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The ASX closed the day down 0.7 of a per cent – with most sectors in the red.
The energy sector continued to widen its losses to close down nearly 1.2 per cent.
In the Green
Galan Lithium (ASX:GLN) traded up nearly 8 per cent after securing an offtake agreement with Glencore for up to 100 per cent of the lithium it produces from its Hombre Muerto West Lithium Project in Argentina.
The deal also includes a finance prepayment facility of up to $100 million. Galan is looking to begin production in the first half of 2025.
GLN closed at 75 cents.
Australian grains producer Graincorp (ASX:GNC) gained 1.75 per cent after announcing a $50 million buyback despite its annual profit falling for the year to the end of September.
Revenue was up 4.6 per cent to nearly $8.23 billion, but EBITDA was down 19 per cent to $565 million. Net Profit After Tax was 34 per cent lower at about $250 million, as the company faced challenges including flooding in New South Wales and Victoria early this year.
Graincorp announced a fully franked final dividend of 30 cents bringing the annual total dividend in line with FY22 – to 54 cents a share.
GNC closed at $7.55.
And Vulcan Energy Resources (ASX:VUL) closed up 5 per cent after its Bridging Engineering Study showed the CapEx for its Zero Carbon Lithium Project in Germany could be reduced by close to $170 million. It also lowered the project’s operating costs and risk profile.
Vulcan claims it can also minimise exposure to commodity price volatilities with production at the lowest cost quartile and binding offtake agreements. It’s on track to produce lithium hydroxide for 500,000 battery electric vehicles a year.
Vulcan closed at $2.71.
In the Red
AMP Limited (ASX:AMP) lost more than 15 percent today, having announced it’ll launch a new digital bank through an alliance with the software-as-a-service subsidiary of the UK’s Starling Bank.
The Engine by Starling platform will cost $60 million to build, and, when it goes live in 2025, it’ll target sole trader and small business customers with up to 20 staff.
AMP admitted the new bank won’t be profitable until 2027. It also provided weaker guidance for the year ahead.
AMP closed at 85.5 cents.
New-Zealand renewable energy play Infratil Limited (ASX:IFT) shed 2.5 per cent despite revealing its half-yearly net profit more than doubled – thanks to increasing its ownership of mobile telco One NZ to 100 per cent from less than 50 per cent in June.
Infratil reported a net profit of $1.12 billion in the six months to September.
IFT closed at $9.54.
And Future Battery Minerals (ASX:FBM) took a dive of more than 16.5 per cent, on its latest reverse circulation and diamond drilling results from its Kangaroo Hills Lithium Project in Western Australia.
Assays revealed four metres at 1.37 per cent Lithium Oxide from 25m deep, and, four metres at 1.01 per cent Lithium Oxide from 146 metres.
While the company claimed the results showed the project’s potential, dozens of HotCopper users expressed dismay with the results.
Full results of the expanded test work are expected to be received early next year.
FBM closed the day at 7.5 cents.
