Salt Lake Potash's (ASX:SO4) Lake Way Project over 90% procured: Aus shares 0.8% higher at noon

Market Reports

by Ortenzia Borre

The Australian share market opened higher this morning and is now trading 0.8 per cent up at noon. Afterpay (ASX:APT) is leading the top 200 gains at midday, up over 8 per cent, with Cooper Energy (ASX:COE) coming in last.

The S&P/ASX 200 index is 46 points up higher at 5,967. On the futures market the SPI is 53 points up.

Broker moves

Ord Minnett has rated Saracen Mineral Holdings (ASX:SAR) as a Hold. The June quarter production was below the broker's  forecasts, although Ord Minnett continues to support the gold miner but struggles to find valuation support at current levels. The broker also remains wary about the FY21 guidance and costs, particularly at the Super Pit. Shares in Saracen Mineral Holdings (ASX:SAR) are trading 2.8 per cent higher at $6.28.

Company news

Salt Lake Potash’s (ASX:SO4) the Lake Way Project is now over 90% procured with all key vendor contracts executed. The company provided and update saying all major long-lead items for the process plant and non-process infrastructure are tracking in line with or ahead of the project schedule. Salt Lake highlighted there were no known impacts to schedule from COVID-19.  The largest procurement package, the process plant crystalliser, commenced transit to Australia at the end of June and is expected to arrive at Fremantle Port in late July, weeks ahead of schedule. Shares in Salt Lake Potash (ASX:SO4) are trading 3.6 per cent higher at 58 cents.

Best and worst performers

The best-performing sector is Information Technology, adding 2.5 per cent, while the worst performing sector, and the only sector that made losses this morning, is Consumer Staples, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Afterpay (ASX:APT), rising 8.5 per cent to $71.60, followed by shares in Netwealth Group (ASX:NWL) and Perenti Global (ASX:PRN).

The worst performing stock in the S&P/ASX 200 is Cooper Energy (ASX:COE), dropping 3.2 per cent to $0.38, followed by shares in GWA Group (ASX:GWA) and Treasury Wine Estates (ASX:TWE).

Commodities and the dollar

Gold is trading at US$1,810 an ounce.
The iron ore price rose 3.4 per cent to US$106.50.
Its futures are pointing to a rise of 0.6 per cent.
One Australian dollar is buying 69.78 US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.