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Tuas (ASX:TUA) was by far the most discussed stock on Hot Copper forums after its share price fell dramatically on news that the Infocomm Media Development Authority of Singapore (IMDA) had suspended its review of the company’s acquisition of M1.
Tuas shares fell by more than 60% after IMDAS called into question the usage of an unauthorised radio band in Singapore
The board of Tuas is now reviewing the circumstances concerning the alleged unauthorised use of spectrum.
At the time of going to press TUA was down 62.0% to $2.32.
On the resources front, Elixir Energy (ASXL: EXR) is working to retrieve injected fluid during testing of the Diona-1 well in the Taroom Trough in Queensland.
An Elixir-Xstate joint venture is investigating the application of artificial lift in order to accelerate the retrieval process which its believes that once 50 to 60% of total fluid is recovered the well may revert to naturally flowing the remaining stimulation fluids.
On a positive note, the well has consistently produced gas throughout the flow-back period which has been flared at surface.
Elixir was down 3.70% to 13.0¢.
Elsewhere, Elders was smashed by traders after it raised concerns over possible impacts related to the conflict in the Middle East and high diesel and fertiliser prices.
The news was revealed as the company delivered a first half result of $76.6 million underlying earnings before interest and tax (EBIT), $39.5 million statutory profit after tax, and an interim dividend of 18.0 cents per share (100% franked.
The results were driven by optimisation of improved seasonal conditions, as well as earnings from Delta Agribusiness.
At the time of going to press Elders was down 24.3% to $5.45.
Looking wider, the S&P/ASX 200 is lower today, dropping 124.00 points or 1.44% to 8,506.80. Over the last five days, the index has lost 2.24% and 2.38% year to date.
That’s Monday’s HotCopper Market Trends, I’m Colin Sandell-Hay — see you for close.
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