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The ASX200 closed up .2 of a per cent with IT up more than a per cent and energy and staples both flailing behind and losing around a per cent.
Stirring our interest today were Qantas Airways, Emerald Resources, Tietto Minerals, Beach Energy and Elders.
In the green
Qantas Airways (ASX:QAN) was up nearly 5 per cent and made headlines with the launch of its ‘Classic Plus Flight Rewards’ – a new way for its members to use their Qantas points to book flights.
The change is one of the biggest expansions of the Qantas Frequent Flyer program in its 35-year history.
And following the launch, Qantas Loyalty is expected to deliver between $500-525 million underlying EBIT in FY24 before returning to growth of around 10 per cent in underlying EBIT by FY25.
QAN closed at $5.69.
Gold producer Emerald Resources (ASX:EMR) shot up nearly 1.5 per cent – beating its quarterly expectations – with 28,539 ounces of gold extracted from its Okvau gold mine in Cambodia in the March 2024 quarter.
The Okvau gold mine exceeded the upper end of the production guidance range of 25,000 to 30,000 ounces during the March 2024 quarter – and – it also poured over 10,000 kilograms of gold doré – reflecting its output capacity.
EMR closed at $3.38.
Tietto Minerals Limited (ASX:TIE) Share Price | Latest News – The Market Online – another gold producer – also had a strong run on its quarterly expectations – and gained 5 per cent.
The company reported record production of 37,111 ounces of gold at its Abujar gold project in Côte d’Ivoire for the March 2024 quarter, compared with 35,553 in the December quarter. This company believes this is attributed to an increase in milling rates, which rose to 410,000 tonnes of ore per month compared to an average of 381,000 tonnes over the previous six months.
TIE closed at 64 cents.
In the red
Energy giants struggled today, the sector lost more than a per cent – with Woodside Energy (ASX:WDS) and Santos (ASX:STO) shedding more than a per cent, whilst Ampol (ASX:ALD) dropped more .61 of a per cent.
And speaking of the energy sector – oil and gas explorer Beach Energy (ASX:BPT) shed more than 15 per cent after posting an update at its Waitsia Stage 2 Gas Plant in Western Australia. In its FY24 half-year results, the company said it had encountered quality issues during the pre-commissioning of systems.
The issues, involving rebuilding compressors, replacing valves and flanges, have now largely been addressed. However, additional pre-commissioning quality issues seem to have surfaced.
The Waitsia Joint Venture is currently revising its schedule and cost estimate in light of these developments.
BPT closed at $1.61.
And Australian agricultural giant Elders (ASX:ELD) was down almost 25 per cent as the company cited climate drivers, among other factors, for a steep decline in H1 FY24 forecasts.
Half year trading was below expectations due to lower crop protection prices compared to the previous corresponding period.
The company expects weather conditions to return to ‘neutral’ by late May.
Cattle and sheep prices were also significantly below the 10-year mean and had impacted the first quarter.
ELD closed 25 per cent down at $7.43.
