We’re in for a beautiful sunny day here in Melbourne.
Did you know our Perth Spotlight 2023 Investors Conference is less than a week away?
Register here
Across markets
Australian shares are poised to drop at the open, as Middle East tensions rise, putting investors on the defensive. Oil advanced, US bond yields were higher. Morgan Stanley plunged after disappointing quarterly results.
ASX futures were down 83 points or 1.2% to 7018 at 7am AEDT.
- On Wall St: Dow -1% S&P -1.3% Nasdaq -1.6%
- In New York: BHP -2.1% Rio -3% Atlassian -1.9%
- Tesla -4.8% Apple -0.7% Amazon -2.5% Netflix -2.7%
- Nvidia -4% Meta -2.2% Morgan Stanley -6.8%
At the closing bell, Netflix said it added 9 million new customers worldwide and posted revenue of $US8.5 billion, in line with analyst forecasts. And it said it raised subscription prices for some of its streaming plans in the United States, Britain and France. Netflix shares soared 7 per cent in after-hours trade.
Telsa, also after the bell, confirmed that price cuts have hit its margins. The company reported a gross margin of 17.9 per cent for the quarter ended September, compared with 25.1 per cent a year earlier, when it had not yet begun the price cuts. In the second quarter, Tesla posted gross margin of 18.2 per cent.
The local currency shed 0.5 per cent; the Bloomberg dollar spot index was 0.4 per cent higher.
On bitstamp.net, bitcoin was 0.9 per cent lower to $US28,283 near 7.21am AEDT.
The yield on the US 10-year note was 7 basis points higher to 4.90 per cent at 4.13pm in New York; it briefly traded above 4.90 per cent.
Source: AFR
- Whitehaven Coal shares have surged after revealing a deal worth up to $6.4 billion to buy BHP’s Daunia and Blackwater mines yesterday
- It comes amid complaints from green groups and a campaign from activist shareholder Bell Rock Capital to stop the bid, which will make thermal coal mining WHC one of Australia’s largest met coal producers
- In non-coal news, Develop gets green light for Essential Metals lithium takeover
Whitehaven Coal (ASX:WHC) has received a massive vote of support for its controversial purchase of BHP’s (ASX:BHP) Daunia and Blackwater coking coal mines in a potential $6.4 billion deal that would see it become the largest met coal exposure on the ASX.
The deal will completely transform the nature of Whitehaven’s business. Comprised of an initial outlay of US$2.1 billion, followed by deferred payments of US$1.1 billion and contingent payments linked to the coal price of up to US$900m, it will turn the primarily thermal coal producing Whitehaven into a major met coal player.
70% of its output will now be supplied to the met coal industry, opening the doors for Whitehaven to emerging economies in India and Southeast Asia on top of its traditional energy markets in Japan, South Korea and Taiwan.
Both located in Queensland, Daunia is expected to produce 4.9Mtpa over the next five years, while Blackwater will deliver 12.4Mtpa over the next five years, roughly doubling the Whitehaven’s ROM coal production based on its FY23 numbers.
BHP and its BMA JV partner Mitsubishi were keen to hive off the mines because their coal is of a lower quality than the premium hard coking coal supplied by their flagship mines like Saraji and Peak Downs. That is despite the mining giant’s longheld conviction demand for coking coal would stay strong for decades because there is yet to be a scale solution to drop coal from the steel production process.
Its latest quarterly report yesterday revealed a growing gulf between prices received for BMA’s hard coking coal and weak coking coal.
Hard coking coal prices realised by BHP dropped 12% from US$276.22/t to US$242.52/t, while weak coking coal prices fell a hefty 24% from US$250.38/t to US$190.74/t (still highly profitable against unit costs of US$95-105/t).
But investors have cheered Whitehaven’s purchase, lifting its shares by 11.5% after exiting a trading halt to announce the transaction yesterday.
Source: Stockhead
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.012 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.13 -7.14%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.15 Unchanged
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.005 Unchanged
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.022 +4.76%
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.011
Today’s Price Change: $0.008 Unchanged
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.009 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.011 +10.00%
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.10 with a 1:4 LMGO
Today’s Price Change: $0.043 Unchanged
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.185 Unchanged
Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.035 Unchanged
Company: Fatfish Group (ASX:FFG)
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.01 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.695 +10.32%
Company: ReNu Energy Limited (ASX:RNE)
Sector: Energy
Deal Type: Placement
Raise Amount: $1.46M
Latest Entry Price: $0.06 with a 1:1 RNEO
Today’s Price Change: $0.026 Unchanged
Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.019 +5.88%
Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD
Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.004 Unchanged
Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.024 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
No responses yet