Stocks of the Hour: icetana, NRW Holdings, Bowen Coking Coal

Company News

by Melissa Darmawan

The Australian sharemarket has jumped 1.7 per cent to 6,652. The SPI futures are pointing to a rise of 103 points.

Property is up nearly 3 per cent, followed by healthcare, consumer discretionary, utilities and information tech have all added over 2 per cent each. Materials have added the least, up 0.9 per cent.

The best-performing stock in the ASX 200 is Zip Co (ASX:ZIP), trading 6.3 per cent higher at 51 cents. It is followed by shares in Block (ASX:SQ2) and Lake Resources (ASX:LKE). The worst-performing stock in the ASX 200 is Magellan Financial Group (ASX:MFG), trading 3.4 per cent lower at $12.56. It is followed by shares in PointsBet Holdings (ASX:PBH) and Perpetual (ASX:PPT).

Company news

icetana (ASX:ICE) has inked a 4-year deal with Dubai-based Tandeem group which operates several Middle Eastern shopping malls - Icetana’s motion intelligence video analytics solution has been in use for 1-year. The feedback has been positive. In that time, Tandeem has reported success in detecting security events, including smoke, allowing early intervention. The deal worth $190,000 (US$132,000) will be paid in two instalments, 40 per cent of the value will be paid this month, and the balance set to be paid in March next year. CEO Matt Macfarlane said “this is one of icetana’s happiest customers. We are expecting further expansion from additional shopping malls they operate within the next 12 months”. Shares are flat at 2 cents.

NRW Holdings (ASX:NWH) has been awarded two deals worth $78 million. One is with Lynas Rare Earths and the other is with Rio Tinto, both under NRW’s subsidiary, DIAB Engineering. Lynas is set to use NRW’s services to build a Kalgoorlie facility to process and further concentrate the rare earth. While with Rio, NRW’s services will be used to control dust for those working in their iron ore operations. Shares in NRW are trading 3.5 per cent higher at $1.77.

Bowen Coking Coal (ASX:BCB) has shipped its first coal from its Bluff Mine in central Queensland. The delivery was sent to Taiwan-based conglomerate Formosa Plastics Group after the first delivery was sent via train earlier in June. Yes, there were two deliveries, one via ship and one via train to conglomerate. The shipments follow Bowen completing the acquisition in December last year. Coal production at Bluff mine is now expected to ramp up to a steady state Run-of-Mine target of 80,000 tons to 100,000 tons per month by the end of next month, representing an annualised production rate of between 1 million tonnes per annum and 1.2 million tonnes per annum over four to six years to supply the global steel industry. Shares are trading 4.4 per cent higher at 24 cents.

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