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The ASX200 closed nearly 1.6% up. Every sector – aside from energy – ended in the green.
In the green
The real estate sector had a stellar day… gaining 3.4 percent – with Goodman Group (ASX:GMG) up more than 4%, Scentre Group (ASX:SCG) up nearly 3% and Stockland (ASX:SGP), up nearly 2% as US inflation tracks downwards … implying we could see rate cuts this year.
Graincorp (ASX:GNC) shot up nearly 1% despite posting weaker half-year results.
The company’s underlying EBITDA is down to $164 million from $383 million the previous year. Its NPAT is also down to $50 million from $200 million.
A drop in overall production across Eastern Australia and lower supply chain and crush margins compared to last year are to blame.
GNG closed at $8.26.
Cromwell Property Group (CMW) was up almost 4% on the back of news it’s selling its Polish retail fund for $465 million.
Star Capital Finance (SCF) – a Czech entity – has bought 6 retail centres off Cromwell as the company seeks to “simplify” its operational structure.
Cromwell will use the proceeds to pay off its debt.
CMW closed at 40 cents.
In the red
Euro Manganese (ASX:EMN) shed more than 3.5% on its second fiscal quarter results.
The company’s cash and cash equivalents were down to $22.1 million from $26.7 million the previous quarter. Working capital was also down to $17 million from $24.3 million.
EMN closed at 8.1 cents.
Wheatbelt-based Wide Open Agriculture (ASX:WOA) was down 23% after completing a $890,000 first tranche placement, priced at 2 cents a share.
Funds raised will be used to meet the company’s immediate liquidity requirements and support its short-term objectives.
WOA closed at 2 cents.
Pivotal Metals (ASX:PVT) lost more than 5% despite intercepting thick copper zones at its Horden Lake play in Quebec.
Intercepts from the first hole included 39.1 metres at 0.97% copper. Results from two further drill holes showed copper equivalent grades above 2% across 2-3 metres.
PVT closed at 1.8 cents.
