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The ASX200 closed the day up about .7 of a per cent.
Most sectors finished in the green, led by materials, up 1.5 per cent.
BHP Group is considering putting on hold its WA Nickel operations – due to a major drop in nickel prices. In response, Federal Resources Minister Madeline King is placing nickel on the critical minerals list, allowing nickel miners to apply for a $4 billion fund.
In this bulletin, we’ll discuss GQG Partners, MadPaws Holdings, Hastings Technology Metals, QBE Insurance Group, Inghams Group, and PharmAust.
In the green
Asset management group GQG Partners (ASX:GQG) was up nearly 3.5 per cent on its full-year results.
The company saw an 18.5 per cent increase in revenue to A$794.79 million and its net operating income was up 15.7 per cent to A$590.26 million.
It will pay a dividend of 2.6 US cents per share – representing a 90 per cent payout ratio of distributable earnings.
GQG closed at $2.20.
Pet company MadPaws Holdings (ASX:MPA) was up nearly 5 per cent on a 7-year investment deal with Seven West Media (ASX:SWM).
Seven West will commit $5.25 million through a 12-cent share placement, securing a 10.8 per cent ownership of Mad Paws.
MadPaws has also released its financial performance for the first half of FY24, reporting a revenue increase of 22 per cent from the previous corresponding period.
MPA closed at 11 cents.
And Hastings Technology Metals (ASX:HAS) was up more than 12 per cent after inking an offtake deal with Baotou Sky Rock for the downstream processing of Rare Earth Elements.
Under a 7-year deal, the company will send REE concentrate from its Yangibana project to be toll-treated in China to produce separated rare earth oxides.
HAS closed at 70 cents.
And it’s been a strong day for today’s ASX debutant, The Australian Wealth Advisors Group (ASX:WAG) closing nearly 40 per cent up at 35 cents.
In the red
QBE Insurance Group (ASX:QBE) was down almost two per cent today despite the company reporting a 105 per cent profit jump in its FY23 results and a 10 percent-franked 62-cent dividend.
Investor expectations were high with shares at a decade high.
QBE closed trade at $16.11.
Poultry producer Inghams Group (ASX:ING) was down 12.5 per cent on its half-yearly results.
Its EBITDA was up 28.8 per cent to $253.7 million and its NPAT was up 268.8 per cent to $63.4 million.
However, management’s outlook for H2 FY24 seemed concerning for investors.
The company says market conditions for consumers over H2 FY24 are expected to remain challenging, and H2 FY24 results are expected to be lower than H1 FY24.
Inghams says this is due to continued inflationary headwinds across labour, feed and other costs.
And ING closed at $3.78.
PharmAust (ASX:PAA) closed down just over 2 per cent despite the FDA outlining a pathway to accelerated approval for monepantel in MND.
The company reported the FDA offered positive feedback and is now preparing to open an IND application for the adaptive phase 2/3 clinical study.
PAA closed at 22.5 cents.
