The ASX clawed its way into the green today, gaining 0.44% or 31.60 points to 7,256.40, but was unable to recover to last week’s levels of 7,300 or so after setting a new 20-day low.
The sectors were largely higher across the board, with Energy leading the way up (+1.55%) and Real Estate (+1.38%) not far behind as Utilities (-0.93%) languished.
Commodities were a different story, mostly flat with minor movements except for silver, shedding 1.41%, and platinum, up 3.52%.
Nickel (+1.21%) and lead (+1.60%) also gained ground, while West Texas crude fell 0.90%, now down 4.56% for the last month.
The top performers for the day were De Grey Mining Limited (ASX:DEG), up 7.34%, and Telix Pharmaceuticals Limited, up 5.78%.
De Grey’s gains were likely caused by a broker note from Macquarie this morning, which retained its outperform rating and a $1.90 price target on the precious metal company’s shares.
Telix, on the other hand, posted its 2022 full-year results, which revealed a 20-fold increase in revenue for the company’s first year of commercial sales.
ASIC brings greenwashing lawsuit
The Australian Securities and Investment Commission (ASIC) has taken the first Australian company to court over alleged greenwashing, a predatory marketing technique ASIC has had its eye on for more than a year.
Mercer Super, a retail corporate superfund that offers pre-mixed combinations of asset classes, has been sued over the alleged greenwashing, with ASIC alleging “misleading statements about the sustainable nature and characteristics of some of its superannuation investment options”.
“This is the first time ASIC has taken an Australian entity to court regarding alleged greenwashing conduct and it reflects our continuing efforts to ensure sustainability-related claims made by financial institutions are accurate,” ASIC deputy chair Sarah Court said.
The case relates to seven 'sustainable Plus' investment options offered by the company, which were marketed to members with a “deep commitment to sustainability” based on the exclusion of companies related to fossil fuels, alcohol and gambling.
ASIC says the products invested in at least 15 companies involved in the extraction or sale of fossil fuels, including energy and resource giants like AGL Energy (ASX:AGK), BHP Group, Glencore and Whitehaven Coal.
The regulator also pointed to investments in 15 alcohol-related companies and 19 gambling companies.
The court case will seek to prohibit Mercer from advertising the allegedly false claims, while also seeking declarations and penalties from the company.
ASIC chair Court says other companies should take note.
“If financial products make sustainable investment claims to investors and potential investors, they need to reflect the true position,” Court said.
“If investments in certain industries like fossil fuels are said to be excluded, this promise must be upheld.”
ASIC has already slapped companies with $140,000 in fines since greenwashing became a core focus, and the regulator says it is actively investigating listed entities, super funds, and managed funds.
The five at five
Westar Resources maps Olga Rocks potential, identifying possible 1.4-kilometre lithium prospective strike
Westar Resources Ltd (ASX:WSR) is designing a drilling program to follow up on a 1.4-kilometre lithium-caesium-tantalum (LCT) pegmatite strike at the Olga Rocks Project in Western Australia, intending to investigate three potential lithium-prospective corridors.
Magnetite Mines confirms flowsheet and pellet feed potential on path to supply 'green steel' producers
Magnetite Mines Ltd (ASX:MGT) has completed extensive metallurgical test-work studies for the Razorback Iron Ore Project in South Australia, determining the processing flow sheet and optimising for ore body variability. The company’s studies estimate iron ore grades above 68% iron from this flowsheet, above the direct reduction (DR) cut-off of 60% iron.
Castillo Copper encouraged by REE metallurgy tests from Broken Hill
Castillo Copper Ltd (ASX:CCZ, LSE:CCZ) has fielded encouraging initial test results on a composite sample from the Fence Gossan Prospect at Broken Hill that confirm rare earth elements (REEs) can be readily separated from clay and potentially beneficiated to a higher-grade concentrate.
Incannex Healthcare begins Phase 2 rheumatoid arthritis trial with IHL-657A candidate
Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL) has kicked off a Phase 2 clinical trial, testing the safety and efficacy of its IHL-657A drug candidate in patients with rheumatoid arthritis.
Global Health sets up cloud-based inpatient solution at new ‘boutique’ private hospital in western Sydney
Global Health Ltd (ASX:GLH) has deployed its MasterCare inpatient electronic medical record (EMR) software as a service (SaaS) solution at Australia’s newest private hospital, Matilda Nepean.
Can mining solve the energy transition?
Geopolitics, sustainability and the global energy transition: David Woodall
“Whether you're left or right, I don't care,” Aura Energy Ltd (ASX:AEE, AIM:AURA)'s Woodall says. “We've got to have a mature conversation, for the sake of future generations, about how to resolve this issue."