So far, 2024 is proving to be an another year of IPO drought downunder – there’s been the smallest trickle of new listings, with the yearly total on track to be below the 33 debuts in 2023, and well below the record of 202 in 2021.

Amongst the few debutants have been:

Guzman Y GOMEZ (ASX:GYG) listing today and rocketing up 36 per cent so far from its $22 IPO price. It has been trading at $30 a share on day one.

Infini Resources (ASX:I88) which joined the ASX on January 15. It’s a mineral explorer with multiple projects and developments throughout Australia and Canada.

It debuted at 20 cents per share but effectively hit the ASX closer to 40 cents. It’s trading at 16 cents on June 20.

A more recent example is Sun Silver (ASX:SS1), a junior explorer that debuted just over a month ago.

It saw great interest that led to the company listing early, and well above its raising price of 20 cents. The share price doubled and then climbed to 72 cents in its first week of trade. Today it has been trading above 50 cents.

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IT had a stellar day, the sector closed 2.2% up, followed by healthcare, 1.31%, and staples 1.1%.   

On the other end of the spectrum, materials was unwanted ballast and shed 2.15%%. Consumer discretionary wasn’t far off and lost just over a per cent.

Payroll software company Xero (ASX:XRO) shot up more than 8% on its full year results ending on March 31st. 

It reported full year net profit after tax of A$161.09 million compared to a loss of $104.71 million the prior year.

Its operating revenue was also up 22%.

XRO closed at $134.84.

Cromwell Property Group (ASX:CMW) was up more than 8% on news it’s selling off its European fund management platform and interests for A$457 million. 

The decision puts Cromwell in a strong financial position to execute its planned forward strategy with fresh capital in its war chest.

CMW closed at 47 cents.

And fund management firm Australian Ethical Investment (ASX:AEF) was up more than 5% after confirming it will acquire Altius Asset Management from Australian Unity, which will help grow its funds under management from $10.3 billion to $12.3 billion. 

The transaction will also result in a sustainable fixed income team of seven, an expanded bond fund portfolio, and Australian Unity becoming one of Australian Ethical’s largest institutional clients. 

AEF closed at $4.62.

BHP Group (ASX:BHP) had the world’s eyes on it today – it shed nearly 3% on news a third and improved takeover offer was rejected by Anglo American. The deal was valued at AU$73.9 billion.

Despite refusing to budge, Anglo gave BHP a week’s extension to put another bid on the table.

BHP closed at $44.91.

Agriculture-focused group Nufarm (ASX:NUF) shed more than 7% on its half year results.

The company reported revenue of $1.76 billion – down 10% from the previous year, and its EBITDA was also down 31% on the prior year.

Its crop protection revenue for its North American, European and APAC region had all seen a drop.

NUF closed at $4.73.

And popular discount retailer The Reject Shop (ASX:TRS) shed more than 5% on its half year trading update.

Whilst the company confirmed that sales were up 4.1% in the second half compared to the first half, it is currently facing “a number of macro and inflationary pressures” including higher wages, domestic supply chain costs and shrinkage.

TRS closed at $3.50.

You might know them by another name – microchips.

Largely, they’ve been made in Taiwan by Taiwan Semiconductor Manufacturing Company (TSMC), but the US is making strides in the industry with companies including Nvidia, Intel and Advanced Micro Devices/AMD.

Given the growth of these companies in recent times, is it too late for investors to jump on the bandwagon? Or is there still time to invest successfully in the rise of microchips? 

Melbourne-based market analyst Hebe Chen joins HotCopper’s Fouad Haidar to dive into this further.

IT is having a stellar day so far, the sector is up more than 2%, and healthcare isn’t far off either.

The big casualty mid-session is materials, down around 2% with consumer discretionary and energy shedding more than a per cent.

Payroll software company Xero (ASX:XRO) is up more than 8% on its full year results ending on March 31st.

It reported full year net profit after tax of $161.09 million compared to a loss of $104.71 million the prior year.

Its operating revenue was also up 22%.

XRO has been trading at $134.14.

Cromwell Property Group (ASX:CMW) is up more than 5.5% on news it’s selling off its European fund management platform and interests for $457 million.

The decision puts Cromwell in a strong financial position to execute its stated strategy, with some capital in-hand.

CMW has been trading at 46 cents.

Fund management firm Australian Ethical Investment (ASX:AEF) is up more than 5% after confirming it’s on track to acquire Altius Asset Management from Australian Unity, which will help it grow its funds under management from $10.3 billion to $12.3 billion.

The transaction will result in a sustainable fixed income team of seven, an expanded bond fund portfolio, and Australian Unity becoming one of Australian Ethical’s largest institutional clients.

AEF has been trading at $4.63.

BHP’s third offer rose 9% to $73.9 billion and took the two companies closer to a handshake, but was still not enough to get Anglo over the line with BHP chief executive Mike Henry describing the swap offer of each Anglo share for 0.886 BHP shares as “final”.

ASX shares were looking down with the Dow Jones shedding 0.5%, the S&P500 breaking a three-day winning streak to close 0.3% lower and the Nasdaq 0,2%.

This came after the minutes from the latest Fed meeting flagged concerns about inflation not cooling in the US and analysts casting a fresh look on the prospects of a rates cut this year.

Nvidia released its quarterly results and its shares were up 2.4% in New York as results exceeded expectations with second quarter revenue of US$28 billion coming in US$2billion above analyst’s calls. Nvidia said it would be increasing its cash dividend by 150% to US$0.10 per share.

All eyes will be on the London Stock market today after Britain’s prime minister Rishni Sunak stunned the nation by calling a shock election in the summer with the ruling Conservative Party trailing badly in the polls and expected to be thrashed in the ballot box with the Labour party set to regain power for the first time since 2010.

Sunak could barely be heard outside No.10 Downing Street where his voice was reportedly drowned out by protesters calling for an end to Tory rule and blaring a former Tony Blair election song, Things Can Only Get Better by D:Ream.

Morgan Stanley has noted that the Australia sharemarket, not far off records set in March, was still being driven by large cap stocks but was bullish on the ASX as it anticipated the RBA cutting rates later in the year.

Iron ore was up 0.7% to $117 but gold has dived -1.8% to $2377.35. Brent Crude slumped -1.5% to $81.67 a barrel and natural gas is up 3.75% to $2.77 a gigajoule. After hitting a record high in London this week of $11,104 a metric ton, traders were reported to be scrambling to ship cargoes of copper metal to warehouses in the United States to cover short positions.

Copper has risen 27% since January and cooled -3% to $10.44 a tonne this morning.

Webjet (ASX:WEB) shot up 8% on its financial results for the 12 months ending on March 31.

The company reported a net income of $72.7 million vs $14.5 million the previous year. 

Revenue was also up 29% to $471.5 million.

WEB closed at $9.09. 

Droneshield (ASX:DRO) was up 0.56% on news it’s received a repeat order of $5.7 million from the US government for a number of its C-UxS systems.

The order will be complete over several stages throughout the year.

DRO closed at 89.5 cents.

And Telix Pharmaceuticals (ASX:TLX) shot up more than 2.5% on its annual general meeting notes.

The company expects to launch multiple products by the end of year and early 2025.  Its revenue for Q1 2024 was up 75% on the previous quarter of last year.

TLX closed at $15.78.

The communications sector was a drag…. It lost around 2.5% – brought down heavily by losses from some of the sector’s giants; Telstra (ASX:TLS) shed more than 4%, TPG (ASX:TPG) was down around 0.85%, and Seek (ASX:SEK) lost 2.5%.

Car retailer group Eagers Automotive (ASX:APE) was down 15% on some of the notes it shared in its annual general meeting. 

The company expects to achieve underlying profit before tax for the first half of 2024 to be approximately 85% of the underlying profit before tax achieved in the first half of 2023.  

Management remains disciplined on focusing its operations and is optimistic regarding the outlook for the remainder of 2024 despite macro headwinds.

APE closed at $10.36.

And Inghams Group (ASX:ING) shed around 6% on news of a possible bird flu outbreak detected at a farm in the Meredith area of Victoria.

Investors reacted swiftly to the news out of panic that Inghams could be affected, but fears were short lived as the poultry producer quickly confirmed it has no farms in the region and there is no impact to Ingham’s operations or its supply chain.

Ingham closed today at $3.57.

IT and materials are up around half a per cent, with utilities and financials not far off – but communications dipped -2.6% and healthcare -0.1%.

Communications is down around 2.5% as TPG (ASX:TPG) and Telstra (ASX:TLS) take a toll on the sector.

Car retailer group Eagers Automotive (ASX:APE) is down 15% on some of the notes it shared in its annual general meeting.

The company expects to achieve underlying profit before tax for the first half of 2024 to be approximately 85% of the underlying profit before tax achieved in the first half of 2023.  

Management remains disciplined on focusing its operations and is optimistic regarding the outlook for the remainder of 2024 despite macro headwinds

APE has been trading at $10.56.

Webjet (ASX:WEB) is up nearly 9% on its financial results for the 12 months ending on March 31st 2024.

The company reported a net income of $72.7 million vs $14.5 million the previous year.

Revenue was also up 29% to $471.5 million.

WEB has been trading at $9.19.

Mount Ridley Mines (ASX:MRD) has announced a maiden mineral resource estimate (MRE) for its Mia rare earths prospect in Western Australia, with the inferred resource sitting at 168 million tonnes at 1,201 part per million (ppm) of total rare earths (TREO).

Mia’s inner zone – which is an open-ended, 8.5-kilometre-long corridor of clay-hosted rare earth mineralisation includes a higher-grade zone of 85 million tonnes at 1,558ppm of TREO.

MRD has been trading 0.1 cents.

Haranaga Resources (ASX:HAR) has achieved up to 90% uranium extraction through metallurgical testing of ore from its Saraya deposit in Senegal.

This was a follow up on previous testing which had revealed that ore from Saraya – was suitable for leaching extraction. The company can now move forward with confirmation its extraction rates are consistent with other contemporary uranium development projects and operations.

HAR has been trading at 12 cents.

The IT and industrials sectors were strongest, both gaining just shy of 0.75%.

Telecommunications fell the hardest, to close the session down more than 1%.

In this bulletin, we’ll look at news from ALS, Sonic Healthcare, Telix Pharmaceuticals, Alara Resources, Infratil and James Hardie Industries.

Assay laboratory firm ALS (ASX:ALQ) jumped 5% after releasing its FY24 results and posting a 19.6c partly-franked dividend.

The company’s underlying revenue was up 6.8% on the previous year, while underlying NPAT was down 1.3%. The dividend payout was slightly lower vs pcp.

ALS reported it was well placed to meet revenue growth targets for FY25.

ALQ closed at $14.48.

Meanwhile, Telix Pharmaceuticals (ASX:TLX) hung onto the day’s gains, closing just 0.13% higher after announcing its Phase I dose escalation study of drug candidate TLX592 was concluded.

The study called ‘CUPID’ was looking into the antibody drug’s ability to treat prostate cancer. A total of 11 patients were enrolled and no adverse events were observed.

Telix is now seeking approvals to advance to a therapeutic phase 1 and 2 study later this year.

TLX closed at $15.39.

Finally, Alara Resources (ASX:AUQ) gained 12% on news it’ll ship its first copper and gold concentrate from its joint-venture Al Wahishi Majazza plant in Oman.

The shipment is due to leave by Monday, marking the first revenue generation for Alara.

The mining JV also had an exploration license granted – a big deal because Alara had been waiting for the renewal since 2013. It means the company can conduct exploration over 1900km2 of ground.

Alara – ASX code AUQ – closed at 7.4 cents.

Now let’s look at what closed red.

Medical diagnostics group Sonic Healthcare (ASX:SHL) shed more than 6% after confirming its profit growth will be lower than expected for FY24.

It’s predicting EBITDA of about $1.6 billion for the year to the end of June – the company blames inflationary pressures, exacerbated by currency exchange headwinds. 

SHL closed at $25.01. 

New Zealand based infrastructure company Infratil (ASX:IFT), meanwhile, was down 5.8% despite exceeding guidance with its financial results for the year ending March 31.

Earnings growth after adjustments was 15.5%. It’ll pay a 13-cent dividend – but its expenditure guidance for FY25 is up 70%.

IFT closed at 9.75.

Finally, cement products giant James Hardie Industries (ASX:JHX) shed nearly 15% as its earnings predictions for the year ahead were below expectations.

While net income for the full 2024 fiscal year was up 17% – and adjusted EBITDA margin was up 28.6% – the outlook for the housing markets remains uncertain.

That’s particularly evident for the company’s largest market, which is North America.

JHX closed at $46.67.

Apart from King and O’Neill, WA minister for energy and environment Reece Whitby and former governor general Sir Peter Cosgrove opened the conference.

Mr. Whitby addressed conference attendees by speaking about the future of gas in the future of renewable energy and said ‘you face an existential challenge, will you go the way of the dinosaurs?’ 

King stressed the need to achieve net zero emissions, saying ‘emissions have to rapidly come down’ and also emphasised the role of gas on this journey. 

Energy stocks barely flinched with the sector marginally down by 0.09%.

The ASX200 is down nearly 0.2% – performing slightly better than futures had predicted.

IT is leading the gains mid-session, up more than a per cent with industrials not too far off.

Communications and healthcare are down more than half a per cent.

Medical diagnostics group Sonic Healthcare (ASX:SHL) is down nearly 9% after confirming that profit growth has been lower than expected for the 4 months to April 30.

The company blames inflationary pressures, fuelled by currency exchange headwinds.

SHL has been trading at $24.34.

Telix Pharmaceuticals (ASX:TLX) is up more than 1% on completing Phase I safety and dosimetry study of TLX592, an investigational antibody-based targeted alpha therapy for prostate cancer.

Based on the results, Telix expects to advance to a therapeutic phase 1/2 study in the second half of 2024.

TLX has been trading at $15.54.

Haranga Resources (ASX:HAR) is up 17% after confirming its exploration team are more confident of uranium mineralisation being present at the Sanela target in the Senegal.

One result from an 8-metre section and a depth of 35 metres returned 351 parts per million of uranium.

HAR has been trading at 11 cents.

Alara Resources (ASX:AUQ) is up nearly 8% on news it’s set to ship its first lot of copper gold concentrate from the Al Wahishi Majaza project in Oman by Monday.

Off the back of that, Alara is now on track to start generating revenue.

AUQ has been trading at 7 cents.

The program is hoped to investigate a recently identified copper target near a previously drilled area.

In fact, a review of past drilling data revealed an important area that hasn’t been tested for structurally controlled mineralisation. This has become the focus of the new drilling effort.

This particular new target is located close to a drill hole which had intersected multiple zones of copper-gold mineralisation – and some previous results had indeed show 30 metres at 0.43% copper and 0.16 grams per tonne (g/t) of gold, 43 metres at 0.43% copper and 0.35 g/t of gold, 28 metres at 0.42% copper and 0.15 g/t of gold, and 33 metres at 0.24% copper and 0.13 g/t of gold.

One important factor to note is that the Cerro de Fierro project is situated at the southern end of a known iron oxide copper-gold (IOCG) metallogenic belt in southern Peru. It is about 150 kilometres from the Mina Justa deposit, which contains approximately 337 million tonnes at 0.76% copper and is being developed by the Marcobre Joint Venture.

“We believe these are excellent potential to find extensions to the copper and goldmineralisation intersected by earlier drilling, now that we have a much better understanding of the controls on the mineralisation,” AusQuest’s Managing Director, Graeme Drew said.

AQD has been trading at 1.4 cents.

The poorest performer was healthcare – down 0.8%.

The Star Entertainment Group (ASX:SGR) shot up 20% on news it’s received interest from a number of external parties interested in making a takeover bid.

The Star confirmed the Pacific arm of Hard Rock Hotels and Resorts is among one consortium of investors looking at the opportunity. However the Star says there are no formal discussions underway.

SGR closed at 54 cents.

Telix Pharmaceuticals (ASX:TLX) was up more than 3% after laying out its intention to list on the NASDAQ.

Morgan Stanley and Jefferies are among firms acting as managers for the IPO process, signifying a high level of confidence from Telix it intends to progress the plan.

TLX closed at $15.37.

And agribusiness icon Elders (ASX:ELD) shot up 1.1% despite posting weaker than expected half year results for the 6 months to the end of March.

Earnings before interest and tax were down 54% on the previous corresponding period, and its underlying profit after tax dropped 72%.

The company cites challenging conditions, cautious client sentiment, lower livestock prices as well as crop input costs. It’s paying a 50% franked, 18-cent dividend.

ELD closed at $8.30.

The healthcare sector suffered the most today… it shed 0.86% as healthcare giants dragged:  CSL (ASX:CSL) shed 0.7% Cochlear (ASX:COH) was down 3%, and ResMed (ASX:RMD) lost more than 1%.

Construction sector company Duratec (ASX:DUR) was down 6% after revising its guidance for revenue and normalised EBITDA for FY24.

Duratec’s revenue guidance has been reduced to $550-565 million from $570-610 million due to delays in expected project awards.

Its EBITDA guidance has also shrunk to $46-48 million from $45-52 million initially. 

The materials sector is up nearly 2 per cent, and energy hasn’t been far behind. Rio Tinto (ASX:RIO), Fortescue (ASX:FMG), and BHP Group (ASX:BHP) have all been up around 2 per cent as copper prices soared above US$5 a pound overnight, and as iron ore prices also recovered in Singapore. 

The poorest performer on market has been real estate – down .80%.

Meanwhile, in other news, Iranian President Ebrahim Raisi is presumed dead in the wake of a helicopter crash in mountainous terrain in East Azerbaijan.

The helicopter, also carrying Iran’s foreign minister, was travelling through thick fog when the accident happened.

The 63 year-old had been President since 2021.

The Star Entertainment Group (ASX:SGR) has been up 20 per cent on news it’s received interest from a number of external parties interested in making a takeover bid.

The Star confirmed the Pacific arm of Hard Rock Hotels and Resorts is among one consortium of investors looking at the opportunity. However the Star says there are no formal discussions underway.

SGR has been trading at 54 cents.

Telix Pharmaceuticals (ASX:TLX) is up more than 1.5% after announcing its intentions to list on the Nasdaq.

Morgan Stanley and Jefferies are among the firms acting as managers for the IPO process, signifying a high level of confidence from Telix it intends to go forward with the plan.

TLX has been trading at $15.

Agribusiness icon Elders (ASX:ELD) has gained 2 and a half per cent despite posting weaker than expected half year results for the 6 months to the end of March.

Earnings before interest and tax were down 54% on the previous corresponding period, and its underlying profit after tax dropped 72%.

The company cites challenging conditions, cautious client sentiment, lower livestock prices as well as crop input costs. It’s paying a 50% franked, 18-cent dividend.

ELD has been trading at $8.42.

And Raiden Resources (ASX:RDN) has added nearly 2 per cent as it finalises drilling plans across all its Andover permits in the Pilbara.

It’s confirmed it has imminent plans for aircore drilling after receiving its final heritage survey report for Andover North prospects.

Raiden will appoint a drilling contractor in the weeks ahead – it’s been trading at 5.3 cents.

RDN has been trading at 5.3 cents.

IT stocks weighed on the market, down more than 3%, while the Health Care sector was also weak, falling 2%.

Vulcan Energy Resources (ASX:VUL) jumped 13.8% today on news it had significant investor interest for the final financing stage of its Zero Carbon Lithium brine project in the Upper Rhine Valley region of Germany. 

Vulcan reports interest from investors, Tier 1 banks, the European Investment Bank and government-backed export credit agencies, and, is now entering formal discussions.

VUL closed at $5.42.

Bendigo and Adelaide Bank (ASX:BEN) shot up more than 8.1%, despite its trading update for the 10 months to the end of April showing unaudited cash earnings of $464 million – down 2.3% on the same period last year.

But its net interest margin was 1.87%, sitting above its year-to-date average.

BEN closed at $10.73.

And Poseidon Nickel (ASX:POS) was up 50% off a very low base, after resuming works on-site its Lake Johnston lithium & nickel project in Western Australia. 

It’s comes just a fortnight after Chris Ellison’s Mineral Resources pulled out of a proposed deal to acquire the project, which had a nickel processing hub that could be converted to also process lithium.

POS closed at 0.6 of a cent.

The IT sector suffered the most today… it dropped 3% as the bigger players dragged: Xero (ASX:XRO) shed about 5%; Wisetech Global (ASX:WTC) about 3.3%; and NextDC (ASX:NXT) was down around 1.9%.

Contact Energy (ASX:CEN) lost 3.9% on news it’s reconsidering its plans for its new geothermal plant in New Zealand, which was set to come online in 2027. 

After assessment, the total cost for the project came in higher than expected.

An update will be provided with the company’s FY24 results. 

CEN closed at $8.16.

And explorer Encounter Resources (ASX:ENR) shed more than 3.8% despite intersecting copper in the first hole drilled at its Sandover project north of Alice Springs.

It was a small intercept – less than a third of a metre and more than 630 metres deep!

It assayed at 2.1% copper.  

The company’s vowed to do more geophysics, including a magnetic survey, before launching another round of drilling later this year. 

ENR closed at 38 cents.

Every sector – aside from materials – is in the red.

Healthcare and Real Estate are a drag mid-session – both sectors are down more than 1.2%.

Contact Energy (ASX:CEN) is down more than 2% on news it’s now reconsidering its original plans for its new geothermal plant in New Zealand, which was set to come online in the 2027 financial year.

After assessment, the total cost for the project has come in higher than previously expected. The board has approved an additional $30 million of development costs, taking the total to $144 million.

Management says a range of alternatives will be revisited, and an update will be given at its FY24 results.

CEN has been trading at $8.30.

Encounter Resources (ASX:ENR) is down more than 2% despite hitting copper from the first hole drilled at its Sandover project north of Alice Springs, with an intersection of 0.3 metres at 2.1% copper from a depth of 634.3 metres.

More geophysics work – including a magnetic survey – will now be rolled out, before another program of drilling in the second half of 2024. 

ENR has been trading at 38.5 cents.

Nasal spray provider Firebrick Pharma (ASX:FRE) has completed an $800,000 placement, priced at 5 cents a share.

Funds raised will be used to support ongoing launch costs for its latest product Nasodine in the US and other potential international launches over the coming year.

FRE has been trading at 6.5 cents.

The real estate sector had a stellar day… gaining 3.4 percent – with Goodman Group (ASX:GMG) up more than 4%, Scentre Group (ASX:SCG) up nearly 3% and Stockland (ASX:SGP), up nearly 2% as US inflation tracks downwards … implying we could see rate cuts this year.

Graincorp (ASX:GNC) shot up nearly 1% despite posting weaker half-year results. 

The company’s underlying EBITDA is down to $164 million from $383 million the previous year. Its NPAT is also down to $50 million from $200 million. 

A drop in overall production across Eastern Australia and lower supply chain and crush margins compared to last year are to blame.

GNG closed at $8.26.

Cromwell Property Group (CMW) was up almost 4% on the back of news it’s selling its Polish retail fund for $465 million.

Star Capital Finance (SCF) – a Czech entity – has bought 6 retail centres off Cromwell as the company seeks to “simplify” its operational structure.

Cromwell will use the proceeds to pay off its debt.

CMW closed at 40 cents.

Euro Manganese (ASX:EMN) shed more than 3.5% on its second fiscal quarter results.

The company’s cash and cash equivalents were down to $22.1 million from $26.7 million the previous quarter. Working capital was also down to $17 million from $24.3 million.

EMN closed at 8.1 cents.

Wheatbelt-based Wide Open Agriculture (ASX:WOA) was down 23% after completing a $890,000 first tranche placement, priced at 2 cents a share.

Funds raised will be used to meet the company’s immediate liquidity requirements and support its short-term objectives.

WOA closed at 2 cents.

Pivotal Metals (ASX:PVT) lost more than 5% despite intercepting thick copper zones at its Horden Lake play in Quebec.

Intercepts from the first hole included 39.1 metres at 0.97% copper. Results from two further drill holes showed copper equivalent grades above 2% across 2-3 metres.

PVT closed at 1.8 cents.

Every sector – aside from energy – is in the green mid-session. IT and real estate are the top gainers – both are up more than 3%.

The Australian unemployment rate increased to 4.1% in April, according to the latest data from the ABS.

Oxford Economics noted that while unemployment has increased, the economy is still creating new jobs.

The data had minimal effect on the trajectory of the ASX200, suggesting US inflation is being more closely watched.

Graincorp (ASX:GNC) is up nearly 6% despite posting weaker half-year results.

The company’s underlying EBITDA is down to $164 million from $383 million the previous year. Its NPAT is also down to $50 million from $200 million.

A drop in overall production across Eastern Australia and lower supply chain and crush margins compared to last year are being fingered.

GNG has been trading at $8.52.

Cromwell Property Group (CMW) is up more than 6% on the back of news it’s selling its Polish retail fund for $465 million.

Star Capital Finance (SCF) – a Czech entity – has bought 6 retail centres off Cromwell as the company seeks to “simplify” its operational structure.

The transaction has been settled, and Cromwell will use the proceeds to pay off its debt.

CMW has been trading at 41 cents.

And Mantle Minerals (ASX:MTL) has kicked off drilling at its Mt. Berghaus tenements in Western Australia. A total of 122 drillholes are planned.

The company is searching for gold in relative proximity to De Grey’s (ASX:DEG) Hemi deposit, covering around 140sq.km.

MTL has been treading at 0.3 cents.

Materials and healthcare are in the lead this morning – both sectors are up more than a percent. Energy and industrials are a drag mid-session.

In other news this morning – the Wage Price Index (WPI) rose 0.8% in the March quarter, and 4.1% for the year, according to seasonally adjusted data released by the ABS today.

The Australian Agricultural Company (ASX:AAC) is down nearly 1.8% after reporting a statutory net loss after tax of $94.6m – a big drop from a profit of $4.6m for the previous corresponding period, citing softening cattle prices.

Its net assets are down 3% to $1.52 billion, and its operating cash flow is down 40%.

AAC has been trading at $1.38.

Auckland International Airport (ASX:AIA) has released its monthly traffic report, showing passenger numbers were up 8% year-on-year.

Its total international passengers were up 10%, and transit movements were also up 16% year-on-year.

AIA has been trading at $7.

Raiden Resources (ASX:RDN) is up nearly 3% on confirming that its final heritage report for the Andover South lithium project has been cleared for drilling, where no culturally sensitive areas were identified within the project boundary envelope.

Raiden is engaged in discussions with contractors for drilling on-site and will select a provider once the Andover North heritage report is finalised.

RDN has been trading at 5 cents.

The Calmer Co (ASX:CCO) is up nearly 34%on its April sales figures – which have clocked in $150,000 just off Coles alone.

Broken down by week, the company saw more than $30,000 in sales every seven days and over 4,600 units sold per week in the eighth week following touchdown on the shelves.

E-commerce sales broadly, have brought in more than $11,000 per day for the company.

CCO has been trading at 0.8 cents.

Aside from consumer discretionary and healthcare, all other sectors ended in the red.

The latest data from ANZ on Australian consumer spending shows that activity has increased 5.7% over the last year.

Consumer spending jumped 0.2% in April of 2024, clashing with narratives surrounding a weaker Australian consumer. A better picture of local inflation is expected next Wednesday.

Tonight, all eyes will be on the 2024 federal budget, set to be announced at 7:30pm AEST –investors will be keeping a close eye on the critical minerals and housing sectors.

Australian auto parts company GUD Holdings (ASX:GUD) was up 12% after confirming the group’s FY24 underlying EBITA is in line with expectations, forecast to be at least $193.5 million.

GUD closed at $10.96.

Race Oncology (ASX:RAC) was up around 6% after it reported progress on its ability to kill cancer cells – to be further explored in a proposed Phase I and II leukaemia trial.

This came from studies looking at a combination of chemotherapeutic drugs that, when used together, are more effective at killing cancerous cells.

RAC closed at $1.65.

And precious and base metals explorer Antipa Minerals Ltd (ASX: AZY) shot up nearly 18% on news that it hit intersections of more than 15 grams per tonne of gold through drilling of an initial six holes at its Minyari Dome Copper Gold project in Western Australia.

In one hole, intersections included 66 metres at 1.4 grams per tonne gold and 0.04% copper from 118 metres.

AZY closed at 1.3cents.

The industrial sector suffered the most today… it shed nearly a per cent – as real estate giants dragged:  Goodman Group (ASX:GMG) and Scentre Group (ASX:SCG) were down around 1.2 per cent and Stockland (ASX:SGP) shed nearly 0.8 of a per cent.

BHP Group’s (ASX:BHP) was down 0.23% – and the big story of the day revolved around confirmation of a second unsuccessful takeover offer to London listed, Anglo American.

BHP proposed a deal valuing Anglo American’s share capital at £34 billion, offering Anglo American shareholders a greater stake in the combined entity.

This follows an earlier rejected proposal made on April 16th.

Despite the dip in morning trading, BHP remains optimistic about the potential value a merger could create for shareholders and has until May 22nd to decide if it will submit another firm offer.

BHP closed at $43.15,

ARN Media (ASX:A1N) was also one to watch today – the company continues to face challenges following its failed partnership and takeover attempt involving Southern Cross Media yesterday.

Today the company reported that its statutory profits fell 95% compared to the previous corresponding period.

Despite this, ARN’s chair, Hamish McLennan, remains optimistic about the potential benefits of merging with Southern Cross.

ARN closed flat at 85 cents.

Just three weeks ago, Rincon revealed the results of a ground gravity survey, pinpointing the ‘bullseye’ Avalon gravity target among others. Following this, the company successfully secured funding under Round 29 of the Western Australian Exploration Incentive Scheme to support drilling activities at Avalon, Sheoak, K1, and K2.

“I can’t thank the Tjamu Tjamu Aboriginal Corporation and the Kiwirrkurra People enough for being able to squeeze this survey into their very busy schedule. It is a testament to the strong relationship we have built with the community at Kiwirrkurra,” Rincon’s Managing Director, Gary Harvey said.

Currently, Rincon is in detailed planning for an initial phase of drilling programs, both reverse circulation (RC) and diamond core (DD).

The final survey report is expected in 4-5 weeks and the company plans to kick off drillingas soon as practicable thereafter. The drilling program will focus on testing the Avalon target and other identified prospects.

RCR has been trading at 12.5 cents.

Energy had a rough run – slipping around a per cent – while consumer discretionary and healthcare climbed around half a per cent.

West Australian gold producer Ramelius Resources (ASX:RMS) was up more than 2% on seeing its mineral resource for the Eridanus project near Mt Magnet jump 64%.

It now holds 1.2 million ounces of gold – as drilling and other mining activities have enabled the Lone Pine and Theakston deposits to be brought under its umbrella.

RMS closed at $2.04.

Optiscan Imaging (ASX:OIL) shot up nearly 23% on news it’s set to partner with Mayo Clinic to develop a digital confocal laser endomicroscopic imaging system specifically designed for use in robotic surgeries.

Over the next 24 months, both companies will work closely to co-develop a robot-compatible endomicroscopic imaging system, initially focusing on its application in robotic-assisted breast cancer surgery.

OIL closed at 12 cents.

Todays ASX Debutant, D3E Energy (ASX:D3E), a natural gas and helium explorer closed up nearly 25% on it first day of trading.

The company raised $10 million for its launch at 20 cent shares.

It intends to initially focus on exploration and potential development work at its flagship project in South Africa.

D3E closed at 25 cents.

Energy suffered the most today… the sector shed around a per cent – as oil prices dropped on lowered US rate cut hopes. Energy giants dragged down as a result. Woodside Energy (ASX:WDS) and Santos (ASX:STO) both lost around 1.2 per cent.

Southern Cross Media Group (ASX:SXL) was down around 9% during morning trades. ARN Media (ASX:A1N) also saw a dip of nearly 3%. This comes off the back of a proposed merger deal between the two companies.

ARN Media consortium partner Anchorage Capital Partners Pty Ltd (ACP) pulled out of the deal, unconvinced that Southern’s regional TV assets would be beneficial.

SXL closed at 86 cents.

Lendlease Group (ASX:LLC) shed nearly 4% on news the company’s been hit with a statement of audit by the the Australian Taxation Office and an amended income tax assessment relating to the partial sale of the retirement living business.

The latter is in reference to the 2018 financial year, and the bill is worth $112 million.

LLC closed at $6.07.