The S&P/ASX200 rose 0.53% or 37.20 points to 6,999.00 today, having been driven higher by the Energy (+2.72%) and Information Tech (+2.07%) sectors.
Over the last five days the index has shed 1.81%, losing 6.72% over the last 52 weeks.
The top performing stocks were Wisetech Global Ltd (+12.23%) and Iluka Resources Ltd (ASX:ILU) (+9.74%) on the back of soaring net profits.
EML Payments took the biggest hit today (-11.55%) after its Sentenial business discovered fraudulent activity, with Nanosonics Ltd trailing behind (-5.77%).
EML Payments is staring down the barrel of a potential $7.9 million loss due to said fraudulent activity, though the company hopes losses will be lower and is confident they won’t climb any higher.
The incident comes as new managing director and CEO Emma Shand approaches the end of her first full year in the role, a daunting hurdle for even the most seasoned executives.
What’s making news today
ASIC unveils four-year plan for achieving fairer financial system
The Australian Securities and Investments Commission (ASIC) has outlined four external strategic priorities for the years 2022 to 2026 in its latest corporate plan, which will focus in part on reducing risks to consumers from poor product design and distribution, with a particular eye to scams and crypto assets.
ASIC has also pointed to the increased emphasis on decarbonisation and sustainability, recognising that producing governance, transparency, and disclosure standards in relation to sustainable finance is a priority.
The regulator also identified retirement and superannuation products as a priority focus, timely when superannuation assets fell 0.5% over the last year according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
“The plan identifies work we have under way to address a number of emerging trends and important law reforms that are reshaping the financial system, including digitally enabled misconduct, emerging technologies, climate risks and an ageing population,” ASIC chair Joe Longo said.
ASIC laid out its external and internal priorities as such:
US petrol prices drop for 70 consecutive days
Petrol pricing has always flowed in ‘cycles’, but lately those dips and rises have felt decidedly one-directional.
Not so for the United States, which has enjoyed its 70th consecutive petrol price drop in the second-longest streak since 2005, falling from a record high of US$5.02 (A$7.27) a gallon (the equivalent of A$1.92 per litre) on June 14 to just US$3.89 a gallon (A$1.48 a litre) today.
The percentage decline in US petrol prices so far this month is the steepest decline for the month of August on record, Bespoke Investment Group noted in a report titled "The Great American Summer of Falling Gas Prices".
Analysts say the dip is due to several reasons; high prices driving consumers away from driving, the unprecedented release of emergency oil from the US’s national stockpile, and recession fears coupled with concerns over China’s economic recovery – or lack thereof.
Australia has not enjoyed the same relief, although petrol price averages differ across states, with the Northern Territory being an outlier:
- New South Wales: A$1.75
- Victoria: A$1.69
- Queensland: A$1.74
- Western Australia: A$1.75
- South Australia: A$1.73
- Tasmania: A$1.79
- ACT: A$1.81
- Northern Territory: A$2.15
All states and territories except the Northern Territory are beating the global average of A$1.97 per litre, a whopping 32.2% increase from 2021’s global average of A$1.49.
Gasoline (-6.59%) and crude oil (-0.81%) have fallen over the last month, but with the fuel excise tax cut set to expire at the end of September it’s unlikely retail prices will fall in the short term.
Prime Minister Anthony Albanese recently stated the government was “examining” an extension to the excise tax cut.
“We are examining it. We can’t do everything we want to do,” Albanese told Sydney radio station 2GB today.
“We’re having a look at the circumstances which are there, but we have made it very clear that with regard to petrol, the cost of the budget is so enormous. I just can’t see a way through on that issue.”
The Five at Five
Antilles Gold outlines proposed exploration program in Cuba
Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) has outlined its proposed exploration program through to the end of 2023 for two highly prospective and previously explored concessions in Cuba, the El Pilar and New Horizons concessions.
Kingston Resources fields high-grade copper hits at Mineral Hill
Kingston Resources Ltd (ASX:KSN) has fielded near-surface, high-grade copper hits within a 2.2-kilometre mineralised trend from the maiden Jack’s Hut drilling program at the Mineral Hill Mine in Western Australia.
Cooper Metals expands current drilling program by 50%
Cooper Metals Ltd (ASX:CPM) has drilled 16 RC drill holes of the original 20 that were planned and intends to finish drilling at King Solomon while fast tracking assays for interpretation.
Latin Resources welcomes test work confirming high lithium recovery rates from Salinas Lithium Project using cost-effective process
The results of Latin Resources Ltd (ASX:LRS)’s test work show that simple heavy liquid separation was able to recover 78.72% of the lithium dioxide into a concentrate grading a very high 6.57% lithium dioxide.
AuKing Mining finds copper mineralisation at Cosmo and sulphides at Onedin at Koongie Park Project in WA
“The discovery at Cosmo, while still at very early stages of an unexplored system, was very encouraging especially due to its proximity to the existing Onedin deposit and its potential to add more resource tonnes to Koongie Park, which hosts a JORC compliant mineral resources of 8.9 million tonnes,” AuKing Mining Ltd (ASX:AKN) CEO Paul Williams said.
On your six
The super gender gap: How can women safeguard their superannuation?
Recent data from the Australian Tax Office has revealed a stark disparity between men and women in terms of super balances – highlighting that the biggest financial gap between the sexes now sits in their super accounts.
One for good luck
Meta launches new login systems for the metaverse
The company is providing new methods of logging in after complaints around privacy arose regarding using personal social media accounts.