ASX Market Update: McGowan appointed to Frontier Energy as Index tracks flat | August 19, 2024

The ASX200 has been trading up 0.22% at 7,972 points in early afternoon trade.

The gold price has jumped up to around US$2500 as some investors seek refuge in uncertain times. Iron ore has continued its downward decline and is now just under US98 per tonne as demand from China further softens.

Sectors are a mixed bag with Utilities up around 2%, followed by Health Care and IT 0.5%. The worst performer is Staples, down 1.4%.

Company News

Frontier Energy (ASX:FHE) has been up more than 10% after appointing Mark McGown as Chairman. Mr McGowan, the 30^th Premier of WA, will bring to the role a deep understanding of WA’s electricity landscape and key stakeholders.

Frontier Energy has been trading at 51.3 cents.

Southern Cross Gold (ASX:SXG) has been up more than 6% after announcing results from two diamond drill holes from the Rising Sun prospect at its Sunday Creek project in Victoria.

The two holes delivered a big 105 metre step out between very high grade intersections.

Southern Cross Gold has been swapping hands at $2.60.

A2 Milk (ASXA2M) has been down more than 18% after investors took a cane to the stock in the wake of disappointing FY24 results. The company achieved strong revenue growth of 14% in China and Asia, but this was offset by a 14% decline in Australia and New Zealand.

A2 Milk has been trading at $5.76.

Zip Co (ASX:ZIP) has been trading up around 2.75%, hitting a new all time high in intra-day trade.

The company announced it has completed its latest capital raising and its share price is up around 260% year to date.

Zip has been trading at $2.25.