The ASX held its early gains to finish higher today.
The S&P/ASX200 gained 9.80 points or 0.14% to 6,986.70, setting a new 20-day high. Over the last five days, the index has gained 2.58% but is down 6.15% for the last year to date.
Top-performing stocks in this index are Coronado Global Resources Inc. and Lake Resources NL (ASX:LKE, OTCQB:LLKKF), up 8.55% and 5.91% respectively.
Looking at the sectors, Energy and Materials were the best performers, up 1.12% and 1.13% respectively. The two biggest losers were Information Technology down 1.34% and Real Estate down 1.64%. All other sectors were either slightly up or slightly down, which flattened the market out.
Energy continues to gain on the back of rising prices - an issue most governments around the world are trying to tackle.
Prime Minister Anthony Albanese said today he was examining all options to rein in energy cost blowouts.
“We understand that there are a range of proposals out there. We want to make sure that we get it right," he said.
“What we need to do now is to make sure that we address the issue of price.
“The government has said we're examining all of the options and will continue to do so over the next little period because we want to make sure that not just households, but also businesses are able to access power without placing pressure on their ability to operate in a reasonable way.”
In the news today
Toughening gas market regulation
The Australian Competition and Consumer Commission (ACCC) will back a mandatory code of conduct to toughen gas market regulation.
“We recommended a set of steps to make those commitments binding and enforceable,” ACCC chair Gina Cass-Gottlieb said.
“One option … is a mandatory code rather than a voluntary code. So, we do provide evidence and data from 2017 where we've been tracking these questions.”
Treasurer Jim Chalmers has indicated he wants the ACCC to look at rising gas costs.
“The whole intent of heads of government and the (Australian Domestic Gas Security Mechanism) was to create a pressure and a threat of intervention which would result in sufficient supply domestically,” she said.
“We will be considering price and we will look at options. The treasurer has been very clear in relation to the question of an immediate short-term need,” Cass-Gottlieb said.
“But we will, in view of the request be looking at a range of options that includes a price regulation.”
Airbnb (NASDAQ:ABNB) Q3
Airbnb posted record revenues this quarter. Here’s eToro market analyst Josh Gilbert’s take.
“Despite rampant inflation, travel demand remained strong during Q3, with Airbnb posting record revenues and its most profitable quarter ever. ‘Nights and Experiences Booked’ for the quarter rose by 25%, which helped push revenues to US$2.88 billion for the quarter.
“After two years of lockdowns, demand has surged for travel and Airbnb’s unique business within the industry has helped achieve a record profit of US$1.21 billion, ahead of analysts' estimates.
“Asia Pacific provided a big boost for Airbnb, where the recovery had lagged that of other areas given extended travel restrictions, with ‘Nights and Experiences Booked’ surging 65%.
“Whilst Airbnb looks to be one of the top names in the travel industry, with a strong product offering and a loyal customer base, travel will continue to be put under the microscope by investors.
"Despite this strong report, Airbnb cited bookings will ‘moderate slightly’ heading into Q4, but still offered guidance that beat analysts' estimates.
"Even with the record quarter, this warning from Airbnb will be what the street focuses on and we’re likely to see the stock punished, especially given that uncertain macroeconomic backdrop.”
Five at five
Lake Resources delivers “at spec” lithium product from initial tests at Kachi demonstration plant
Lake Resources NL (ASX:LKE, OTCQB:LLKKF) welcomed positive results from its lithium processing demonstration plant at the Kachi Project in Catamarca Province in Argentina, where initial test-work on brine has delivered an “at spec” product.
Latin Resources initiated with a buy rating and a valuation of A$0.18/share: Bell Potter
“The maiden mineral resource estimate expected by the end of 2022 for our Colina deposit should pave the way for fast-tracked feasibility studies through 2023, alongside other significant key value drivers over the next 2 years” said Latin Resources Ltd (ASX:LRS)’s managing director Chris Gale.
Azure Minerals galvanised by new broad, high-grade nickel hits at Andover’s Ridgeline deposit
Azure Minerals Ltd (ASX:AZS) has fielded broad, high-grade nickel hits thanks to resource definition drilling at the Ridgeline nickel-copper-cobalt deposit, part of its 60%-owned Andover Project in WA.
Chimeric Therapeutics enters research agreement to further NK cell therapy portfolio
CWRU will work closely with Chimeric Therapeutics Ltd (ASX:CHM) to advance multiple next-generation NK cell products through preclinical development.
AdAlta expands disease areas for AD-214 applications
AdAlta Ltd (ASX:1AD) will prioritise injectable delivery of AD-214 for lung, kidney or eye fibrosis for development.
On your six
Dogecoin (DOGE) is not done yet
Musk rally rolls ahead on a nod and a wink, but hype can only last for so long.
The one to watch
Greentech Minerals talks quartz opportunities amid IPO
Greentech Minerals Ltd non-executive director Campbell Jones joins Proactive to discuss the company's portfolio of high-purity quartz prospects.