Hallelujah! Tech has rallied, which has helped pushed the ASX higher again at market close.
The S&P/ASX200 gained 20.30 points or 0.28% to 7,288.60 and crossing above its 20-day moving average. Over the last five days, the index has gained 2.98%, but is down 2.10% for the last year to date.
The top performing stocks in this index for the day were Bapcor Ltd up 9.62% and Megaport Ltd (ASX:MP1) up 8.30%.
Earlier in the day, Block Inc CDI (NYSE:CDI) was the best performing company on the market, up 9% to $157.01. It finished at $157.99.
Killi soars on IPO
Killi Resources Ord Shs killed it, more than doubling its value in the first two hours of trading.
Killi, a gold and copper explorer with four project throughout WA and Queensland, made its debut on the ASX today listing at 20¢ a share before soaring 120% to 44¢ and finishing at 50 cents.
“We are pleased to see the support of past shareholders and also welcome new shareholders to the company in the IPO,” Killi chief executive Kathryn Cutler said.
“We now look forward to executing our exploration strategy across our portfolio with the aim of discovering new mineral deposits.”
Proxy vote fails
The Senate voted against Federal Treasurer Josh Frydenberg’s proxy advisor regulatory reforms.
The reforms were meant to increase transparency and accountability within the proxy advice industry and would have forced advisors to get an Australian Financial Services Licence, and for proxy advice firms to provide their advice to companies before announcing it.
Proxy advisors consult to investors about how to vote on matters requiring shareholder approval
The regulatory changes failed to receive cross-bench support.
In a statement, the Treasurer said "today the Labor Party has sided with the Greens again to roll back reforms designed to improve the accountability and transparency of the proxy advice and superannuation sectors".
"They opposed the most significant changes to super in 30 years which are expected to deliver around $18 billion in savings for members. They opposed the need for litigation funders to hold an Australian Financial Services Licence which is now law. And now they have voted against superannuation funds disclosing to their members how they voted on company resolutions.
"Our reforms were designed to strengthen the integrity of our corporate governance regime and ensure more consistent regulation across the financial services industry," he said.
Contrary to the Treasurer’s statement, Senator Rex Patrick, who moved the disallowance motion, Tweeted that it was “a big defeat for (the Treasurer) and his big business donors, bit a great win for everyday Australians”.
Labor, unions, the proxy advice industry and super funds industry have all opposed the reforms, while it was supported by big businesses and company directors, who have expressed frustration around the influence of proxy advice firms.
Representing small investors is the Australian Shareholders Association, which believes the reforms would tip the balance of power away from shareholders and to companies.
The house of mouse delivers grouse results
Over in America, Disney has taken the reporting season by storm.
eToro analyst Josh Gilbert had this to say, “Disney announced its FQ1 earnings today of US$1.06 per share on revenue of US$21.82 billion, compared to analyst expectations of US$0.57 per share on revenue of US$20.84 billion.
"This was a stellar report for Disney all in all, beating on both the top and bottom lines, and its most important revenue segments delivering in spades.
"The company’s Disney+ streaming platform beat expectations in terms of subscriber numbers, delivering 11.8 million new subscribers for the quarter (up from 2 million in FQ4). Not only smashing through Wall Street analysts’ forecasts, Disney also had stronger numbers than that of competitor Netflix which only delivered 8.2 million subscribers during the quarter.
"Disney+ is anticipated to continue its expansion into new markets during the next few years, including the Middle East and Eastern Europe, aiming to reach more than 100 million people. Disney intends to spend US$33 billion on content in 2022, which will likely boost its long-term growth, but consequently impact short-term profitability. Furthermore, this should aid its main goal of reaching 230 million subscribers by 2024.
"Disney’s theme park revenue also outperformed for the quarter at US$7.2 billion, compared to analyst estimates of US$6.13 billion. This was more than double the same period last year and the highest revenue since the pandemic began, indicating that consumers are eager to get back to normal life. Disney delivered USD$2.45 billion operating income in its park segment, 90 per cent above forecasts.
"Kicking off 2022, this report offers a lot of positivity for Disney investors, following its weak earnings last quarter. With park revenues returning to pre-pandemic levels, overall company earnings climbing by more than 200% and Disney+ subscribers continuing to soar, Disney is returning as a conglomerate powerhouse."
On the small cap front
- Infinity Lithium Corporation Ltd finished 29.03% higher.
- Volt Resources Ltd finished 14.29% higher.
- Alice Queen Ltd finished 12.50% higher.
- PVW Resources NL finished 9.70% higher.
- GTI Resources Ltd finished 9.09% higher.
- Aeris Resources finished 7.41% higher.
- Sovereign Metals Limited finished 6.38% higher.
- Ioneer Ltd is finished 3.58% higher.
- AVZ Minerals Ltd finished 3.16% higher.
- Emperor Energy Ltd finished 2.22% higher.
- Medallion Metals Ltd finished 2.13%.
- Evolution Energy Minerals Ltd finished 1.15% higher.