The ASX has been pushed higher by Materials (+3.11%) and Energy (+1.1%) stocks today.
The S&P/ASX200 gained 35.30 points or 0.48% to 7,341.70. Over the last five days, the index has gained 0.79% and is currently 2.99% off of its 52-week high.
The top-performing stocks in this index are Sayona Mining and Pilbara Minerals up 8.33% and 6.64% respectively.
Pilbara Minerals released its record quarterly production and sales result after market close on Monday which showed a 10% increase in production of spodumene concentrate to 162,800 tonnes in the June quarter – the highest quarter since commissioning.
It helped Pilbara meet the top end of its FY23 upgraded production guidance.
For FY23, Pilbara recorded 620,100 dry metric tonnes of concentrate production, 64% higher than FY22. Meanwhile, sales increased 22% to 176,300 tonnes but revenue fell 18% against the March quarter due to a 33% decline in average realised selling price offset by sales volume increases.
That price was 87% on FY22 and the full-year revenue result was a 238% increase to $4 billion.
Most sectors were in the red today, despite the upward momentum of the index itself. The biggest loser was Consumer Discretionary down 0.90%, followed by Utilities which lost 0.73%.
Interesting Barbie fact
Nasdaq-listed Mattel Inc (NASDAQ:MAT) has increased production of its Barbie toys after Barbie the movie took home an estimated $155 million in its opening weekend.
Shares of the toymaker soared after the movie was released. The company also released better-than-expected adjusted earnings of 3 cents a share, beating consensus estimates calling for a net loss of 5 cents a share.
Mattel shares jumped 7% to $21.97 in after-hours trading. The stock had already risen 81% in the past 12 months and 17% year-to-date through Tuesday’s close.
“Our overall performance this quarter and comprehensive topline growth is adding momentum to our transformation strategy,” CEO Ynon Kreiz said in the earnings release. “We are now firmly in growth mode and establishing Mattel as an IP-driven, high-performing toy company.”
Mattel would be keen to further capitalise on the momentum as the movie continues to make box office waves.
As Rosenblatt's director of research, Steve Frankel said, "Moviegoers embraced fresh ideas, rather than the steady stream of franchise films that have dominated the release calendar."
Five at five
On the small cap front, the S&P/ASX Small Ordinaries (XSO) lost 0.031%.
However, there was good news among some small caps.
Nexus Minerals identifies multiple LCT pegmatites in Merrimac mapping with lithium grades up to 2.85%
Nexus Minerals Ltd (ASX:NXM) has identified multiple lithium-caesium-tantalum (LCT) dykes with lithium grades of up to 2.85% in initial field mapping at the Merrimac LCT Project in northeast Victoria.
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Talon Energy welcomes first flow of gas to surface from Mongolian CSG joint venture
Talon Energy Ltd (ASX:TPD) has progressed its strategy to provide a new energy source to Mongolia and its neighbour China with the first gas from the Lucky Fox-1 pilot well at the Gurvantes XXXV CSG Project flowed to the surface and flared.
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archTIS earns Ellect's praise as most inclusive information security company on ASX
archTIS Ltd has received high praise from Ellect as the most inclusive information security company on the Australian Securities Exchange (ASX), shattering barriers by ensuring women are represented at every level of its leadership team.
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Surefire Resources achieves 4N high purity alumina; potential for Victory Bore Vanadium Project value-add
Surefire Resources NL (ASX:SRN) has delivered encouraging results from test work, confirming the synthesis and production of 4N high purity alumina (HPA) from its Victory Bore Vanadium Project in Western Australia.
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Gold Hydrogen buoyed by CSIRO survey that detects hydrogen in multiple Ramsay locations
Gold Hydrogen Ltd (ASX:GHY) is encouraged by the results of an experimental Stage 1 soil gas survey by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) across the mainland part of the Ramsay Project on South Australia’s Yorke Peninsula.
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On your six
Australian Government blocks Chinese-linked acquisition of lithium miner
The Australian Government, led by Treasurer Jim Chalmers, has blocked the acquisition of a majority stake in lithium miner Alita Resources by Austroid Corporation, a company with ties to China.
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The one to watch
QMines to begin drilling new Artillery Road discovery
QMines Ltd (ASX:QML) MD Andrew Sparke tells Proactive the company will shortly commence drilling at the newly discovered Artillery Road Prospect within its flagship Mt Chalmers Copper and Gold Project in central Queensland.
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