ASX gains on quiet day of trading on Tuesday ahead of crucial CPI data
The benchmark ASX200 eked out a small 6.9 or 0.08 per cent gain to 8,704.6 after falling by as much as 0.6 per cent on the open.
The broader All Ordinaries also finished in the green up 3.20 points or 0.04 per cent to 8,966.70.
Australia's dollar firmed marginally up 0.06 per cent to buy 65.25 US cents.
On an overall quiet day of trading, seven of the 11 sectors finished in the green, led by energy, industrials and healthcare stocks.
Woodside Energy gained 1.57 per cent to $26.60 and Santos jumped 2.06 per cent to $7.91 on the back of rising oil prices.
Healthcare giant CSL gained 0.52 per cent to $272, Pro Medicus gained 0.86 per cent to $323.21 and Fisher Paykel Healthcare jumped 1.44 per cent to $33.78.
It was a mixed day for the market heavyweight big four banks.
Commonwealth Bank shares slipped 0.35 per cent to $174.29 while Westpac fell 0.06 per cent to $33.19.
Offsetting the falls were gains from National Australia Bank which closed 1.17 per cent higher to $38.20 and ANZ which eked out a 0.03 per cent gain to $30.32.
The initial excitement in the markets on the back of a US-EU trade deal over the weekend quickly died down as the White House announced a possible bounce in the tariff rate.
Under the new plan the 'Rest of World', including Australia, could now face tariffs of 15 to 20 per cent, up from the 10 per cent initial base rate.
Capital.com senior financial market analyst Kyle Rodda said market excitement on the back of trade talks between the US and the EU was short lived.
'Wall Street failed to hold onto the post US-EU trade deal buzz but that's only because of the mountain of event risk that the markets confront in the coming days,' he said.
'The August 1 trade deadline loomed as potentially the biggest story of the week'.
But Mr Rodda pointed out that with deals worked out between the US and the EU, Japan and potentially China means markets attention will shift to macroeconomic figures and corporate earnings.
Australia's key macroeconomic data comes out on Wednesday with the release of the quarterly CPI figures.
Economists say a quarterly trimmed mean inflation rate between 2.6 and 2.7 per cent over the year, would fall in the RBA's target band of 2 to 3 per cent and open the door for further interest rate relief.
In company news, shares in jeweller Michael Hill jumped 2.47 per cent to $0.42 on the bell after the business announced founder Sir Michael Hill died at age 86 earlier on Tuesday.
'To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,' Michael Hill chairman Rob Fyfe said in a statement to the ASX.
Boss Energy continued its slump following the announcement of its result on Monday, dropping another 5.51 per cent to $1.80.
The stock fell more than 40 per cent after warning the market it is unlikely to meet its production targets at its Honeymoon project in South Australia on the back of costs and concerns about the uranium quality.
Shares in wagering company Tabcorp finished 1.31 per cent higher to $0.78 after Aware Super told the market it exited its stake on July 24 on the back of strong gains made earlier this year.
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ABC News
24 minutes ago
- ABC News
Glenelg trams are out of action amid Adelaide overpass work. Here's what to expect
Adelaide's Glenelg tramline has been closed to allow for major upgrade works, including construction of three new overpasses. Two of those will remove the need for level crossings, reducing early morning commuting times, while a third will replace an existing overpass that is barely 15 years old. The $870 million works — which will take up to six months — are being jointly funded by the state and federal governments, the transport minister says. A local MP has advised commuters along the line to expect a "little bit of pain for a lot of gain" — but while some have welcomed long-term benefits, others have voiced concern about short-term business impact. Here's a look at what to expect. The new overpasses are being constructed at Plympton, Morphettville and Glandore. The first of those will take trams over two main roads — Marion and Cross — while the second will go above Morphett Road, removing the need for level crossings at those locations. The third bridge will replace the existing one above South Road. According to the Department for Infrastructure and Transport, that overpass — which was reportedly completed just before the 2010 election at a cost of $30 million, and later suffered structural damage — needs to be replaced as part of the Torrens to Darlington project. "Our grid network is failing," Transport Minister Tom Koutsantonis said. "Anyone who's on Morphett Road, on Brighton Road, on South Road or Marion Road, and Cross Road, stuck at these intersections, or just on the North-South Corridor, is seeing traffic grind to a halt because we are the last capital city to operate on a grid network. "We need to operate on a non-stop corridor network." While works are carried out, speed and other traffic restrictions will be in effect. Roads will be closed at various times, and "detours will also be implemented as necessary throughout the construction program", the department's website states. The government said, when complete, the works would make the transport system run "a lot more smoothly". It said that, at Marion Road and Cross Road, approximately 50,000 vehicles a day were delayed by boom gates that "impact traffic flow for up to 20 minutes each hour" during peak times. "I can't honestly tell you that my community isn't just a bit sad about the fact we're going to be losing our trams for the next six months," said government MP Jayne Stinson. "[But] there will be a little bit of pain for a lot of gain." The tramline will be closed between Adelaide's CBD and Glenelg until late January, when services are expected to resume "in time for the return of school", the government said. Over the next few months, trams will continue to operate between South Terrace, in the city, and the Entertainment Centre and Botanic Garden. Substitute buses will operate along Anzac Highway and between Moseley Square at Glenelg and Victoria Square in the city. The transport minister said the substitute timetable would "mirror" as closely as possible the tram schedule. "Extra buses are being put into the fleet," he said. "People who catch the tram who live along the corridor might not want to catch a bus but we're putting everything in place that we possibly can." Mr Koutsantonis said the substitute service trips should not take "that much longer". "But look — you're never going to beat a tram," he said. "The reason fixed rail is so popular with people is that they don't have to be waiting at intersections." Traders along Jetty Road at Glenelg are facing a double whammy: the line closure is overlapping with works along the major shopping strip. "It brings customers, the tram, and closing a road down … just doesn't seem to make, really, sense," said local shop worker Arshia Ghayem. "We could do, like, two months maybe but six months they said it's going to be for the tram, which is going to be pretty hectic, having that financial period of reduced customer travel." Opposition MP Stephen Patterson, whose electorate includes Glenelg, said there was "real concern" among local businesses. "The tram … is really a vital artery for economic activity here in Glenelg," he said. "There absolutely needs to be financial support for these businesses — in terms of really marketing, and telling the wider community, that Jetty Road is open for business." Mr Koutsantonis said traders had "been hit by a perfect storm", but said they would ultimately benefit. "We're spending $870 million to make sure that that tram network can get people there faster, so in the end it'll be a very good outcome for the traders," he said. Local business operator Melanie Tomblin is not preparing for a significant adverse impact. "We have a lot of tourists that come down on the tram," she said. "But Glenelg's fairly accessible. I feel like there are other ways to get down to Glenelg, it's just the tram is so iconic."
News.com.au
24 minutes ago
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Kristie Batten: Elevate hits milestone as uranium pilot plant sets sail
One of Australia's top mining journalists, Kristie Batten, writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. Elevate Uranium (ASX:EL8) is one step closer to proving up its patented U-pgrade beneficiation technology on a larger scale. Under the supervision of Elevate's senior metallurgist Andrew Jones, and with the assistance of Fremantle Metallurgy, the company built its first U-pgrade pilot plant. The completion of the fabrication and assembly of the plant was celebrated in Perth last week with a champagne toast. 'For many years, we've dreamt about it, and now the time has finally arrived,' Elevate managing director Murray Hill said during the event. The U-pgrade was designed to upgrade surficial uranium ores and was developed on ore from Elevate's Marenica uranium project in Namibia. Testwork completed to date has shown the technology concentrated the uranium by a factor of 50 and increased Marenica's ore grade from 93 parts per million uranium oxide to around 5000ppm. The technology has the potential to reduce operating and capital costs by around 50% when compared to conventional processing. 'The whole process of U-pgrade is not about concentrating uranium. It's about concentrating the gangue minerals and throwing them away, so that makes it counterintuitive,' Hill said. 'Hence, patentable, which is why we've got three patents around the world. 'The Chinese are very good at reverse engineering pieces of kit, but they can't reverse engineer a process like this, because of the know-how that we've established over a long period of time.' The plant is being packed up to be shipped to Namibia this week. It is expected to arrive there in October, where it will be assembled on site. Jones will be close behind, relocating his family to Namibia for six months to oversee the process. Hill said Jones had designed the plant to be flexible for different ore sources. The trial, which will process at least 60 tonnes of uranium material, is designed to de-risk the process prior to commercialisation. The results from operation of the plant are expected to confirm production of a low-mass high-grade concentrate, which will be used to inform design of a full-scale commercial U-pgrade plant. 'We hope to be one of the most prepared companies leading into design of a full-scale plant than anybody else, because we've set ourselves up for it,' Hill said. Uranium deposits advancing Alongside the pilot plant work, Elevate will also kick off a study on its Koppies uranium discovery in Namibia, one of the world's premier addresses for uranium development projects. Paladin Energy's operating Langer Heinrich mine and Deep Yellow's shovel-ready Tumas deposit are within 35km of Koppies. The company believes the U-pgrade process could significantly reduce Koppies' capital costs, relative to other uranium projects in Namibia as it has the potential to process more of the ore and lower the strip ratio. The Koppies project has a resource of 66.1 million pounds of uranium grading 192ppm. Half of the resource is within 7m of surface, with 95% within 18.5m, which will make it very cheap to mine. 'Forget about ISR – just get your shovel and your wheelbarrow and start digging,' Hill said. It also makes exploration cheap, with each drill hole only costing around $1000 each. While Elevate is well-funded with $21.7 million in the bank at the end of June, the cheap, shallow drilling allows it to run multiple rigs in Namibia while advancing studies. That strategy has resulted in four discoveries in Namibia since 2019, two of which are in resource. A high priority for exploration for the company is the Namib IV prospect, which is 10km from the southern portion of the Koppies resource. Intersections have included 1m at 300ppm uranium oxide from 1m; 1.5m at 730ppm from 5.5m; 3m at 606ppm from 3m; and 3.5m at 202ppm from 3m. Exploration to date has identified a mineralised area spanning 11km by 7.5km. Further step-out drilling is planned during this quarter to try to expand that boundary. Drilling to establish a maiden resource will kick off later this year. Elevate was also recently awarded a $112,000 grant to drill its Angela uranium project in the Northern Territory, which has an existing resource of 31Mlb at 1310ppm uranium oxide. The grant will be used to drill three new targets in September and October.
ABC News
an hour ago
- ABC News
Claims Coochin Fields approval will ruin 'greenbelt' between Brisbane and Sunshine Coast
The site of the proposed Coochin Fields development is about a 10-minute drive off the Bruce Highway, just south of Caloundra on Queensland's Sunshine Coast. The road is bumpy at times as it weaves through forestry before opening up to a wide expanse of farmland to the left and a small pocket of houses to the right. The homes soon vanish to be replaced by the Pumicestone Passage, which serves as a breeding ground and habitat for more than 60 fish species. It is the type of place only locals and avid anglers would have known about had the Comiskey Group not seen the potential to create one of the largest festival sites in Australia there. The family-run hospitality business, known for creating destination-style venues like Sandstone Point Hotel, Eatons Hill Hotel and The Doonan, is seeking to host up to 35,000 people at a time at the 150-hectare site, with up to six festivals a year. Company director Rob Comiskey said it would lead to a $100 million investment each year into the Sunshine Coast economy, creating "about 672 full-time equivalent jobs". But there has been little love from six of the region's peak community groups, which have banded together to speak out over the project and the processes surrounding it. Sunshine Coast Council was in the middle of assessing the festival site application when Mr Comiskey wrote to Deputy Premier and State Development Minister Jarrod Bleiijie requesting the development be called in. Mr Bleijie did just that, and also called in the company's tourist park proposal at a nearby site, where it wants to build 75 cabins and 75 campsites. It effectively means the state government will have the final say on the projects. Ken Memburn OAM, from Take Action Pumicestone Passage, said the government call-in was "very premature". "Even if it ultimately doesn't get approval, it's still a precedent in as much that it gives the developer the impression that hey, the government's on side," Mr Mewburn said. He said the festival site bordered a "critical" part of the passage, which was recognised as being of international importance under the Ramsar Convention. "That area is very sensitive because it is at a very slow section of the passage, so anything that gets into it, any rubbish … there is going to be ultimately an increase in contamination in that area," Mr Mewburn said. Narelle McCarthy from the Sunshine Coast Environment Council said the group held concerns about the impact of traffic, noise and light pollution on native wildlife. "A festival of any scale it's usually at least a week, if not longer, bump in and out, then you've got no utilities on site — the portaloos scenario," Ms McCarthy said. "The temporary nature is such that the number of events concurrently is going to actually overall have a consistent and cumulative impact." Sue Diserens, from the Northern Inter-Urban Break Integrity Association, said the development also fell within a designated green corridor under the South East Queensland Regional Plan. "If we start allowing developments in this designated 'greenbelt', this will definitely open the door for other developments in the Northern Inter-Urban Break," Ms Diserens said. The Coochin Creek developments are among five projects to be called in by the LNP government since it took office in October last year. By comparison, the former Labor government called in three developments throughout its final four-year term. Ms McCarthy described the government's actions as "incredible overreach and unwarranted", with call-ins only to be used in "exceptional circumstances". "Given the status of the active assessment by the Sunshine Coast Council ... it does not constitute exceptional circumstances," she said. Melva Hobson, from Organisation Sunshine Coast Association of Residents (OSCAR), said the state government would not have as rigorous a public consultation period as the council. "It's only 15 business days, and they only have to notify one paper. There's no right of appeal subsequent to that," Ms Hobson said. Shannan Roy's family has lived and farmed in the area for generations. His late father Henry owned the land where the Comiskey Group is planning to build the tourist park. Mr Roy also lives opposite the festival site, but said he was more concerned about the impacts on the region as a whole. "I'm no greenie — I've got my own earthmoving business. I understand that's how the world works," he said. He said he could name "a dozen other sites" around the coast that would be better suited to the project, and also would not prompt traffic and bushfire concerns given there was only one road in and out of the site. A spokesperson for Mr Bleijie said the government was "committed to giving all Queenslanders a voice on local planning matters in their community". "The department continues to regularly engage with the Sunshine Coast Council about the application as part of the comprehensive assessment," the spokesperson said. Mr Comiskey said his group had been in regular talks with residents and had consulted with the "best in the industry". "We've got a lot of experience ourselves in doing it, but this is the gold standard regarding the planning for a festival site," Mr Comiskey said. He said they would be rehabilitating the site to reverse the impacts from decades of farming, along with setting up a wildlife fund. "The environmental impact is actually in a positive way … I cannot see any negatives," he said.
