July 6, 2022 – ShareCafe

by Melissa Darmawan

The Australian stock market was choppy this morning, trading as low as 0.5% before rebounding to a 0.2% gain and then falling back. Information technology stocks led the gains while resource stocks lagged, weighed by weak commodity prices on fears of slowing global demand.

By noon, the S&P/ASX 200 is down 0.2% or 15 points at 6,614. SPI futures point to a 20 point drop.

The information technology sector gained 3.8%, consumer discretionary, health care, real estate, communication services and consumer staples rose 1.7% each, services financials increased by 0.7% and industries by 0.3%. Energy stocks are down 3.7%, Materials lost 2.5% and Utilities are down 1.5%.

The best performing stock on the ASX 200 is Zip Co (ASX:ZIP), trading 14.7% higher at 58 cents while the worst performing stock on the ASX 200 is St Barbara (ASX :SBM), trading 7.3% lower at 83 cents.

Buy now, pay later shares jumped, Square (ASX:SQ2) added 5.1% to $99.13, Sezzle (ASX:SZL) jumped 36% to 53 cents, Laybuy (ASX: LBY) gained 16.7% to 4.9 cents and Ioupay (ASX:IOU) is trading up 19.7% to 7.9 cents.

National Australia Bank (ASX:NAB) and Macquarie Group (ASX:MQG) added 1.5% each while Commonwealth Bank (ASX:CBA) was up 0.3% at $91.53.

Meanwhile, gold, energy and iron ore miners are down. Newcrest Mining (ASX:NCM), Evolution Mining (ASX:EVN), Beach Petroleum (ASX:BPT), Woodside Energy (ASX:WDS) are down 4-6% and iron ore miners Rio Tinto ( ASX:RIO), BHP Group (ASX:BHP) and Fortescue Metals (ASX:FMG) are down 3% to nearly 4%.

Company News

Immutep (ASX:IMM) has granted a Japanese patent for its IMP761, an immunosuppressive agonist antibody targeting LAG-3 for autoimmune diseases. The shares are trading up 1.6% at 32 cents.

Victorian gold explorer North Stawell Minerals (ASX:NSM) provided an update on its exploration programs. The core rig continued the regional first pass drilling program, targeting mineralization under shallow cover that has the potential to be structural repeats of the multi-million ounce gold deposit at Stawell. The shares are stable at 14 cents.

Strike Energy (ASX:STX) provided an update on the Wayering Gas Field after mobilization of all equipment to the W6 well site was now complete with drilling and swabbing operations also complete. The shares are trading at 26 cents.

Zenith Minerals (ASX:ZNC) said lithium-bearing pegmatites have been intersected at the Waratah Well project in Western Australia. The shares are trading up 1.9% at 26.5 cents.

Paradigm Biopharmaceuticals (ASX:PAR) has activated the first trial site in the UK, for the Para_OA_002 Phase 3 clinical trial evaluating knee osteoarthritis. The shares are trading up 1% at $1.06.

ResApp Health (ASX:RAP) announced that its SleepCheckRx has received clearance from the United States Food and Drug Administration, allowing ResApp to market the test in the United States. The shares are trading down 2.2% to 13.2 cents.

Incitec Pivot (ASX:IPL) has appointed Chris Opperman as CFO of the fertilizer business. The shares are trading down 0.8% at $3.26.

Residential construction company Sunland Group (ASX:SDG) is on track to meet its FY22 profit forecast of between $92 million and $98 million. The shares are trading up 6.3% at $2.89.

Insurance Australia Group (ASX:IAG) has finalized its global reinsurance coverage for fiscal year 2023, while the structure of IAG’s main catastrophe reinsurance program for 2022 remains unchanged. The shares are trading up 1.3% at $4.32.

SportsHero (ASX:SHO) has entered into a marketing and sponsorship agreement with PT Top Skor Indonesia, who are the owners and operators of youth football leagues throughout Indonesia. The shares are trading down 4.2% to 2.3 cents.

Battery materials company Talga Group (ASX:TLG) has announced initial drilling results from its Vittangi graphite project in Sweden. The shares are trading up 5% at $1.15.

Anson Resources (ASX:ASN) has announced plans to accelerate the upgrade of its JORC resources at the US paradox lithium project via test work on the newly discovered diamond core in the project area. The shares are trading up 4.8% at 11 cents.

Renascor Resources (ASX:RNU) reported on recent drilling at its Siviour graphite deposit in South Australia, confirming that intersections in the project area have some of the thickest and richest graphite to date. The shares are trading up 9.7% at 17 cents.

Commodities and the dollar

Gold is trading at US$1,771.09 per ounce.

Iron ore is 4.0% higher at US$114.30 per tonne.

Iron ore futures are pointing up 1%.

One Australian dollar buys 68.06 US cents.

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