The ASX is higher today.
The S&P/ASX200 gained 67.80 points or 0.82% to 8,317.30 after setting a new 20-day low. The index has lost 0.90% for the last five days but sits 2.32% below its 52-week high.
The top-performing stocks in this index are PEXA Group Ltd and Westgold Resources, up 9.01% and 4.64% respectively.
Looking at the sectors, only Energy moved downward in a meaningful way, falling 1.18%. The best performers were Real Estate, Health Care and Industrials which gained 1.52%, 1.33% and 1.28% respectively.
Small cap gains
As for small caps, the S&P/ASX Small Ordinaries gained 0.55% today to 3,105.90 but is down 1.84% over the last five days.
Cyclone Metals Ltd (ASX:CLE) followed up yesterday's strong showing with another 32.44% increase to a daily high of $0.049 while Sprintex Ltd (ASX:SIX) jumped 18.19% to $0.057 on another distribution deal and Buru Energy Ltd (ASX:BRU, OTC:BRNGF) climbed 11.43% to $0.039 on the back of a project update.
Other gains in the sector were made by Element 25 Ltd (ASX:E25, OTCQX:ELMTF), which hit $0.28, a 9.81% increase on the previous close, Yandal Resources Ltd (ASX:YRL) reached a high of $0.21, a move of 7.7%, Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) jumped 7.49% to $0.775 after success in rehabilitation activities in Malawi and Dynamic Metals Ltd (ASX:DYM) was up by 5.56% to $0.285.
PEXA’s new CEO
PEXA Group Ltd has appointed Russell Cohen as group managing director and CEO effective March 31, 2025.
Cohen is currently group MD of operations at Grab, a multinational technology company, where he oversees business performance, operations, platform safety and market expansion. He leads a team of 3,000 staff across seven countries and has been instrumental in driving Grab’s strategic growth throughout the region.
Prior to his tenure at Grab, Cohen served as board director and vice president of business development and corporate strategy at SoftBank C&S in Tokyo. He assumed this role following SoftBank’s acquisition of Brightstar Corp, where he was regional managing director for Asia. At Brightstar, he managed operations across nine markets and established the company’s Greater China business in Hong Kong.
PEXA Group chair Mark Joiner highlighted Cohen’s extensive experience as a senior technology executive in the Asia Pacific region, stating: “The appointment follows a rigorous external search process to identify a leader capable of building on the significant progress achieved over the past five years under Glenn King’s leadership.”
Commenting on his appointment, Cohen said he was excited to be part of an organisation.
“PEXA has significant opportunities ahead to leverage its core strength as a platform and digital solutions business. My ambition is to create sustainable value for shareholders, customers, employees and other stakeholders through disciplined strategic execution and clear focus on returns.
"I’m pleased to return to my hometown of Melbourne to join the team and work with the leadership in Australia and the UK. PEXA’s future is an exciting one and I look forward to building on the solid strategic foundations established under Glenn’s leadership.”
Westgold evaluates Fortnum expansion
Westgold Resources Ltd (ASX:WGX, OTC:WTGRF) is conducting a portfolio asset review and has released a summary of a scoping study assessing the potential expansion of its Fortnum Gold Operation, 140 kilometres north of Meekatharra in Western Australia’s Murchison Region.
“Westgold’s review of its expanded portfolio of assets to determine where the best opportunities exist to enhance profitability is advancing, with the Fortnum Expansion Study the first to be completed,” Westgold managing director and CEO Wayne Bramwell said.
“Fortnum is a mature, yet under-drilled asset and is one of Westgold’s most profitable and productive operations, with the Starlight mine having produced over 800koz of gold over its life.
“The scoping study contemplates a modest upfront capital investment to deliver a long-life, fully integrated open pit and underground project of increased scale, supported by an expansion of our existing processing plant to 1.5 million tonnes per annum.
“Given Fortnum is currently operational, many of the assumptions utilised in the scoping study are considered materially derisked by the company. Having passed this stage gate, our technical team will accelerate open pit drilling across Fortnum and Peak Hill as the next step of project evaluation.”
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