The ASX has lifted today. The S&P/ASX200 had gained 24.50 points or 0.34% to 7,301.50 just prior to market close after setting a new 20-day low. Over the last five days, the index is virtually unchanged but is currently 3.52% below its 52-week high.
The top-performing stocks in this index are Lake Resources NL (ASX:LKE, OTCQB:LLKKF) and G.U.D Holdings Ltd up 19.05% and 14.87% respectively.
Lake shared results from recent testing at its Argentina-based Kachi project.
"Successful testing has proved the concept of extraction and injection to support the production of high purity battery grade lithium carbonate at the Kachi lithium brine project," Lake chief executive David Dickson said.
“The testing confirms highly favourable reservoir hydraulic properties and allows us to optimise the future wellfield."
Looking at the sectors, Health Care was the best-performed, up 3.11%, while Information Technology gained 1.83%. Real Estate was the hardest hit, losing 0.58%.
Today’s wage data had a lot to do with the market’s gains.
As we wrote earlier “annually, wages rose by 3.6%, a figure that remains near the highest levels seen in more than a decade. Wage rises were higher than in the same period last year, as cost of living and labour market pressures were considered in organisations’ salary reviews.
“However, that growth rate was lower than most economists, including those at the Reserve Bank, were expecting.”
Read more: RBA hold decision made in recognition of "acute financial challenges"
Challenging start for new CSL CEO
CSL reported its earnings, as it tries to arrest its slide. Results were solid but there is a lot of work to be done to keep shareholders pleased.
"It’s been a challenging start for CSL’s new CEO Dr Paul McKenzie, with shares dropping by 13% in the last six months as he attempts to fill the big shoes left by his predecessor, Paul Perreault,” eToro analyst Josh Gilbert said.
“Today’s results were still solid despite the downgrade last quarter, with revenue growth up 31% year-over-year to US$13.31 billion, reaching above estimates. Underlying profit, meanwhile, jumped 10% to US$2.61 billion.
“This was led by solid immunoglobulin sales that rose 21%, alongside record plasma collections at 31%. These key areas drove overall growth in CSL’s Behring unit, which was a major factor in helping it overcome the currency headwinds it had warned investors about earlier in the year.
“Shareholders will be pleased with today’s results despite the drop in share value so far this year, especially given that its FY24 guidance remained firm. Underlying profit sitting at a constant currency basis between US$2.9 billion and US$3 billion will provide the peace of mind many investors may be seeking for the financial year ahead.
“Healthcare has been the worst-performing sector on the ASX this year but the sector is on investors' watchlists with an economic slowdown on the horizon. CSL might just be at the top of that list after today thanks to a robust set of results, decent guidance and a healthy dividend to match."
Five at five
ASX small caps had a good day, with the S&P/ASX Small Ordinaries gaining 0.20%.
Blue Star Helium secures key feed compressor for Voyager development
Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF) has made further progress in its plan to deliver first helium production from the high-grade Voyager discovery in Las Animas County of Colorado by the end of the year with key feed compressor infrastructure secured.
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Stelar Metals returns results in excess of 5% lithium in rock chip samples from Trident
Stelar Metals Ltd (ASX:SLB) has completed a successful reconnaissance sampling program over its newly acquired Trident Lithium Project near Broken Hill in NSW, strongly establishing the prospectivity of the tenure with rock chip and soil sample results of more than 5% and 1,756 parts per million (ppm) lithium respectively.
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Queensland Pacific Metals lauds success in producing nickel sulphate from pilot test-work
Queensland Pacific Metals Ltd (ASX:QPM) has found success in producing nickel sulphate that meets the specifications of offtake partners at a refinery pilot plant for the Townsville Energy Chemicals Hub (TECH) Project.
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European Lithium doubles Wolfsberg Project footprint on grant of new licences
European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has taken another step toward becoming Europe’s first local producer of battery-grade lithium on being granted new mining licences and extensions which double the footprint of the advanced Wolfsberg Lithium Project in Austria.
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Celsius Resources welcomes MCB Copper-Gold Project feasibility study approval
Celsius Resources Ltd (ASX:CLA, AIM:CLA) is closing in on a mineral production sharing agreement (MPSA) with the Philippine Government after receiving approval for a feasibility study for its flagship Maalinao-Caigutan-Biyog (MCB) Project in northern Luzon.
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On your six
Surge in ATO impersonation scams targeting taxpayers this season
As the tax season unfolds there's a sharp spike in malicious campaigns impersonating the Australian Tax Office (ATO), targeting unsuspecting taxpayers via SMS and email, according to recent reports.
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The one to watch
OD6 Metals sees strong potential to expand Splinter Rock
OD6 Metals Ltd (ASX:OD6) managing director Brett Hazelden tells Proactive the company has extended the Centre and Prop prospects at the Splinter Rock clay-hosted rare earths project in Western Australia, with a phase 3 drilling program to identify a strike length of 16 kilometres and 11 kilometres respectively.
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