The Nasdaq led the US indexes, up 3.6 per cent. The Dow Jones lifted .1 per cent and the S&P 500 slipped just under .3 per cent.

Expectations for an interest rate cut by the US Federal Reserve in June have decreased to just under 60 per cent, down from near certainty in January. This is according to the CME Group’s FedWatch tool. Additional data is expected this week, including the second GDP estimate, jobless claims, and manufacturing activity, which all will influence Fed expectations.

Virtual events company Hopin, the start-up founded by Australian-born Johnny Boufarhat, with a pandemic valuation of $7.7 billion, has gone into liquidation in the UK after selling the bulk of its assets to RingCentral for US$50 million. Boufarhat realised around A$250 million from share sales, but left the company last year.

Back home,

So that monthly CPI data will be released by the Australian Bureau of Statistics at 11:30 am AEDT.

And reporting season is winding down with Flight Centre (ASX:FLT) and engineering professional services company Worley (ASX:WOR) releasing half-yearly reports.

Coles (ASX:COL) CEO Leah Weckert has defended stable profit margins, that were reported early yesterday, saying profits had not gone up in line with inflation. She claimed profits were 3 cents in every dollar.

It comes amid price gouging claims targeted at the supermarket giants.

ASX announcements coming through on HotCopper this morning include:

Nickel player Estrella Resources (ASX:ESR) has announced an entitlement issue of loyalty options on the basis of one loyalty option for every 10 shares held by eligible shareholders -at an issue price of $0.001. The offer could raise about $175,937 to fund the offer and general working capital.

And financial service NSX Limited (ASX:NSX) has received two instalments of $500,000, bringing capital raised through a convertible loan facility to A$1 million for working capital needs. An entitlement offer remains open.

The Aussie dollar is buying 65 US cents with Bitcoin less than $1000 away from an all-time high at $$87K.

Iron ore has slipped under the US$120 mark, down more than three per cent. Crude oil has lifted 1.5 per cent to US$78.74, Gold Is sitting steady at a touch below $2030 and natural gas has lifted nearly four per cent, to US$1.80.

The drags have included the Real Estate sector, materials and communications.

However, consumer staples has led the day so far, up nearly 2 per cent, boosted by strong numbers from Coles’ half yearly.

A stand out performer today has been Tamboran Resources Corporation (ASX:TBN), which has gained nearly 17 per cent after announcing better than expected flow test results in the Beetaloo Basin in the Northern Territory.

Supermarket juggernaut Coles Group (ASX:COL) has been up more than 5.5 per cent despite reporting an 8.4 per cent decline in statutory Net Profit After Tax to $589 million for the six months to the end of December. That report is despite a 3 per cent increase in overall revenue and a 4.9 per cent rise in Coles’ supermarket revenue.

Woodside Energy (ASX:WDS) is up  a per cent, despite a 74 per cent slip in Net Proft After Tax for its half yearly. However the falls, attributed to oil and gas prices, was less than expected.

Boss Energy (ASX: BOE) has lifted nearly 2 per cent after completing its acquisition of a 30 per cent stake in the Alta Mesa ISR Uranium Project in South Texas, with a cash transaction totalling A$92 million (US$60 million). The acquisition involved securing the interest from Nasdaq-listed enCore Energy Corp. At the same time, Boss says it’s only weeks away from uranium production.

Boss Energy has been trading around $4.75

Battery anode materials company, EcoGraf (ASX: EGR) has gained nearly 7 per cent on results from a research collaboration with the Helmholtz Institute in Germany. The research using EcoGraf’s HFfreeTM technology reportedly catalysed successful production of purified graphite particles from end-of-life lithium-ion batteries. EcoGraf plans to blend this recycled graphite with Tanzanian graphite for ‘sustainable’ anode manufacture.

EGR has been trading at 15.5 cents

Synthetic anti-infective company Recce Pharmaceuticals (ASX:RCE), has been up more than a per cent, after updating work within its Anti-Infective Research (AIR) Unit at Murdoch Children’s Research Institute (MCRI). Recce established the Unit led by MCRI researcher Dr Sohinee Sarkar last year. The collaboration between Recce and MCRI has been instrumental in providing significant efficacy results for drug candidate Recce 327 in treating UTIs and sepsis through ongoing pre-clinical programs.

RCE has been trading around 46 cents.

And Brazilian Critical Minerals (ASX:BCM) has appointed Andrew Reid as Managing Director from late March.  He replaces Andre Douchane. Andrew was previously a non-executive director (NED) for the company – formerly BBX Minerals – and ‘has over 30 years’ experience in the resources industry’.

BCM has been trading at 2.3 cents

This brings the Mineral Resource Base for the TGEP to 1.17Moz of gold with “internal ore reserves of 664000 ounces.”

This enhancement is a result of grade control drilling from the underground development, specifically at the Roswell deposit, confirming significant high-grade gold mineralisation.

The Tomingley Gold Extension project, situated just 3km south of the Tomingley Gold Operations (TGO), is crucial to Alkane’s broader Tomingley Gold project.

The linkage between TGEP and the mine through an underground decline emphasises the strategic significance of this extension.

“The lift in Reserve is derived from the high-density drilling that has occurred underground at the deposit, which is ongoing.” Alkane Resources Managing Director, Nic Earner said

“This has also enabled the optimisation of mine plans and stope designs.” 

Earner also discussed the positive impact on production levels.

“The higher grades expected to be mined at Roswell, together with the paste plant under construction should lift production to the run rate of 80,000 ounces per annum level,” he said.

Alkane Resources has been actively advancing the development of the Roswell deposit, and with regulatory approvals in place, the first stoping is anticipated to commence in April 2024.

Alkane Resources (ALK) last traded at 49 cents.

Established in 2005, IsoTherapeutics specialises in radiochemistry and “bioconjugation” development, providing crucial services to various companies in the radiopharmaceutical sector – including Telix.

Telix’s move aligns with its ongoing commitment to vertically integrate supply chain, manufacturing, and development capabilities.

The acquisition is poised to significantly bolster Telix’s in-house drug development capabilities, aiming to reduce both cost and time in achieving crucial technical milestones.

The key benefits of the acquisition include expanding Telix’s U.S. manufacturing footprint, equipped with a GMP clean room and production infrastructure suitable for clinical use.

This site will not only facilitate clinical trials but also enhance Telix’s capacity to process a diverse range of therapeutic isotopes crucial for its development portfolio.

“With the agreement to acquire IsoTherapeutics, I am pleased to welcome a team of highly recognized industry leaders in bioconjugation and radiochemistry to Telix, as well as further expand our manufacturing footprint in the U.S.” Telix’s Managing Director and Group CEO, Dr. Christian Behrenbruch said.

IsoTherapeutics will continue to provide development and manufacturing services to existing customers, including Telix’s strategic partners and collaborators.

The acquisition is anticipated to result in potential cost savings, particularly in bringing radiochemistry-related research and development activities in-house.

The purchase price for IsoTherapeutics includes an upfront payment of US$8 million (AU$12.2 million), comprising cash and ordinary shares, along with performance-related milestone payments and a two-year revenue share agreement.

TLX last traded at $10.96 at 10:02am AEDT.

The Nasdaq was up around 0.04 per cent. The Dow Jones, similar, but in the opposite direction, and the S&P 500 closed lower, dipping 0.2 per cent.

Tesla recovered nearly 4 per cent, after reducing its year-to-date loss to less than 20 per cent. Nvidia climbed a little more, gaining 0.6 per cent.

Amazon’s stock fluctuated as it officially joined the Dow Jones, replacing Walgreens Boots Alliance, slipping 0.16 per cent.

In the tech sector, semiconductor company Arm Holdings surged another 10 per cent, making it about 100 per cent over the last month.

After negotiations, Aluminium company Alcoa Corporation (NYSE:AA) is moving forwards with the acquisition of lumina (ASX:AWC). in a $3.3 billion deal – representing a 13 per cent premium to its closing price last week. The companies have entered a Transaction Process and Exclusivity Deed which gives Alcoa 20 days of exclusivity.

The deal is supported by Alumina’s directors and major shareholders. Alcoa took a hit on market overnight, but Alumina might be one to watch today.

And another aluminium and building manufacturer and supplier CSR (ASX:CSR) has entered into a binding Scheme Implementation Deed with French multinational corporation Compagnie de Saint-Gobain, for a deal including cash consideration of $9 per share, with the board unanimously recommending shareholders to vote in favour.

Companies reporting today include: Oil and gas operator Woodside Energy (ASX:WDS), the previously mentioned Alumina (ASX:AWC). Buy now, pay later company, Zip Co (ASX:ZIP) and grocery juggernaut Coles (ASX:COL).

And in capital raising, mineral explorer Orion Metals (ASX:ORM), has issued nearly 300 million shares at $0.0046 to three private investors, raising $1.3 million for working capital and evaluating acquisition opportunities.

The Aussie dollar is buying US65 cents. Bitcoin is up nearly 6 per cent, hitting a two-year high of A$83,500.

Iron ore is sitting at US$123.50, up nearly a per cent. Crude oil’s gained 1.6 per cent to US$77.74, Gold has dipped a touch to US$2033. With natural gas gaining nearly 1.5 per cent to just below US$1.63.

Sector performances were split… energy dropped the most, slipping 2 per cent. Discretionary showed strength, gaining just under a per cent.

In news today,

The Reserve Bank of Australia has appointed Susan Woods as the Chief Operating Officer. Ms. Woods has more than 30 years of experience in the private sector. She will take up her role early next month.

Fortescue Metals (ASX:FMG) CEO Andrew “Twiggy” Forrest has appeared at the National Press Club today, urging those representing rural interests to unite, rejecting the false promise of perpetual reliance on fossil fuels. He warns against halting green energy progress and dismisses uninformed nuclear policies, emphasising the importance of genuine leadership over political manoeuvres.

Queensland bank Suncorp Group (ASX:SUN) was up more than three per cent on its half-year results.

The financial institution reported cash earnings of $660 million, a 14 per cent increase from the previous period. Suncorp also announced a fully franked interim dividend of 34 cents a share – and closed at $15.66.

Australian e-commerce brand Kogan.com (ASX:KGN) gained more than 20 per cent on its half-year results despite Kogan’s revenue dropping nearly 10 per cent to $248.2 million.

The company posted a half-year net profit of $10.2 million. The company will pay its first dividend in 3 years of 7.5-cent fully-franked.

Kogan.com closed at $7.57.

And fleet management junior Orcoda (ASX:ODA) was up nearly 10 per cent as it logged a 41 per cent jump in customer receipts. Customer spend totalled $15.898 million in 1H FY24, which is up 41 per cent from the prior corresponding period. Cash flow was also up from $434,000 in the previous corresponding period to $1.93 million.

ODA closed at 26.3 cents.

Infection prevention company Nanosonics (ASX:NAN) was down more than 15 per cent on its half-year results.

The company’s revenue for the first half was down 2 per cent on the previous corresponding period – and totalled $79.6 million.  Its operating profit before tax was also down to $4.9 million from $11.4 million in the prior period.

NAN closed at $2.63.

ALSO IN the healthcare industry… Australian insurer NIB Holdings (ASX:NHF) was down more than 5 per cent despite posting strong half-yearly results. NIB underlying operating profit was up 21.7 per cent from $118.7 million in the previous corresponding period and its NPAT? was up 19.4 per cent to $104 million.

NHF last traded at $7.72.

And Telco TPG Telecom (ASX:TPG) shed nearly 10 per cent after the company reported cash earnings were projected to improve beyond FY24. Service revenue increased 4.3% to $4,632 million, driven by mobile growth. However, EBITDA was down 12.2 per cent due to a one-off tower sale and other non-recurring items. The company’s positive outlook focuses on 5G expansion, simplification, and sustained growth.

TPPG last traded at $4.93.

The HoA outlines a shared strategic vision for both BHCP and the Kwinana Refinery project, providing a pathway to a binding agreement between the parties.

Under the agreement, Iwatani is positioned as a potential partner for both the Refinery and BHCP, aligning the projects for a staged expansion.

“Cobalt Blue is excited to have a potential partner of the calibre of Iwatani Corporation,” COB CEO Joe Kaderavek said.

“We share a common view of Australia as a supplier to the global battery industry and look forward to developing both projects with Iwatani.”

This collaboration aims to commence and expand refinery production, initially using third-party feedstock, potentially followed by BHCP-sourced cobalt intermediate feedstock.

The integrated BHCP and Refinery have the potential to become a Top 10 global cobalt refinery.

Despite challenges, Cobalt Blue remains optimistic about the cobalt market, anticipating a tightening of the market and improved fundamentals in the long term.

The partnership aims to finalise binding agreements by April 30, 2026, covering the establishment of a joint venture company, investment agreements, product marketing, and offtake arrangements.

Cobalt Blue last traded at 15 cents.

In terms of sectors, IT and consumer discretionary are in the green, both up nearly a per cent – while energy is down nearly 2 per cent.

In this bulletin, we’ll look at news from Kogan.com, Suncorp Group, Little Green Pharma, The Calmer Co and Mount Ridley Mines.

In company news,

Queensland bank Suncorp Group (ASX:SUN) is up more than 3 per cent on its half-year results.

The financial institution reported cash earnings of $660 million, a 14 per cent increase from $580 million in the previous period.

Its NPAT was also up 5.4 per cent year on year to $582 million.

Suncorp Group announced it will pay a fully franked interim dividend of 34 cents a share – and has been trading at $15.63.

Australian e-commerce brand Kogan.com (ASX:KGN) is up nearly 20 per cent also on its half-year results, also.

For the first six months of FY24, Kogan’s revenue was down 9.9 per cent to $248.2 million.

However, the company posted a half-year net profit of $10.2 million – which is up from a $9.6 million loss at the same time last year.

The deal breaker for investors today was Kogan revealing its first dividend payout in 3 years.

It will pay a 7.5-cent full-franked dividend on May 31.

Kogan.com has been trading at $7.40.

Cannabis producer Little Green Pharma (ASX:LGP) is up more than 20 per cent on news the German Bundestag is on track to legalise cannabis in Germany and remove it from the Narcotics List from April 1, 2024 – which will position Germany as the largest federally legal cannabis market globally.

What does this mean for LGP?

The legislative shift presents an opportunity for LGP to leverage its established partnerships with multiple German distributors, a robust bank of cannabis genetics, and ownership of the largest EU GMP-recognised medicinal cannabis facility in Europe.

LGP has been trading at 14 cents.

Fiji-sourced Kava-based health drink maker The Calmer Co (ASX:CCO) has completed a top-up placement of just over $500,000 to sophisticated investors.

In the background, the company’s products have just become available on Walmart’s e-commerce platform in the US.

CCO has been trading at 0.6 cents.

And explorer Mount Ridley Mines (ASX:MRD) has confirmed its receipt of just over $1 million dollars from the Australian Government as part of a Research and Development tax rebate from Canberra.

The company will use the funds to push forward its 2024 campaigns.

MRD has been trading at 0.2 cents.

Non-Executive Director Peter Cramer will step down effective February 29, 2024.

Chief Financial Officer Craig Couws will conclude his role by March 31, 2024. Finance responsibilities will transition to appointed consultants, and the CFO position will not be filled.

“I would firstly like to thank Peter for his significant contribution to the company as a director since July 2021 as we transitioned from an unlisted company through to our listing on the ASX,” Executive Chairman Rhett Bennett said.

He also acknowledged Mr Couws’ efforts, emphasising his role in facilitating the purchase and sale of the Half Moon asset and integrating it into the company.

These changes are part of the company’s strategy to reduce costs associated with its listing, in line with the guidance provided in the 2024 meeting agenda.

Despite these shifts, Black Mountain Energy remains committed to implementing cost-cutting measures while focusing on advancing Canning Basin approvals and preparing Project Valhalla for future appraisal activities.

BME last traded at .8 cents.

The funding allows the company to significantly advance key development milestones for the project.

The company’s focus on environmentally friendly and cost-effective extraction methods aligns with the growing demand for clean energy resources and US national security needs.

“I am thrilled to announce the successful completion of our institutional placement, which has raised A$13.5 million,” American Rare Earths CEO Donald Swartz said.

“The overwhelming support from both existing shareholders and new institutional investors underscores the confidence in our vision and the potential of our projects, in particular, the Halleck Creek rare earth project.”

The funds raised will be used for:

The placement shares will be issued at 30 cents per share, representing a 5.1 per cent discount to the 10-day VWAP.

Settlement is scheduled for Wednesday, February 28 2024, and the shares will rank equally with existing shares on issue.

ARR last traded at 38 cents.

This was largely due to the performance by semiconductor chip maker Nvidia, which shares have risen more than 16 per cent, reaching a new all-time high and propelling the company’s market cap toward the $2 trillion milestone.

The Nasdaq was up more than three per cent, the S&P 500 has lifted two per cent and the Dow Jones following suit, up a full per cent as well.

Back home,

Leading global gold producer Newmont corporation (ASX:NEM) aims to sell six mines and two projects, to generate $3.1 billion in cash. Assets for sale include the Telfer and Havieron mines in Western Australia.

Meanwhile, Australia and the UAE are negotiating a free trade deal, with the UAE using its sovereign wealth fund for investments in Australian critical minerals. The deal grants the UAE preferential access to these minerals and is expected to be finalised by year-end.

Companies scheduled for reporting today include Arcadium Lithium (ASX:AM7), Aussie Broadband ASX:ABB), Brambles (ASX:BXB) & Latitude Group Holdings (ASX:LFS), among others…

Having a look at the early trending stories on HoCopper this morning: Lithium, gold and graphite minerals explorer Sayona Mining (ASX:SYA) has reaffirmed its partnership with Piedmont Lithium (ASX:PLL), to develop the North American Lithium operation in Québec, Canada, despite Piedmont Lithium selling its shareholding in Sayona Mining. And Somnomed (ASX:SOM) has announced that it has appointed Amrita Blickstead and Karen Borg as Joint Chief Executive Officers and Executive Directors effective today.

The Aussie dollar is buying 66 US cents.

Iron ore is trading at $122.50, down more than 1.5 per cent, crude oil has slipped more than half a per cent to just below $78.50. Gold is steady at $2023 and natural gas has slipped just shy of 2.5 per cent to $1.73.

All three US indices were down with the Nasdaq dropping a full per cent and the Dow Jones & S&P 500 slipping half a per cent each.

Semiconductor chip maker Nvidia (NVDA.O) shares fell four per cent amid concerns ahead of its quarterly earnings report and then shot up six per cent as news of record revenue rolled in.

In January, most US Fed policymakers expressed concerns about cutting interest rates too soon. The meeting minutes emphasise uncertainty on how long to maintain a restrictive policy. The minutes suggest a cautious, potentially slower approach to rate cuts than expected, with a need for greater confidence in falling inflation. Investors still anticipate rate cuts starting in June.

Back home

Financial services firm, Canaccord Genuity, has initiated a $60 million block trade for Sayona Mining (ASX:SYA), with Piedmont Lithium (ASX:PLL) selling down about 11.2 per cent of its its holdings at an 18.8 per cent discount. Both companies faced over 70 per cent share value losses due to the global lithium price decline.

Sayona was once valued at $1.9 billion, now stands at $659 million. It continues work on its North American Lithium project despite challenges. Sayona Mining is up 60 per cent the last month.

Company financial reports today include Fortescue (ASX:FMG), Lovisa (ASX:LOV) Medibank (ASX:MPL) and Qantas (ASX:QAN).

Trending stories on HotCoppper so far include, Sky City Entertainment Group (ASX:SKC), announcing that Callum Mellett will step in as interim CEO as Michael Ahearne will step down, effective March 8th. And aluminium manufacturer and supplier, CSR limited (ASX:CSR) has confirmed it has received a conditional, non-binding, indicative proposal from French building materials giant Saint-Gobain to acquire 100 per cent of the shares in CSR by way of a scheme of arrangement for a price of $9 cash per share.

One Aussie dollar is buying 65 US cents.

Iron ore has slipped nearly 4 per cent to just below US$125, crude oil has jumped more than a per cent to US$78. Gold is sitting steady at US$2025 and natural gas has had a solid jump, up more than 12 per cent to trade at $1.77.

Investors braced themselves in the US overnight for Nvidia’s quarterly results, causing a 6 per cent drop in the semiconductor chipmaker’s shares.

Despite expectations of excellent earnings, concerns lingered about a potential ‘sell the news’ reaction, where high expectations might lead to a negative market response. Nvidia has a track record of strong Q4 earnings reports, including beating EPS estimates, and sales estimates, and raising guidance in recent years. The outcome remains uncertain amid heightened expectations. Nividia is up more than 234 per cent year on year.

The NASDAQ slipped one per cent, the Dow Jones wa down .7 per cent and the S&P 500 retreated .3 per cent

Back home,

Companies reporting today include Domino’s Pizza (ASX:WOW), Lottery Corporation (ASX:TLC), NAB (ASX:NAB), Rio Tinto (ASX:RIO) and Woolworths (ASX:WOW).

And just on Woolworths, CEO Brad Banducci announced he’s stepping down from the role after 8.5 years, following a rather heated interview on ABC Four Corners which saw the supermarket giant boss temporally walk while airing.

Mr Banducci will officially step down in September, making way for his successor Amanda Bardwell.

Westpac leading index data is expected at 10.30 am AEDT and the fourth quarter wage price index due out 11.30 am.

In the smaller caps,

Australian Unity is set to bolster its Home Health portfolio by acquiring the myHomecare Group from Enrich Health Group Pty Ltd, aligning with the company’s strategic goals for accelerated growth.

Valor Resources (ASX:VAL) has progressed in its acquisition of a lithium portfolio in Ontario, Canada, by completing the acquisition of the Jesaulenko Lithium Project.

The Aussie dollar has bumped up a touch, buying 66 US cents.

Iron ore has lifted more than a per cent to just below US$130, crude oil has dipped 1.6 to just above US$77, gold is trading at US$2023, up .3 per cent. And natural gas has risen two per cent to buy $1.58

The project, owned 60 per cent by Sayona and 40 per cent by Investissement Québec, demonstrates robust financial metrics and potential for long-term profitability.

The DFS outlines an annual production rate of 300,000 tonnes per annum (tpa) of spodumene concentrate over a 21-year life of mine (LOM), utilising open-pit mining with estimated ore reserves of 34.5 million tonnes at a grade of 1.36 per cent lithium oxide.

“We are delighted by the results of this DFS, which demonstrate that the Moblan lithium project is an incredibly strategic and valuable asset for Sayona, representing one of the single largest hard rock lithium resources in North America,” SYA Interim CEO James Brown said.

The process plant’s feed rate is set at 4,800 tonnes per annum (tpa), with an average LOM recovery of 74.7 per cent and spodumene concentrate grade at 6 per cent lithium oxide.

Key financial indicators include a post-tax Net Present Value (NPV) of A$2.495 billion, net cash flow of A$6.8 billion from LOM net revenues of A$16.3 billion, a post-tax Internal Rate of Return (IRR) of 34.4 per cent, and a payback period of 2.3 years.

Sayona last traded at 6.2 cents.

The European EURO STOXX 50 index ended a three-day rally, it’s sitting near record highs, having gained 18.6 per cent since October.

Back home and the RBA will also release meeting minutes from its latest meeting at 11.30 am AEDT.

Iron ore giant BHP (ASX:BHP), investment manager Centuria Capital (ASX:CNI), property development firm Ingenia Communities Group (ASX:INA); and Sonic Healthcare (ASX:SHL) are all set to release financial reports today.

The Star Entertainment Group (ASX:SGR) is being investigated by the New South Wales Independent Casino Commission through an inquiry led by Adam Bell QC. The inquiry will look at ‘the suitability of The Star Sydney and its associate The Star to manage and operate The Star Sydney Casino.

The inquiry is set to take about 15 weeks, with the outcome due in May.

Star Entertainment Group shares have already dropped more than 55 per cent over the past year.

Other stocks to watch today include: Cyprium Metals (ASX:CYM) which has announced a shallow high-grade copper discovery near Cue in Western Australia; mineral explorer Kaili Resources (ASX:KLR), which has been granted two more rare earths tenements within the Murray Basin and Limestone Coast in South Australia; and, gold and silica sands company Metallica Minerals’ (ASX: MLM) as the board will be considering a takeover offer from Diatreme Resources (ASX:DRX). Under the offer, MLM shareholders would receive 1.33 Diatreme shares for each Metallica Minerals share. The board has urged shareholders not to take any action until it makes a formal recommendation.  

The Aussie dollar is buying 65 US cents. Bitcoin has been around US$51,900, it’s tripled in value since the start of last year.

Iron ore Is at US$129.29, crude oil is around US$79.29, gold is buying US$2029 and natural gas is down three per cent to US$1.56.

Real estate has been down nearly three per cent and IT by nearly 1.2 per cent – indeed the all-technology index took a fall in early trade, losing about 0.65 per cent.

Shares in APM Human Services International (ASX:APM)– which has former WA premier Mark McGowan and other big names on its advisory board – surged more than 50 per cent this morning due to an acquisition approach by CVC Asia Pacific.

In recent weeks APM made headlines due to its weak profit outlook and its share price has plunged since its $3.55 IPO just over two years ago.

The board is rejecting CVC Asia Pacific’s proposal, deeming it undervalued.

APM has been trading at $1.24.

Seven Group Holdings (ASX:SVW), led by the Stokes family, aims to acquire the remaining 28.4 per cent of Boral (ASX:BLD), offering $1.50 in cash plus 0.1116 SGH shares per Boral share in a deal valuing shares at up to $6.25.

Boral’s board is asking shareholders to await guidance.

BLD has been trading up nearly four per cent at $6.08.

Westpac (ASX:WBC) has been trading up 2.4 per cent despite its December update revealing a six per cent decline in unaudited net profit to around $1.5 billion. The bank blames hedge accounting items that it reports will reverse in time.

WBC has been trading at $25.16.

The A2 Milk Company (ASX:A2M) is up 16 per cent on half-yearly results showing 3.7 per cent revenue growth and five per cent EBITDA growth. Shares have been trading at $5.87.

And fuel retailer Ampol (ASX:ALD) has been up more than 1.4 per cent after achieving a statutory NPAT of $549 million for full year 2023 and paying an a $1.20 final dividend as well as a 60 cent special dividend.

Ampol has been trading at around $38.12.

A look at some smaller players now and Haranga Resources (ASX:HAR) has lifted about 10 per cent after restarting RC drill rigs at its Saraya project in Senegal, West Africa. The company expects first-round assays by late March.

HAR last traded at 18 cents.

Infini Resources (ASX:I88) has expanded the acreage at its Portland Creek project, adding additional radiometric targets to its portfolio.

The company has staked an additional 40km2-plus  of prospective uranium acreage at Portland Creek in Canada.

I88 has been trading at 26 cents.

And, Alara Resources (ASX:AUQ) has updated hot commissioning activities for its copper-concentrator plant being constructed by its joint venture company, Al Hadeetha Resources, at in Oman. While there have been some technical difficulties with a tailings filter press, finely ground concentrate cakes were achieved within a week.

AUQ last traded at 3 cents.

And before we go…

Little Green Pharma (ASX:LGP) has withdrawn offers under a Prospectus to separate its subsidiary Reset Mind Sciences. UK funds were blocked from investing as psychedelic-assisted psychotherapy is not permitted in the United Kingdom, limiting Reset’s ability to be listed there.

LGP last traded at 13.5 cents.

In big news on the local market, Seven Group Holdings (SVW) has made an off-market takeover bid for Boral (ASX:BLD) through a subsidiary.

Shareholders would receive 0.1116 Seven Group Holdings shares plus $1.70 per share they own. Based on Friday’s SVW price of $40.77, that would value shares at $6.24.

Boral last traded at $5.85.

Seven Group Holdings already holds a 71.6 per cent controlling interest in Boral and owns WesTrac and Coates.

Also this week, there’ll be plenty more results to work through, with around 80 major listed companies reporting earnings. Notable among them are iron ore giants BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals (ASX:FMG), as well as supermarket chain Woolworths (ASX:WOW) and Qantas (ASX:QAN).

Be on the lookout for Metals Acquisition (NYSE:MTAL)  tomorrow, the New York-listed company which focuses on operating and acquiring metals and mining businesses, is set to debut here on the ASX. It already owns an underground copper mine in Cobar, New South Wales, which it acquired from Glencore last year.

 Through the IPO process, the company has raised $325 million with $17 shares.

The Aussie dollar is buying 65 US cents.

Iron ore is trading at US$129.29, crude oil is up more than 1.5 per cent to just under US$80 a barrel. Gold is up half a per cent to US$2025. Natural gas is up a per cent to US$1.60.

Now before we go, if you watched the UFC over the weekend you may have noticed Facebook co-founder and CEO of Meta, Mark Zuckerberg in the corner of Australian superstar Alex Volkanovski at UFC 298. Volkanovski went on to lose the bout, So I’m thinking Zuckerberg wouldn’t have ‘liked’ that.

In the US overnight, the Dow Jones led, gaining 0.85 per cent, the S&P 500 added half a per cent and the Nasdaq had a .15 per cent rise. US retail sales fell 0.80 per cent last month and there was poor industrial production data – these insights again ignited hopes that interest rates might not be so far away.

Back home and reporting season continues: Companies reporting today include, Cleanaway Waste Management (ASX:CWY) which announced half year statutory net profit up 51 per cent on the previous corresponding period and an unfranked 2.45 cent dividend; QBE Insurance Group (ASX:QBE) provided its full-year results for 2023, higher interest rates helped insurer and funds manager QBE, its investment income was $1374 million, well over double in 2022. And IAG (ASX:IAG) which is looking to up insurance premiums as its half-yearly net profit is down $60 million to the same period in 2022. It’s announced a 10-cent dividend and is launched a $200 million buyback.

Other companies to watch include:

NZ power generator, Genesis Energy (ASX:GNE) which announced the resignation of the CFO James Spence who’s returning to Australia from New Zealand; and, AFT Pharmaceuticals (ASX:AFP) which updates it’s operating profit guidance is up a million dollars to between $23m and $25m.

Before we go, there’ll be a new listing on the ASX today. The Australian Wealth Advisory Group will hit the market under the ticker code WAG. The company raised A$5M through 25 cent IPO. The Australian Wealth Advisors Group invests in financial services businesses. It’ll start trading at 11 am AEDT.

The Aussie dollar is buying 65 US cents. Bitcoin is buying at $79K, after touching the $80K earlier.

Iron ore is sitting steady at US$128, crude oil has popped up over the $78 mark, rising nearly two per cent. Gold is up half a per cent to the US$2000 bracket, and natural gas has dipped a per cent to under the $1.60 mark.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.