The ASX is riding higher today.
S&P/ASX200 had gained 34.80 points or 0.48% to 7,358.50, despite crossing below its 125-day moving average at time of writing.
The index has lost 1.11% for the last five days but sits 3.59% below its 52-week high.
Top-performing stocks so far are Orocobre Limited (ASX:ORE) up 5.62% and Codan (ASX:CDA) Limited up 5.57%.
Westpac takes a dive
One of the worst performers is Westpac – down 6.35% to $24.04 after its cash profit missed expectations.
Cash earnings for the year for September 30 were as high as 105% to $5.4 billion, or 33% to $7 billion excluding notable items.
However, this was under market expectations.
Further to this, Westpac’s second half was a shocker.
Earnings tumbled 49% to $1.8 billion (down 18% excluding notables) and expenses leapt 22% (9% excluding notables) in just six months.
On a positive note for Westpac, home loans surged $12 billion.
Commbank and climate change
Over at the Commonwealth Bank, it’s partnering with the CSIRO to develop a roadmap to help financial services companies manage and reduce climate change risks.
CBA will provide funding for the research as well as anonymised data and information from across a broad range of industries that are being impacted or are likely to be increasingly affected by climate change, such as manufacturing, infrastructure, and agriculture.
CSIRO will utilise the data to develop sectoral analysis and different scenarios. CBA will then overlay economic and financial insights to underscore the varying impacts on the Australian economy.
“CSIRO’s unique climate intelligence, supercharged by Australia’s largest data and AI network, and quantitative analytic capabilities can help financial institutions like Commonwealth Bank navigate an uncertain future,” CSIRO chief executive Dr Larry Marshall said.
“Australian businesses can lead our national response, especially when they have access to Australia’s world-class science and insights to guide meaningful, impactful investment in growth opportunities balanced by risk mitigation.
“It sounds impossible, the idea of science predicting the future, but solving the seemingly impossible is what science is for and giving business the power to get ahead of climate will enable them to build a more resilient and sustainable nation that is globally competitive and prosperous.”
Commonwealth Bank CEO Matt Comyn said, “We believe our collaboration with CSIRO will better inform our approach on how to play a leadership role in supporting Australia’s transition to a more sustainable economy.
“The best scientific insight, combined with our data and insights, means CSIRO and CBA are well placed working together to help businesses understand what risks they face, how they can adapt and what opportunities are available to create jobs and investment in a lower carbon economy.”
Commonwealth Bank is higher by just under 1%.
On the small cap front
Imugene Limited (ASX:IMU, OTC:IUGNF) is 8.08% higher. IMU and Eureka Therapeutics have entered into a strategic collaboration to evaluate Imugene’s CD19 oncolytic virus onCARlytics technology in combination with Eureka’s anti-CD19 ARTEMIS® T-cell therapy for the treatment of solid tumours.
Latitude Consolidated Ltd (ASX:LCD) is up 4.44%, following encouraging early indications from a second phase drilling program at the Murchison Gold Project with visible gold observed in reverse circulation (RC) drill chips.
Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) is up 4.17% as it looks to enter the expanding Swiss cannabis market.
Firefinch Ltd (ASX:FFX) is up 2.5%. FFX is raising funds to expand development and exploration activities at the Morila Gold Project and Goulamina Lithium Project in West Africa through a $25 million share purchase plan.
Aldoro Resources Ltd (ASX:ARN) is up 2.83%. ARN returned one of the best magmatic sulphide mineralisation intersections to date at VC1 target of the Narndee Igneous Complex in Western Australia.
FYI Resources Ltd (ASX:FYI) is up 2.6% having qualified to be upgraded to the US-based OTCQX market.
Marvel Gold Ltd (ASX:MVL) is up 1.39%. MVL kicked off an expansive new drilling program at Tabakorole Gold Project in southern Mali.