Following strength in the US market overnight, the ASX 200 closed 0.9% higher today with all 11 sectors recording gains. Tech and property were the best sectors, followed by Healthcare.
A number of companies hit new record highs today, including the Commonwealth Bank which continued its ascent to as high as $130.30, JB Hi-Fi which hit $66.33, REA Group which reached $201.01 and Xero which soared as much as 3.5% to $141.72.
Albanese unclear on gas status
Speaking in Brisbane today, Prime Minister Anthony Albanese refused to say if he will categorise gas as a sustainable investment in his green-rating framework for institutional investors or whether it would be listed as a “phase down” sector.
Albanese did reiterate the role of gas and green hydrogen, in assuring energy security and said, “We think that gas has an important role to play in the firming of renewables”.
ACCC takes The Good Guys to court
The ACCC has instituted proceedings in the Federal Court against The Good Guys for breaching of the Australian Consumer Law, when it allegedly made false or misleading representations about its store credit and 'StoreCash' promotions, and failing to provide store credit to eligible consumers.
The allegations involve a total of 116 The Good Guys promotions run between July 2019 and August 2023, in which consumers were offered a store credit or StoreCash if they spent a certain amount of money on qualifying products in its online or physical stores.
The ACCC alleges that The Good Guys represented that the only requirement to receive the store credit was to make a qualifying purchase, when that was not the case because consumers were also required to opt in to receive marketing communications in order to receive a store credit.
Also alleged is that The Good Guys represented that store credit or StoreCash would not expire or would expire after a reasonable period, when in fact, for the majority of promotions, it expired within seven to 10 days
Five at Five
Astral Resources identifies two new zones of gold mineralisation at Feysville
Astral Resources NL (ASX:AAR) has delineated two significant new zones of gold mineralisation that warrant follow-up testing at the Feysville Gold Project near Kalgoorlie in Western Australia.
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Riversgold exploration drilling “exceeds expectations” at Northern Zone Gold Project
Riversgold Ltd (ASX:RGL) has encountered supergene gold at much shallower depths than anticipated at the Northern Zone (NZ) Gold Project near Kalgoorlie in WA.
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Orthocell granted Medical Device Licence for Striate+™ by Health Canada
Health Canada has granted a Medical Device Licence (MDL) for the Striate+™ product of Orthocell Ltd (ASX:OCC, OTC:ORHHF) for use in guided bone regeneration in dental implant procedures.
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Lunnon Metals identifies potential new channel feature at Long South Gap
Analysis of 3D seismic data by Lunnon Metals Ltd (ASX:LM8, OTC:LNMLF) has identified a possible new channel feature with nickel potential at the Long South Gap target in Western Australia.
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Aurumin finalises divestment of 51% stake in Mt Palmer to focus on Sandstone
Aurumin Ltd (ASX:AUN) has finalised the divestment of 51% of the Mt Palmer Project in Western Australia’s Southern Cross region to Kula Gold Ltd (ASX:KGD).
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On your six
Business insolvencies rise 36.3% compared to last year as inflation bites hard
Construction, retail and travel companies are among the hardest hit in the latest raft of insolvencies, brought on by high interest rates, falling consumer spending and high material costs.
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One to Watch
Novo Resources and De Grey Mining launch extensive drilling program
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) executive co-chair and acting CEO Mike Spreadborough sits down with Proactive’s Jonathan Jackson to discuss the start of two drilling programs at the Becher JV Project
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