ASX Market Update: Discretionary & Financials lead Index higher | August 26, 2024

The ASX200 has started the week on a positive note, up 0.69% at 8,080 points.

Real Estate, Discretionary, Financials and Telecommunications have all been leading, up around 1%. Staples has been the worst performer, down 0.8%.

Company News

Plilbara Minerals (ASX:PLS) has been the most viewed on HotCopper, trading up around a third of a percent (0.34%), despite considerably lower revenue in FY24.

Its profit after tax was 89% lower, but the company increased production by 17% and its sales by nearly as much.

Pilbara Minerals has been trading at $2.99.

Nova Eye Medical (ASX:EYE) has been trading up more than 2% after reporting solid sales growth in improved FY24 results, but still lodged a $5.7 million loss.

The company’s sales spiked 35% and earnings before costs increased 33%.  The loss of $5.7 million was a $3 million turnaround from FY23.

Nova Eye Medical has been swapping hands at 23 cents.

Rincon Resources (ASX:RCR) has been down more than 7% off a low base after detecting niobium and rare earth elements at its West Arrunta Project in WA.

The results are preliminary and the assays are now at the lab for formal analysis.

Rincon Resources has been trading at 3.6 cents.

And Kelsian Group (ASX:KLS) has been down more than 25% after releasing FY24 results. The strong investor write down has been a reaction to the company’s announced investment in several strategic initiatives.

The company is revising its capital investment program for FY25 up as high as $190 million, and includes acquiring a bus depot in Sydney, new buses, ferries and vessels.

Kelsian Group has been trading at $3.75.