P/ASX 200 (INDEXASX:XJO) has been under pressure since the open today, down 0.5% or 31 points lower to 6,193 early afternoon.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher last night but Asian markets have not followed.

This morning’s biggest news includes Bank of Queensland Ltd (ASX:BOQ) releasing their half year results and a federal election announced for May 18, 2019.

 

Mid-Session 11 Apr 19: Market falls on bank & mining weakness pic.twitter.com/qqAJHVicRf

— CommSec (@CommSec) April 11, 2019

Bank of Queensland disappoints

On face value, BOQ’s result today was in line with its recently given guidance around cash earnings and net interest margin.

Perhaps it was the first half dividend being cut that unnerved investors, the 34 cent fully franked dividend was 4 cents lower than the prior corresponding period.

Morgan Stanley had flagged this risk recently in a research note.

Federal election called

Prime Minister Scott Morrison visited the Governor-General Sir Peter Cosgrove this morning to trigger an election next month on May 18.

The timetable for the 2019 federal election #auspol #AusVotes19 pic.twitter.com/kBAroISBR1

— AEC (@AusElectoralCom) April 11, 2019 ]]>
Thu, 11 Apr 2019 13:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218373/spasx-200-down-05-at-lunch-boq-result-disappoints-218373.html