Western Areas rise after completing works: ASX tracking 0.1% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 0.1 per cent higher at noon. Western Areas (ASX:WSA) saw their shares rise after completing early completed the early capital works at the Odysseus Project as planned and to budget. Speedcast International (ASX:SDA) shares dropped as did Cooper Energy (ASX:COE) and Whitehaven Coal (ASX:WHC).The Real Estate Investment Trust sector is leading the way and the Material sector trailing behind.

The S&P/ASX 200 index is 7 points up per cent higher at 6,725. On the futures market the SPI is 3 points higher.

Local economic news

The construction sector in Australia continued to contract in June, although at a slower rate, the latest survey from the Australian Industry Group revealed with a seasonally adjusted Performance of Construction Index score of 43.0.
That’s up from 40.4 in May, although it remains well below the boom-or-bust line of 50 that separates expansion from contraction.

Company news

Western Areas (ASX:WSA) has completed the early capital works at the Odysseus Project as planned and to budget. The project is now well on track to deliver the first nickel ore early in FY2023. A study of the mine shows attractive, long term financial returns and a mine life in excess of 10 years. The Company’s balance sheet remains strong, finishing the financial year with $144.2 million cash at bank and no debt. Shares in Western Areas (ASX:WSA) are up 3.1 per cent to $2.

IPO

Invex Therapeutics (ASX:IXC) started trading today. The company aims to repurpose a diabetic drug for brain disorders. It issued shares at $0.40 and started trading on the ASX at $0.60 and is currently trading at $0.70.

Best and worst performers

The best-performing sector is REITs, adding 0.98 per cent, while the worst performing sector is Materials, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA), rising 3.1 per cent to $2.00, followed by shares in Pinnacle Investment Management Group (ASX:PNI) and Eclipx (ASX:ECX).

The worst performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA), dropping 2.9 per cent to $1.83, followed by shares in Cooper Energy (ASX:COE) and Whitehaven Coal (ASX:WHC).

Asian markets

Japan’s Nikkei has lost 0.02 per cent, Hong Kong’s Hang Seng has shed 0.03 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,419 an ounce.
Iron ore price fell 2.2 per cent to US$122.03
Iron ore futures are pointing to a fall of 2.1 per cent.
One Australian dollar is buying 70.24 US cents.