Stocks of the Hour: Summerset, Ventia Services & Lake Resources

Company News

by Lauren Evans

Summerset Group (ASX:SNZ) has reported its second highest quarter for the three months ending March 31. The retirement village operator has recorded 279 sales, compared to 275 sales in the prior year period. It said that despite challenges the Omicron outbreak posed around New Zealand, sales remained strong with 55 per cent of sales coming from outside the Auckland, Wellington and Canterbury regions. Shares are flat at $10.58.

Ventia (ASX:VNT) has won the asset management services contract from the NSW Government agency, Transport for NSW, to provide work across the Sydney Harbour Tunnel and Western Harbour Tunnel. The contract has an initial 15-year term with two 10-year extension options, and is expected to generate around $450 million in revenue to Ventia. Shares are trading 1.9 per cent higher at $2.66.

Meanwhile, lithium developer Lake Resources (ASX:LKE) has signed a non-binding agreement with Ford Motor Company for the delivery of around 25,000 tonnes of lithium per year from its Kachi project in Argentina. The company says it intends to use a direct extraction technology for the production of sustainable, high purity lithium. Shares are trading 11.3 per cent higher at $2.07.

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