The ASX200 responded well to the latest corporate profits data from the ABS, but not enough to push the market into the green.
In March, Australia’s gross corporate profits fell -2.5%, far below analyst estimates of just -0.9% for the month.
This fresh evidence of a cooling economy buoyed the market, given it implies a more bullish case for interest rate cuts later this year.
Just last week, Australia’s retail sales growth in the latest data release was weaker than expected, adding to the notion Australia’s restrictive policies are still putting pressure on inflation.
The energy sector has taken a plunge, falling 1.15%, Materials follows, down just over 0.6%. Healthcare and real estate have gained the most, both up just over 0.2%.
Lithium Universe (ASX:LU7) is up nearly 6% on the completion of a virtual mock-up of the facility to hand off to engineers and builders down the line, as part of an ongoing DFS process underpinning the project.
The company recently announced it would turn to Chinese parts suppliers to whittle down delivery times on the project overall.
Infrastructure development and utility connections at the site are underway.
LU7 has been trading at 1.8 cents.
Condor Energy (ASX: CND) has gained 32.4% after it provided an update on exploration progress at its Technical Evaluation Agreement (TEA) offshore Peru, in which two large oil prospects (Raya and Bonito) have been identified.
Regional mapping shows that the primary source rock interval, is mature for oil generation over much of the area.
CND has been trading at 4.9 cents.
Farm Pride Foods (ASX: FRM) has responded to the Avian Influenza (AI) situation in Meridith, Victoria, in which, the company has been working with the Victorian Department of Agriculture (Vic Ag) to assess hen health, after hens at the Lethbridge Aviary site tested positive for the H7N3 strain, the same strain found in Meridith earlier on the 2nd of June.
This site houses 80,000 free-range hens, 8% of Farm Pride’s total production capacity.
The company will seek compensation for these birds’ disposal.
The Lethbridge Rocks site remains AI-free, and a separate site with 40,000 free-range hens is also under monitoring.
FRM has been trading at 11 cents.