Join our daily newsletter At The Bell to receive exclusive market insights
We’re coming to you from Day One of the Critical Minerals and Energy Investment conference in Perth.
Expert speakers have been addressing Australia’s potential in the clean energy transition, financing and supply chains as well as Risks and Rewards for the Mining Industry.
The stock market has now closed and the ASX200 has slipped nearly half a per cent today with the material and energy sectors have been the major drags on the index.
In the green
Fijian kava company, The Calmer Co (CCO) topped the gainers today, adding 25 per cent today off a low base. It’s ended the day at point five of a cent.
National Tyre and Wheel (NTD) is up more than 20 per cent on news it’ll distribute Dunlop passenger car, 4WD and commercial tyres in Australia and New Zealand.
It signed an agreement with Goodyear and Dunlop Tyres for wholesale distribution from November.
National Tyre and Wheel expects the arrangement will drive revenue of about $118 million a year. Share trade closed at 86.5 cents this afternoon.
And transport tech company Orcoda (ODA) gained more than five per cent after releasing its FY23 presentation to the ASX. Alongside share price growth, it shows income rose 25 per cent, profit was up 118 per cent and client retention has been at 100 per cent. Orcoda was trading at 29.5 cents.
In the red
The big four banks are addressing a Senate inquiry into the closure of regional banks today. More than 1200 branches have closed over the past six years, and this trend is set to continue until 2026. The Senate inquiry is hearing from CBA, Westpac, NAB and ANZ – CBA and WBC lost ground today.
Uranium company Alligator Energy (AGE) lost more than 20 per cent on raising $25.5 million through an institutional placement priced at 5.3 cents.
The company is working towards production at the Samphire uranium project in South Australia. It’s also launching a SPP for another $3 million. Alligator Energy’s shares have come down towards the raise pricing, closing at 5.4 cents.
Also at the back end of capital raising is Core Lithium (CXO) which fell more than 5 per cent, to a two-year low. The share price decline began mid-year and wasn’t helped by a $100 million institutional raise and $20 million SPP. Although at 35 cents a share, that’s now significantly lower than the 40-cent raise price.
Well, that’s Market Close from all of us here representing the Market Herald and HotCopper team at Day One of the Critical Minerals and Energy Investment Conference.
We’ll have more news tomorrow, as the Market Opens.
