Join our daily newsletter At The Bell to receive exclusive market insights
We’re here in Fremantle on day two of the RIU Explorers Conference in Fremantle, WA.
This conference is a big deal for the industry Australia-wide, and while organisers reported they’d received 2200 registrations, there’ve been even more walk-ins throughout the day.
Aside from industry presentations and panels, there’s a maze of booths out spanning a number of rooms. Many of the booths are manned by explorers of course, but there are also companies already mining or offering diverse mining services. Many of the large cap mining companies are also taking part.
But let’s take a look at how the market fared today … and the ASX200 recovered some ground lost in early trade to close down about three-quarters of a per cent.
All sectors, except industrials and consumer discretionary, ended the day in the red, with IT, financials and real estate shedding more than a per cent.
In this bulletin, we’ll look at news from AMP, IDP Education, Rox Resources, CBA, HighCom and Comet Ridge.
In the green
AMP (ASX:AMP) closed up more than 10 per cent on its FY23 results showing NPAT was up 6.5 per cent to $196 million. It also announced a 2-cent dividend and $295 million on market buyback.
AMP closed at $1.07.
IDP Education (ASX:IEL) gained more than 8.3 per cent on a 25 per cent half-year EBITDA increase to $159 million.
The education provider reported record revenue up 15 per cent higher on the same time last year thanks to strong international student placements.
IDP Education closed at $21.92.
And gold explorer Rox Resources (ASX:RXL) was up more than 15 per cent on identifying high-priority targets at the Mt Fisher-Mt Eureka project in the Yilgarn Craton of Western Australia.
It also revealed it was assessing options to monetise the project, including potentially putting the project up for sale. Rox plans to focus on developing its flagship Youanmi Gold Project also in WA.
RXL closed at 18.5 cents.
In the red
The Commonwealth Bank of Australia (ASX:CBA) recovered a little during the session to close more than 1.6 per cent down.
It released its half-year results this morning showing its NPAT was down eight per cent on the same time last year, but Australia’s biggest bank still managed a dividend of $2.15.
CBA closed just above $114 dollars.
Defence stock HighCom (ASX:HCL) continued to make losses today – another 5.5 per cent – after falling off a big cliff yesterday, in the wake of CEO Scott Basham’s abrupt resignation.
The body armour company – formerly XTEK – reported a net loss of $15 million in its guidance earlier this week, a pay cut for company leaders and cost cuts at operating sites.
HighCom closed at 17 cents.
And oil and gas explorer Comet Ridge (ASX:COI) dropped more than 7.5 per cent after raising A$15 million through a placement priced at 17 cents per share.
That price represented a 12.8 per cent discount to the last closing price.
Funds will be used to progress the Mahalo joint venture and Mahalo North gas projects in Queensland.
Comet Ridge closed at 18 cents.
