The ASX was in the green today.
The S&P/ASX200 gained 63.60 points or 0.80% to 7,984.90. Over the last five days, the index is virtually unchanged, but is currently 1.22% below its 52-week high.
Top-performing stocks in this index are The Star Entertainment Group Ltd and Viva Energy Group Ltd, up 7.35% and 4.34% respectively. Nufarm Ltd also lifted 4.5% after it was granted a licence to Omega-3 assets by Yield10.
Nufarm CEO Greg Hunt said, “Yield10 camelina assets and know-how in both omega-3 and bioenergy sectors have a unique fit with Nufarm’s Value Beyond Yield® and platform strategies.
"While the program still requires further development time and investment before achieving revenue, it offers a broadened portfolio of solutions for our customers both at the farm-gate and with end-use customers."
Looking at the sectors, all had positive days. Information technology was the best performed at 1.53%, while Utilities gained 1.28% and Communication Services climbed 1.19%.
As for small caps, the S&P/ASX Small Ordinaries (XSO) had a 0.72% uplift to 3,019.20.
What pushed Viva higher?
Viva provided an operating update and unaudited financial results for the six months ended June 30, 2024 (1H2024).
Group fuel sales for the first half of 2024 (1H2024) increased by 5.7% compared to last year, driven by strong performance in the Commercial and Industrial (C&I) sector, offsetting a softer retail market. Unaudited Group EBITDA (RC) for 1H2024 is expected to range between $445 million and $455 million.
Fuel and convenience sales in the Convenience & Mobility (C&M) segment decreased by 0.9% and 1.4% respectively on a pro-forma basis. Same-store sales within the company-operated fuel and convenience network (Express and OTR) declined by approximately 5%, with same-store tobacco sales down 17% due to high oil prices, cost of living pressures, and illicit tobacco trade. Including OTR, the gross margin on convenience sales rose to 38% for the quarter ending 30 June 2024 (2Q2024).
Express and OTR were impacted by the challenging environment, with 1H2024 C&M EBITDA (RC) expected to be similar to 1H2023. Integration of OTR, Express, and Viva Energy Retail is progressing, with significant earnings improvements anticipated over the next eighteen months.
C&I sales for 1H2024 grew by 8.7% on a pro-forma basis, reaching a record 5,876ML, driven by demand in the Aviation, Resources, Agriculture, and Defence sectors. The OTR Wholesale business was integrated into Liberty Rural during 2Q2024, enhancing the company's presence in regional markets.
Geelong Refining Margin (GRM) for 1H2024 was US$10.8 per barrel on a crude intake of 20.6 million barrels. The 2Q2024 GRM of US$9.6 per barrel was impacted by a unit outage in May but the refinery continues to operate at full capacity with no major maintenance planned for the rest of the year.
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