The ASX 200 ended the day flat amid a busy day of earnings reports. Strength in Utilities and the Tech sectors contrasted against weakness in Consumer Discretionary and Telcos and the banks.
Stronger-than-expected iron ore prices were behind Fortescue’s 41% lift in first-half net profit to US$3.33 billion ($5.1 billion) — which exceeded analysts’ expectations. It also declared a fully franked $1.08 interim dividend, which represents a 44% lift. Fortescue (ASX:FMG) gained 1.61% to $27.69 today.
Following Rio Tinto’s report of a US$11.8 billion ($18 billion) underlying full-year profit yesterday, broker Citi has kept a buy rating on the miner with a price target of $145. Rio fell 1.25% today to $124.23.
Qantas reported a 13% drop in underlying earnings for the half-year to December 31. Underlying profit before tax met analyst expectations at $1.25 billion, while the company flagged a $400 million share buyback and a plan to boost spending on planes in 2025 to $3.5 billion - $3.7 billion. Qantas shares lost 6.26% to $5.24.
In the lithium space, Pilbara Minerals’ profit fell as a result of the lithium price crash over the half year to December 31, while IGO said its profits were down 53% on the back of the weak lithium price.
Interestingly, Japanese shares have hit their highest level since 1989 as shares in technology and semiconductor chips rallied across the Asia Pacific, and a weak Yen supported corporate profits.
Five at five
Anson Resources begins lithium resource drilling at Green River
Anson Resources Ltd (ASX:ASN, OTCQB:ANSNF) has kicked off a resource drilling program with the Bosydaba 1 well at the Green River Lithium Project in the Paradox Basin, in south-eastern Utah, USA.
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archTIS welcomes 'record-breaking' half-year financials and strategic wins
Global technology company archTIS Ltd has recorded a performance it describes as "record-breaking" for the half-year ended December 31, 2023.
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Green Technology Metals adjusts to market challenges as it builds vertically integrated lithium business in Ontario
Seeking to optimise expenditure and cash outlay in response to current market conditions, Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF) has provided a strategic update as it advances its projects towards becoming the first lithium concentrates and chemicals business in Ontario, Canada.
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Auric Mining set for “very lucrative” year with new gold toll mill contract for minimum 300,000 tonnes
Auric Mining Ltd (ASX:AWJ) is set for a “very lucrative” year at the Jeffreys Find gold joint venture after executing a toll milling agreement with the Greenfields Mill at Coolgardie to process a minimum of 300,000 tonnes of ore.
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Miramar Resources makes positive progress in nickel-copper-PGE quest at Bangemall
Miramar Resources Ltd (ASX:M2R) continues to progress exploration activities at its large 100%-owned Bangemall Project in Western Australia as it works towards a maiden drill program and seeks to open up Bangemall region as a new nickel-copper province.
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On your six
Investment spotlight turns to West Pilbara, particularly its battery metals bounty
The massive iron ore mines of BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue might be the first thing that comes to mind when thinking of the Pilbara In WA, but is also in the spotlight for other minerals including gold, copper, base metals, manganese and increasingly the key battery metal of lithium.
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One to watch
Orthocell raising $3.5 million; adds heavy hitters to register
Orthocell Ltd (ASX:OCC, OTC:ORHHF) managing director Paul Anderson sits down with Jonathan Jackson in the Proactive studio to discuss the company’s $3.5 million capital raise and the addition of some heavy hitting investors to the share register.
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