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ASX Futures suggest the market is likely to open higher this morning, following the NASDAQ’s best day since July 28, and with US economic data boosting hopes for another pause in federal rate rises.
Back home, Qantas Airways (QAN) is releasing its FY23 results today, while Medibank Private (MPL) already posted a 30 per cent increase in profits, proof the company has shaken off its unfortunate cyber attack in 2022.
Nonetheless, here are some more stocks to watch today on the ASX:
Andromeda Metals (ADN) has released an updated definitive feasibility study for its Great White project, where construction has finished and awaiting permits to approve drilling.
The reviewed study increases the project’s net present value (NPV) by 65 per cent to $1.01 million and average annual earnings before interest tax depreciation and amortisation (EBITDA) by 59 per cent to $130 million.
“As we move to finalise debt funding, the 2023 DFS will underpin our funding strategy for the remaining capital required to move towards anticipated construction and into production,” ADM Managing Director and CEO Bob Katsiouleris said.
Shares in ADN last traded at 3 cents.
In healthcare, Incannex Healthcare (IHL) and its subsidiary, Psychennex, have begun preparing an investigational new drug (IND) application to be used for the company’s assisted psilocybin psychotherapy development program.
The company is preparing an application for the US Food and Drug Administration (FDA) to approve the safety of the drug to accelerate clinical trials in the US.
“Commencing IND preparation demonstrates our confidence in the utility of the Psi-GAD therapy…the interim analysis and the progress made by Dr Liknaitsky and his team at Monash University has empowered us to fast-track various strategic business decisions to hasten the development of the therapy,” IMU Managing Director and CEO Joel Latham said,”
Shares in IHL last traded at 9 cents.
Lovisa Holdings (LOV) has recorded a 33.1 per cent surge in profits in its FY23 results to $596.5 million, and a 6.3 per cent increase in-store sales compared with FY22.
The price-friendly and well-known Jewellery store opened 210 new stores in FY23, and entered 12 new markets, retrieving a net profit before tax of $92.9 million, up 24.7 per cent.
“The company has been able to continue to deliver strong profit growth while investing in the structures to support our global expansion in the face of more difficult trading conditions in the second half, which leaves us well placed as we move forward with store rollout in both existing and new markets,” LOV CEO Victor Herrero said.
Shares in LOV last traded at $22.64.
Meanwhile, Voltaic Strategic Resources (VSR) has recovered high magnetic rare earth elements (MREE) using hydrochloric acid leaching (HCL) of clay samples from its Neo prospect at its Paddys Well project.
Average MREE recoveries across four samples delineated a maximum extraction of 96 per cent (100 g/L HCL).
“Our focus at Neo will now be to find the primary “hard rock” source of the mineralisation, which is interpreted to be of carbonatite origin” VSR CEO Michael Walshe said.
Shares in VSR last traded at 4 cents.
Winsome Resources (WR1) has almost doubled its stake in Power Metals Corporation from a 9.94 per cent shareholding to 19.59 per cent.
The company is strategically focused on its world-class hard-rock discovery at
Adina, and has reached terms with Power Metals to acquire its Decelles and Mazérac projects in Quebec, Canada.
Shares in WR1 last traded at $1.54.
