ASX down 0.01% at noon as Energy leads




At noon, the S&P/ASX 200 is 0.01 per cent lower at 7,337.10.

The energy sector is outperforming other sectors, driven by a 2.8% increase in Santos (ASX: STO) and a 1.6% rise in Woodside (ASX: WPL).

Conversely, the tech sector has faced a decline of 1.4%, with prominent player Xero (ASX: XRO) experiencing the largest setback of 2.5%.

Cettire (ASX:CTT), a luxury online fashion retailer, has achieved a remarkable rally of 22.14% following a significant boost in sales revenue from its latest full-year report.

On the downside, Downer (ASX: DOW) is struggling within the ASX200, having confirmed an annual net loss of $386 million due to challenging market conditions in the construction engineering industry. This has led to a 6.6% drop in their shares.

Zip Co (ASX: Z1P) is making gains of 1.2%. The buy-now-pay-later platform has chosen Cynthia Scott as its new group CEO, who previously held the position of Australia and New Zealand chief executive.

AGL (ASX: AGL) has seen a decline of 2.5% after reporting a substantial bottom-line loss of $1.3 billion for the full year, primarily attributed to pre-existing write-downs.
Insurance group QBE (ASX: QBE) has experienced a 1.9% decrease in its stock value. The latest financial report showcases a 10.2% increase in premiums, indicating growing price pressures on insurance customers.

Boral (ASX: BLD) has enjoyed a surge of 6.5%. The building materials company has reported a remarkable 17.1% rise in revenues, reaching $3.46 billion.

The SPI futures are pointing to a rise of 3 points.

Best and worst performers

The best-performing sector is Energy, up 2.04 per cent. The worst-performing sector is Information Technology, down 1.49 per cent.

The best-performing large cap is Whitehaven Coal (ASX:WHC), trading 4.76 per cent higher at $7.48. It is followed by shares in Yancoal Australia (ASX:YAL) and Santos (ASX:STO).

The worst-performing large cap is Xero (ASX:XRO), trading 2.84 per cent lower at $118.57. It is followed by shares in Rio Tinto Group (ASX:RIO) and AGL Energy (ASX:AGL).

Asian news

Asia-Pacific markets were mixed as investors braced for July consumer price index data out from the U.S. on Thursday.

Expectations from economists polled by Reuters are the inflation rate will come in at 3.3%, slightly higher from the 3% seen in June.

Japan’s Nikkei 225 climbed marginally and the Topix was up 0.19%. The country saw its July wholesale inflation rate — which measures the price companies charge each other for goods and services — slow to 3.6%, down from a revised figure of 4.3% in June.

South Korea’s Kospi was down 0.35% and the Kosdaq lost 0.48%. Hong Kong’s Hang Seng index dropped 0.67%, while mainland Chinese indexes rebounded and were all higher. The Shanghai Composite was 0.14% higher and the Shenzhen Composite was just above the flatline.

Company news

MPower Group (ASX:MPR) announced that the acquisition accounting for the purchase of the Lakeland Solar & Storage Project has been completed, resulting in a profit of $6.1 million being recognised. In response, CEO Nathan Wise, commented: “An uplift of this magnitude is a testament to the value that MPower can create in a short period of time by leveraging our technical know-how and financial expertise around clean energy projects.” Shares are trading 20 per cent higher at 2.4 cents.

True North Copper (ASX:TNC) announced exceptional high-grade copper cobalt-silver mineralisation from the Company’s first drillhole. Managing Director, Marty Costello said: “With every drillhole, we are increasing our confidence and expanding the extent of the resource.” Shares are trading 18.2 per cent higher at 26 cents.

Latin Resources (ASX:LRS) announced positive DMS test work undertaken on Colina Deposit ore confirms the ability to produce a high-grade, low impurity spodumene concentrate. In response, Vice President of Operations - Americas, Tony Greenaway, commented: “DMS processing is commonly used in the spodumene lithium sector and has been shown to have significant cost saving implication for both capital and operating costs.” Shares are trading 3.47 per cent higher at 37 cents.

Commodities and the dollar

Gold is trading at US$1950.80 an ounce.

Iron ore is flat at US$104.80 a tonne.

Iron ore futures are pointing to a 0.90 per cent rise.

One Australian dollar is buying 65.35 US cents.


Name Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.