Author: Shawn Hickman
Alphabets second-quarter profits topped estimates as parent company Google showed strong growth in its advertising and cloud computing divisions but investors were wary around increased spending on AI
CIA’s key asset is the Bloom Lake mining complex located in northern Quebec Canada. They acquired it in 2016 and restarted production in early 2018, currently producing around 15Mtpa of high-grade iron (+66% Fe) meaning they attract a higher price than the benchmark 62% Fe.
The outperformance by CBA over BHP has been dramatic over the last 18 months, but it’s started to snap back since late June: BHP has rallied +14% while CBA has fallen 8%, a more than 20% relative move, and we are looking for more of the same over the coming weeks/months:
Technology One (TNE) is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions.
BUB -11.27%: weaker China sales weighed on Bubs shares today, just a week after the stock rallied on the potential upside in China sales. Gross revenue in the quarter was down 28% on last year, weighed by a 66% slump in China sales, though international revenue climbed thanks to the emergency supply agreement signed with the US in the middle of 2022.
SBM -21.35%: the small-cap gold miner saw its shares tumble today after a disappointing production update. 2Q production was down ~5% on the previous quarter to 61koz, while costs rose 7% to $2,666/oz.
NWL -9.19%, PPS -1.26%: both stocks released 2Q Funds Under Administration (FUA) updates today and followed the slide seen in peer Hub24 (HUB) after their update earlier in the week. Netwealth saw FUA inflows of $2.1b, with FUA rising 7.4% in the quarter, though inflows were slower than 2Q22.
SUL +7.68%: the retailer traded to a near 11-month high today after announcing preliminary 1H numbers. Sales were up 11% across the board on a like-for-like basis led by strength in Macpac, Supercheap and rebel, though some weakness in their BCF brand weighed.
SGR -17.83%: Was hit today following changes to taxation in NSW that seemed to blindside SGR with the company saying that no details have been made available in relation to the potential reforms including as to how the taxes would be levied or applied at this stage.
ORG –7.82%: Hit today following recent developments around government intervention in gas and coal markets. The proposal around price caps etc is creating concern around the $9 per share takeover of ORG that is currently undergoing due diligence.
