The ASX traded sideways today to close slightly higher as investors remain wary around the situation in the Middle East and US markets inched higher overnight.
The property sector led the gains today, up 1.4%, as Mirvac Group and Dexus rose by over 2.3%, and Goodman Group (ASX:GMG), Scentre, Stockland and GPT GROUP (ASX:GPT) each added more than 1%. Support came from a ratings update from Barrenjoey analysts who have an upbeat outlook on the financing environment on the sector.
“The financing environment has improved for commercial property in Australia given materially lower swap rates, tighter margins on offer for new debt and increased willingness of banks to lend” Barrenjoey stated.
Utilities were the worst of the lot today, down 0.41%, led by falls in Origin Energy and APA Group (ASX:APA).
Origin announced it has abandoned plans for a hydrogen hub in the Hunter Valley in NSW and will cease work on all hydrogen development opportunities.
The company’s decision to exit the proposed Hunter Valley Hydrogen Hub project was to do with the risks associated with developing capital-intensive projects of that nature, and the pace and timing of development of the hydrogen market.
Origin CEO Frank Calabria said,“it has become clear that the hydrogen market is developing more slowly than anticipated and there remain risks, and both input cost and technology advancements to overcome.
“The combination of these factors mean we are unable to see a current pathway to take a final investment decision on the project.”
Minister for Climate Change and Energy Chris Bowen said the decision was disappointing for the workers and businesses developing the hydrogen hub.
However, Calabria did say the company had worked hard to evaluate the investment case for hydrogen and still believes hydrogen could play a role in the future energy mix.
Five at Five
Provaris Energy meets exacting RED II carbon-emission standard for compressed hydrogen supply chain
Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) continues to enhance its compressed hydrogen supply chain strategy, with recent progress on efforts to meet the European Union’s Renewable Energy Directive II (RED II) emissions standards for the bulk transportation of hydrogen.
Read more
Solis Minerals stakes more ground in prolific Peruvian Coastal Copper Belt with Canyon Project acquisition
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has laid claim to more ground along the Coastal Copper Belt in Peru, staking out the Canyon Project with 27 exploration concession applications covering 25,600 hectares.
Read more
Lumos Diagnostics garners US funding to support FebriDx® bacterial test study and FDA application
Biotech Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) has secured US$2,984,571 in non-dilutive funding from the US Biomedical Advanced Research and Development Authority (BARDA) for its FebriDx® asset, which can rapidly test whether an infection is bacterial or non-bacterial.
Read more
International Graphite’s Springdale Project continues to impress with shallow, high-grade graphite mineralisation
International Graphite Ltd (ASX:IG6) continues to build confidence in its graphite resource – the second largest in Australia – with more shallow, high-grade graphite mineralisation revealed in drilling at the Springdale Project in WA.
Read more
FireFly Metals extends high-grade copper mineralisation at Green Bay ahead of resource update
Another set of strong drilling results from FireFly Metals Ltd (ASX:FFM) has further extended the known high-grade copper mineralisation at the Green Bay Copper-Gold Project in Newfoundland, Canada, ahead of an upcoming resource update.
Read more
On your six
Tech Bytes: Is coffee the future of battery chemistries? UNSW research paves way to new food-based chemistries
A novel lithium-ion battery chemistry developed by UNSW chemists using food-based acids could offer a pathway to cheaper batteries while also reducing impacts from food waste on the environment and the economy.
Read more
One to watch
Lightning Minerals receives encouraging lithium results in Brazil
Lightning Minerals Ltd (ASX:L1M) has received promising assay results from initial soil sampling at the Canabrava Project (formerly Sidrônio) in Minas Gerais, Brazil.
Watch more