The ASX closed nearly .9 of a per cent up with every sector in the green and real estate the star of the show – signing off more than 2 per cent up.
And in another blow to Australia’s nickel industry, Canadian-based First Quantum Minerals is pulling the pin on its Raventhorpe nickel operations in Western Australia, costing 330 jobs and shutting production within a month. This adds to the growing list of companies backing away from nickel production due to a slump in nickel price.
In the green
Telecommunications company TPG Telecom (ASX: TPG) climbed more than 5% having signed a network deal with Optus that is set to extend their 4G and 5G mobile network to reach 98.4% of the Australian population. TPG will pay Optus $1.17billion over the course of the 11-year deal. TPG was more than 5% up at $4.36.
The Star Entertainment Group (ASX:SGR) grew nearly 7% after it announced that Ms Anne Ward was appointed as Chairman of the Board, effective immediately.
While she adapts to her new role; Mr David Foster – Star Entertainment’s recently resigned executive chair – will continue his duties and remain on the Board for an interim period.
SGR closed at 41 cents.
Australian online retailer Adore Beauty Group (ASX: ABY)gained more than 4% per cent after announcing that its chief executive officer, Tamalin Morton, is stepping down. The company’s quarterly business update has just revealed a revenue boost of nearly nine percent compared to the same time last year.
For Q3 FY24, Adore revealed a jump of 8.9 percent in revenue compared to the prior corresponding period (PCP), taking the current figure to $45 million.
ABY closed at $1.19.
In the red
Core Lithium (ASX:CXO)shed 3 per cent on its quarterly update.
The company confirmed a 14 per cent decrease in its quarterly spodumene concentrate production to a total of 24,927 tonnes – down from 28,837 the previous quarter.
It cited a 5-day “planned shut down” for operations maintenance.
CXO closed at 14 cents.
And Tasmea Limited (ASX:TEA) was up nearly 9% on its IPO on the ASX. The stock climbed as much as 12.5% to trade at around $1.75 in morning trades.
Tasmea originally listed at A$1.56, raising just short of $60 million.
TEA closed at $1.70..
In the red
Betmakers Technology Group (ASX:BET) was down nearly 11 per cent also on its quarterly update.
Its revenue was down 4.1 per cent on the previous corresponding period to $22.3 million. It also incurred an underlying EBITDA loss of $2.5 million for the quarter.
BET closed at 12.5 cents.