The benchmark ASX 200 ended 0.30% higher driven by strength in Utilities and Tech stocks.
Company earnings dominated the headlines today with half-year results for a number of big names.
After providing upgraded operating profit guidance, AGL Energy (ASX:AGK) shares jumped more than 10%. The energy company delivered a statutory profit of $576 million for the half year to December 31, a sharp improvement on the $1.1 billion loss in the same period a year earlier. That result came despite a fall in energy customer numbers and lower energy use.
AGL CEO Damien Nicks explained, "Our first half result was driven by improved fleet availability and flexibility, more stable market conditions, along with the impact of higher wholesale electricity pricing from prior periods being reflected in pricing outcomes and contract positions.”
Cochlear increased its earnings outlook for FY2024, projecting earnings of A$385-A$400 million, or growth of 26% to 31%, driven by robust implant revenue. Cochlear shares were up 4.56% on the news.
REA Group announced a 16% increase in its dividend following a 22% rise in net profit to A$250 million for the half-year, althoug teh company's shares closed 3.7% lower.
Toll road operator Transurban disclosed expectations for dividends to increase by 7% in financial 2024, buoyed by net profits which more than quadrupled to A$230 million.
News Corp (NASDAQ:NWSA) shares saw a 7% increase after reporting a 95% rise in its second-quarter profit to US$183 million, with sales growing by 3% to US$2.52 billion.
Mirvac Group, however, reported a swing to a statutory loss of A$201 million for the half-year, compared to A$215 million in the prior first half period. Its operating profit also fell 17% to A$252 million.
Charter Hall's results were impacted by rising finance costs, leading to a 7.1% decrease in operating earnings and dividends.
Five at five
Lanthanein Resources has boots on the ground at Lady Grey Lithium Project for extensive soil sampling
A team of exploration contractors has started an extensive tenement-wide soil sampling program at the Lady Grey Lithium-Tantalum Project of Lanthanein Resources Ltd (ASX:LNR, OTC:FRNRF) at Mount Holland in the Forrestania Greenstone Belt in Western Australia.
Surefire Resources lifts vanadium recovery to 97% in reduced leach time of just 24 hours
Surefire Resources NL (ASX:SRN) has further improved the recovery of vanadium in a second phase of laboratory test work on magnetite concentrate from the Victory Bore Vanadium Project in Western Australia.
Lithium Australia – exposure to entire lithium value chain, with green cred to boot
There aren’t many companies that are involved in upstream and downstream materials operations as well as the circular economy but this is the point of difference of Lithium Australia Ltd (ASX:LIT, OTC:LMMFF).
Torque Metals sets “substantial” initial lithium exploration target from just 40% of New Dawn
Torque Metals Ltd (ASX:TOR) has established a “substantial” initial exploration target for the New Dawn Lithium Project, which is just 600 metres east of the active Bald Hill Lithium-Tantalum Mine operated by Mineral Resources.
Aldoro Resources higher on mapping niobium dykes to more than 200 metres of strike at Kameelburg
Aldoro Resources Ltd (ASX:ARN) is trading higher as it continues to advance a fieldwork program focused on mapping niobium-rich dykes at the Kameelburg Rare Earth Elements (REE) Project in Namibia, extending intermittent strike length to more than 200 metres with multiple narrow dykes identified
On your six
Cannabis extract increases death rate of melanoma cancer cells in-vitro
A study conducted by Charles Darwin University (CDU) and RMIT has investigated programmed cell death caused by cannabis extract cannabinoid PHEC-66 in in-vitro melanoma tumours.
One to watch
Sarytogan Graphite hits major milestone with graphite used in lithium-ion batteries
Sarytogan Graphite Ltd (ASX:SGA) CEO Sean Gregory sits down with Jonathan Jackson to discuss a major technical milestone with Sarytogan’s graphite now used in lithium-ion batteries.