The ASX is trading higher today, hitting a six-week high up 0.7% on low volumes.
S&P/ASX200 had gained 29.60 points or 0.40% to 7,445.10 at the time of writing.
Over the last five days, the index had gained 0.87% and is currently 2.46% off its 52-week high.
The top-performing stocks so far are Mineral Resources Limited (ASX:MIN) up 8.37% and Unibail-Rodamco-Westfield SE up 4.82%.
Telstra Corporation Ltd (ASX:TLS)’s joint $1.6 billion acquisition with the Federal government of Digicel, along with Origin Energy Ltd (ASX:ORG) executing an agreement with global energy investor EIG to sell a 10% stake in Australia Pacific LNG for $2.12 billion has kept the market busy.
Origin will retain a 27.5% stake in the business and board representation.
“Divesting a 10% interest allows Origin to crystallise some of the significant value we have created in Australia Pacific LNG, while retaining upside to further value creation through a continuing substantial shareholding,” Origin chief executive Frank Calabria says.
“Origin will continue our important role as upstream operator of the world-class Australia Pacific LNG asset.
“A diverse asset portfolio, combined with strategic investments over the past 18 months, have put Origin in a strong position to lead the energy transition. The material cash injection from this divestment provides further flexibility to deliver returns to shareholders and pay down debt, while allowing Origin to accelerate investment in growth opportunities.”
Future fund delivers strong return
Australia’s sovereign wealth fund, The Future Fund, has delivered a 1.2% return during FYQ2, pushing its value to $199 billion.
The fund has defied the fall of global equity markets during the quarter.
“Listed equity markets fell during September, while our exposure to infrastructure increased with the financial close of our investments in Telstra’s network of mobile tower sites and Tilt Renewables (ASX:TLT)’ Australian portfolio via the Powering Australian Renewables partnership,” Future Fund’s chief executive Raphael Arndt said.
“More broadly we continue our work to position the investment program and our organisation for the long-term. COVID-19 has accelerated and catalysed changes in the investment environment including in the way households, businesses and markets operate and how countries and economies interact. We are working hard to incorporate our assessment of these paradigm shifts into our decision-making over the long-term.”
On the small cap front
Astro Resources NL (ASX:ARO) is up 25%. ARO started a diamond drill program at its Needles Gold Project in Nevada, US, ahead of schedule due to the unexpected availability of a drill rig.
Montem Resources Corp is up 11.11% having appointed Will Bridge as chair of its Tent Mountain Energy Transition Steering Committee, the next step in plans to transition the Tent Mountain Project in Alberta, Canada, into a renewable energy complex.
Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) is up 9.09% after it announced the acquisition of ImpACTIVE assets through a newly incorporated Creso subsidiary, Creso ImpACTIVE Ltd.
Calima Energy Ltd (ASX:CE1) is up 8.33% at time of writing. CE1 released its preliminary 2022 plan outlook … and it looks bright.
West Wits Mining is up 7.32% so far today as it advances radioactive exploration over its flagship Witwatersrand Basin Project (WBP) in South Africa.
BlackEarth Minerals NL (ASX:BEM) is up 4.17%. BEM appointed leading Australian businesswoman and business advisor Heather Zampatti to its board .
Sprintex Ltd (ASX:SIX) is up 4% after it secured a Strategic Procurement and Cooperation Agreement with Chinese Nanjing RGE Membrane Tech Co Ltd to develop and supply standalone air supply systems used in the water treatment industry in China.
Moho Resources Ltd (ASX:MOH) is up 1.59%, completing a bookbuild for a strongly supported $1.51 million capital raising to fund its acquisition of a granted exploration licence and technical information pertaining to six project areas in Western Australia from Whistlepipe Exploration Pty Ltd.