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Brent Crude prices have surged 4.25% following Israel’s attack on Iran with the ASX200 falling 1.7% on news of the ongoing conflict in the Middle East.
The price shot up from US$87 a barrel to $90.6 barrel in the space of two hours on Friday, after a decline to below US$90 mark midweek. Markets were thrown into turmoil at Israel’s retaliation for Iran’s missile blitz of the Jewish state last weekend. Iran has vowed that any Israeli aggression would be met with an “immediate and maximum” response.
Gold prices spiked back to all-time high, briefly touching the US$2,400 record set last week as news of Israel’s reactions sent traders scrambling.
IT plunged the most, down 2.7 per cent with financials sliding around 2.4 per cent.
The energy sector is the only sector in the green, gaining around point six of a per cent.
Company news
WDS
Woodside (ASX:WDS) saw a 3% drop at market open this morning, following the release of its first quarter report, revealing total revenue was down to $2.96 Billion in Q1 from $3.35 Billion in the last quarter of 2023 – a 12 percent decrease in sales ascribed to lower realised prices and volumes.
The company reported progress on The Scarborough Energy Project, where it has commenced drilling production wells, and delivery of the first Train 2 modules to the Pluto LNG plant. The project, now 62% complete, is aiming for LNG cargoes in 2026.
WDS shares are back in the green by 0.1% on news coming out of Israel and Iran, trading at $29.47.
PLS
Pilbara Minerals (ASX:PLS) released its March quarter FY24, reporting cash balance down to $1.8 Billion from $2.1 Billion in the December quarter.
Pilbara mineral’s results reflect the decline in lithium prices. Over the last three months lithium has gone from US$1,113 dry metric tonnes in the last quarter of 2023 to US$804 dry metric tonne in the first quarter of this year.
PLS has been trading at $3.85.
BGD
Barton Gold (ASX:BGD) has announced that its latest share purchase plan (SPP), intended to raise $1 million, was oversubscribed by 300%.
The company accepted $2.25 million in applications and a further 9.37 million new shares will be issued on Tuesday next week.
The company has eligible applications to raise $3.15 million.
BGD has been trading at 28 cents.
CMM
Capricorn Metals (ASX: CMM) has seen the ore reserve estimate at its Mt Gibson Gold Project (MGGP) in Western Australia jump as much as 26 per cent this through drilling work.
The ore reserve at MGGP is now at 1.83 million ounces, a rise of 380,000 ounces.
Overall, this brings Capricorn’s group gold reserves to 3.1 million ounces, built on Mt Gibson and the Karlawinda Gold Project, also in Western Australia.
CMM has been trading at $5.26.
