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The Australian share market closed up more than a quarter of a per cent boosted mainly by mining stocks which surged nearly 1.4 per cent.
In the green
Fortescue Mining Group (ASX:FMG) closed up after giving the go-ahead to three green hydrogen projects in the US and Australia.
Over the next three years, it’ll invest more than $1.14 billion in the Phoenix Hydrogen Hub in Arizona, the Gladstone PEM50 project in Queensland and the Christmas Creek Green Iron Trial Commercial Plant in WA.
FMG closed trade at $25.47.
Casino company, The Star Entertainment Group (ASX:SGR), was up close to 2 per cent during the day after entering a binding agreement with the New South Wales Government on casino duty rates.
The duty rate amendments include increases to duties on takings from table games, poker machines and levies. While Star expects they’ll cost an additional $10 million, they are less than had been demanded by the previous state government.
The formalisation also provides certainty around these costs.
Star closed flat at 53.5 cents.
Fiji Kava products company, The Calmer Co (ASX:CCO), was up nearly 17 per cent after forging a partnership with Coles to sell ready-to-drink kava shots in the Australian market.
The shots will be available at Coles (ASX:COL) supermarkets around the country.
The Calmer Co closed trade at point 7 of a per cent.
In the red
Heading down today was enterprise software play, TechnologyOne (ASX:TNE). It lost more than two per cent, despite reporting its 14th year of growth. It announced profit after tax of $102.9 million – up 16 per cent for the year to September. Its revenue increased 19 per cent to $441.4 million. It announced a 19.52 cent dividend, which is 15 per cent higher, and it reported that it was on track to reach half a billion dollars in annual recurring revenue by 2025.
However, the company also disclosed that after spending about $2 million in due diligence on a UK takeover target, it decided not to proceed with the deal.
TNE closed trade at $16.07.
Origin Energy (ASX:ORG) was down nearly three per cent on doubts over the likelihood of its $20 billion acquisition by a Brookfield-led North American consortium.
AustralianSuper, Origin’s largest shareholder with a 17.5 per cent stake, has made a binding commitment to vote ‘no’ on Thursday – and is hoping other investors will follow suit.
Anyone who owns Origin Energy shares will be able to vote on the takeover bid.
ORG closed trade at $8.28.
And regenerative medicine company, Avita Medical (ASX:AVH), lost more than nine percent after downgrading its FY23 commercial revenue guidance from $80.5 million at the high end to a maximum of $76.7 million. This result would still be 48 per cent higher than in FY2022.
The company claims progress through the Value Analysis Committee (VAC) processes has been slower than expected, driven by the expanded label applications of its newest indication, for full-thickness skin defects.
AVH closed trade at $3.48.
