Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 is having a strong start to its Thursday, up 1.07% after a strong night in the US.
Energy Thursday
It’s been a big day for the energy sector with Santos jumping on reports it’s being looked at by Saudi buyer Aramco.
Elsewhere, the price of Brent Crude climbed over $87 per barrel overnight as US oil reserves were withdrawn more than expected in June.
Tamboran Resources shares have had a good week at their new home on the New York Stock Exchange. Since listing only a fortnight ago at $22, Tamboran’s shares on Wall Street have climbed 9.47% to $23.81.
Coal Revival
Morgan Stanley has revealed its Australian analysts are betting on metallurgical coal being a good commodity heading into 2025. The investment bank expects a recent fire at Anglo American’s QLD Grosvenor mine, and a similar incident in the US, to impact global supply.
Morgan Stanley predicts metallurgical coal, used to make steel, will climb 15% to $290 per tonne by 2025. This news echoes the second year of COVID-19 when global energy supply shocks caused coal prices to skyrocket.
Company News
Boss Energy (ASX:BOE) is set to make its first delivery of triuranium octoxide (U308) from its Honeymoon mine in South Australia to nuclear utilities in Europe, anticipating revenue within this quarter.
Managing Director Duncan Craib said the project, located 80 kilometres northwest of Broken Hill, is meeting expectations in terms of production and economics.
Boss has been trading at $4.14.
xReality Group (ASX:XRG) has announced its receipt of an $800K contract from the Australian Government to provide its Virtual Reality (VR) training tech.
The contract is set for delivery in Q1 of FY2025, rolling out its ‘Operator XR’ branded VR training system to one Australian state government left undisclosed.
Shares jumped 16% on the news. XRG has been trading at 5.6 cents.
Finnish and Australian-based company, Latitude 66 (ASX:LAT) saw its shares skyrocket during morning trades, up as much as 8900% following an exploration update on its flagship Kuusamo Schist Belt Project in Northern Finland.
The project boasts a substantial high-grade gold-cobalt mineral resource.
Latitude has had previous drilling success in the K-South region, with highlights from the 2021 and 2022 drilling programs. The stock, which traded at $0.002 in March, has seen a positive investor reaction due to past success at the project.
LAT has been trading at 16 cents.
