Stocks of the Hour: OceanaGold, Block, European Lithium

Company News

by Tim McGowen

Gold stocks are stronger across the board as the price of gold reaches one month highs as the $US weakens and geopolitical tensions rise with China & Taiwan. Of course the annual diggers & dealers conference in Kalgoorlie has given investors further inisghts into the sector. Shares of OceanaGold (ASX:OGC) are the highlight this morning, currenty trading 8.7 per cent higher at $2.62.

Despite some extraordinary strength in the BNPL sector over the week - shares in Block (ASX:SQ2) - the owner of Afterpay - are lower this morning post their second quarter results. And while its earnings and revenue came in ahead of the market’s expectations, its guidance has disappointed. Management revealed that its Square ecosystem gross payment volume growth is expected to moderate. Shares are down 6.8 per cent to $117.49.

Australia's European Lithium Ltd (ASX:EUR) said on Friday it has signed an agreement with German automobile maker BMW to supply battery-grade lithium hydroxide. The firm, which is engaged in lithium exploration and development in Austria, said if a binding contract was signed after the initial non-binding Memorandum of Understanding (MoU). BMW will make an upfront payment of $15 million. The proceeds from BMW's pre-payment will be used to start the construction phase of flagship Wolfsberg Project in Vienna, European Lithium said. Shares are curently trading 18.3 per cent higher at 10 cents.

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