ASX down 0.12% at noon: Fortescue investing in US




Fortescue Metals Group (ASX:FMG) is investing $US35 million to establish a US Advanced Manufacturing Center with the potential to create up to 600 jobs and serve as a major production hub for automotive and heavy industry batteries, hydrogen generators, fast chargers, and electrolysers. The company also plans to establish an asset management and funding arm in New York to manage its funding options for its green energy initiatives, which may benefit from Inflation Reduction Act tax credits for Battery Modules, up to $US10 per kWh.

At noon, the S&P/ASX 200 is 0.12 per cent lower at 7,050.10.

The SPI futures are pointing to a fall of 2 points.

Best and worst performers

The best-performing sector is Materials, up 0.46 per cent. The worst-performing sector is Energy, down 1.47 per cent.

The best-performing large cap is Evolution Mining (ASX:EVN), trading 5.14 per cent higher at $3.785. It is followed by shares in Northern Star Resources (ASX:NST) and Seven Group Holdings (ASX:SVW).

The worst-performing large cap is Steadfast Group (ASX:SDF), trading 4.07 per cent lower at $5.19. It is followed by shares in CAR Group (ASX:CAR) and Allkem (ASX:AKE).

Asian news

Asia-Pacific markets dipped on Friday as a mid-week rally sparked by hopes of cooling U.S. inflation lost steam. Economic data in the region will be parsed through the day.

Hong Kong stocks led declines in the Asia-Pacific region in the previous session as investors digested high-level discussions between the United States and China.

Stocks on Wall Street also took a breather from a rally seen this month.

Japan’s Nikkei 225 inched 0.21% lower at open and the Topix shed 0.11%.

In South Korea, the Kospi declined 0.55%, while the Kosdaq fell 0.71% lower at open.

Futures for Hong Kong’s Hang Seng index stood at 17,654, pointing to a weaker open compared to the HSI’s close of 17,832.82.

Company news

KNeoMedia (ASX:KNM) has confirmed a further A$700,000 payment from the New York City Dept. of Education. The Company is also pleased to confirm that Tranche 3 has been approved and processed for payment by NYC Department of Energy. Shares are trading 50 per cent higher at 0.3 cents.

ClearView Wealth (ASX:CVW) announced the sale of approximately 39.56 million shares in Centrepoint Alliance (ASX:CAF) to COG Financial Services (ASX:COG), at a share price of 33c per share representing total consideration of $13.05 million. The sale shares represent approximately 19.9% of Centrepoint’s current issued capital. CAF shares are trading 8 per cent higher at 27 cents.

Steadfast Group (ASX:SDF) announced the successful completion of an institutional placement to raise $280 million. The money raised will fund the upfront acquisition payment for Sure Insurance, the FY24 incremental earn-out payment for Sure Insurance and provide additional debt headroom capacity to fund acquisitions and or potential deferred earn-out payments. Shares are trading 1.89 per cent lower at $5.20.

Commodities and the dollar

Gold is trading at US$1985.20 an ounce.

Iron ore is 0.3 per cent higher at US$132.40 a tonne.

Iron ore futures are pointing to a 1.35 per cent rise.

One Australian dollar is buying 64.71 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.