The Australian share market is up 3.10 points today to 7,501.40.
Top-performing stocks were Boss Energy Ltd and Paladin Energy (ASX:PDN) Ltd, reflecting the energy sector’s good run, up 9.23% and 7.88% respectively.
Over the last five days, the index is virtually unchanged but is currently 1.72% below its 52-week high.
The index has lost 0.62% for the last five days but is virtually unchanged over the last year to date.
As we’ve seen, the woes of the other sectors didn’t seem to afflict Energy stocks, which were up 2.21%, or Communications Services, up 1.17%, but everything else hovered around even, with Materials (-0.78%) and Health Care (-0.64%) creating the biggest lag after lunch.
Santos to resume pipeline construction
In business news that is bound to whet the appetite of the commodities markets, Australian gas giant Santos has had a victory in the Federal Court, which has granted it permission to resume the construction of an underwater pipeline for its A$5.7 billion Barossa Gas Project in the Timor Sea, north of Darwin.
This development follows a legal challenge from a group of Tiwi Islands elders, who had raised concerns about the project's potential impact on underwater sacred sites. The court's decision allows Santos to continue with its plans for laying the pipeline, which is a significant component of the Barossa project.
In November last year, Santos was compelled to pause its pipeline construction after the Tiwi Islands elders, represented by the Environmental Defenders Office, sought an urgent injunction.
The elders argued that the company's environmental assessment failed to adequately address the potential damage to underwater cultural heritage sites and sacred dreaming places located near the pipeline's proposed route, about seven kilometres west of the Tiwi Islands.
The recent court ruling permits Santos to proceed with the pipeline construction, intended to transport gas to Darwin for export as Liquefied Natural Gas (LNG) to South Korea and Japan. Additionally, the court has ordered the applicants to bear Santos' legal costs.
The five at five
Orthocell appoints former Deputy Prime Minister Kim Beazley as a director
Orthocell Ltd (ASX:OCC, OTC:ORHHF) has welcomed a household Australian name to its board of directors – former Australian US Ambassador and Governor of Western Australia, Deputy Prime Minister,and Minister for both Defence and Finance, Kim Beazley.
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Azure Minerals confirms major lithium mineralised system at Andover’s TA3
Azure Minerals Ltd (ASX:AZS, OTC:AZRMF) has confirmed the presence of a major lithium mineralised system during diamond drilling at Target (NYSE:TGT) Area 3 (TA3) within the Andover Lithium Project in Western Australia.
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Krakatoa Resources extends LCT winning streak at King Tamba
Krakatoa Resources Ltd (ASX:KTA) has intersected several zones of mineralisation enriched in lithium and caesium with minor rubidium beneath high-grade lithium oxide rock at King Tamba’s Wilsons-Loader-MGM prospects in Western Australia.
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Tamboran Resources takes equity raise to A$55 million on completing retail offer
Tamboran Resources Corporation (OTC:TBNRF, ASX:TBN) has taken recent capital raising proceeds to A$55 million after completing the retail component of its accelerated non-renounceable pro rata entitlement offer on a 1 for 6.2 basis for $14.2 million.
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Emyria kicks off year with $2.5 million R&D incentive on the heels of Authorised Prescriber status
Emyria Ltd (ASX:EMD) has received a Research and Development (R&D) Tax Incentive refund of $2,527,316 for research activity performed during the 2022-2023 financial year.
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On your six
Oil price rises after US and UK strike against Iran-backed Houthis
Oil prices surged on Friday following airstrikes led by the US and the UK against Houthi rebels in Yemen. Brent crude saw a 4.3% increase, surpassing US$80 per barrel (A$119), although it later stabilised to US$78.29.
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The one to watch
Great Boulder Resources moves forward at Wellington while focus remains on Side Well
Great Boulder Resources Ltd (ASX:GBR) managing director Andrew Paterson sat down with Jonathan Jackson in the Proactive Australia studio to discuss large-scale zinc-lead soil anomalies identified at the Wellington Base Metals Project in the Earaheedy basin of WA.
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