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Uncertain gas market not enough to stop gains: Aus shares up 0.36% at noon

Australia’s import prices gained 1.8 per cent in the December quarter, while export prices fell 0.9 per cent in the same period, according to the Australian Bureau of Statistics. Additionally, the domestic producer price index rose 0.7 per cent in the December quarter, from the previous quarter, taking the annual measure 5.8 per cent higher compared with a year ago.

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According to the Australian Competition and Consumer Commission, a gas shortage on Australia’s east coast is still possible despite an improvement in the market outlook. Users could face a supply shortfall of 30 petajoules of gas if the big Queensland LNG producers export all of their uncontracted gas, less than a 56PJ gap forecast in July 2022.

At noon, the S&P/ASX 200 is 0.36 per cent or 27.00 points higher at 7,495.30.

The SPI futures are pointing to a rise of 5 points.

Best and worst performers

The best-performing sector is Information Technology, up 1.75 per cent. The worst-performing sector is Health Care, down 1.04 per cent.

The best-performing large cap is Liontown Resources (ASX:LTR), trading 7.79 per cent higher at $1.66. It is followed by shares in WiseTech Global (ASX:WTC) and Sayona Mining (ASX:SYA).

The worst-performing large cap is New Hope Corporation (ASX:NHC), trading 7.32 per cent lower at $5.95. It is followed by shares in Whitehaven Coal (ASX:WHC) and Chalice Mining (ASX:CHN).

Asian news

Stocks in the Asia-Pacific traded higher on Friday as Wall Street’s major indexes gained after the U.S. economy grew more than expected. Government data showed the economy expanded at an annualized rate of 2.9 per cent during the fourth quarter, higher than expectations.

Traders also digested Tokyo’s core consumer prices that rose 4.3 per cent, also faster than estimates.

The Nikkei 225 rose 0.11 per cent in its first hour of trade and the Topix gained 0.18 per cent. The yield on the 10-yearJapanese government bond rose more than 3 per cent to trade at 0.476 per cent, inching close to the central

Company news

Dreadnought Resources (ASX:DRE) has announced that assay results have extended the strike length REE by 13 kms to 43 kms. In response, Dreadnought’s Managing Director, Dean Tuck, commented: “ With over 43kms of mineralised ironstones, a multi-metal, regional source at C3 and six more potential source carbonatites, we are extremely excited about what the drill rigs will deliver for us in 2023.” Shares are trading 11.7 per cent higher at 10.5 cents.

Tyro Payments (ASX:TYR) rejected two non-binding indicative offers from Potentia, stating that they significantly undervalued the company. The Tyro board offered Potentia a 4 week period of due diligence to develop a significantly improved proposal and confirm funding commitments for any possible future offer, but there is no guarantee that a further offer or any kind of transaction will happen. Shares are trading 3.18 per cent higher at $1.54.

Fortescue Metals (ASX:FMG) shipped a record volume of iron ore in the six months to December 2022, 4 per cent higher than the same period in the previous year, and 17 per cent higher than four years earlier. This puts the company on track to meet its full-year export target, despite the Iron Bridge magnetite project suffering cost and schedule blowouts, and likely to make a weaker-than-expected contribution to the goal. Shares are trading 0.93 per cent higher at $22.69.

icetana (ASX:ICE), a global software company that provides AI solutions for detecting real-time anomalous events on video surveillance systems, released their activities report and Appendix 4C for Q2 FY23. The highlights of the report include an annual recurring revenue of $1.6m as of December 2022, which is up 18 per cent YoY and 2 per cent QoQ. The company also reported a quarterly revenue of $426k, which is up 10 per cent YoY and 9 per cent QoQ, and a net customer retention rate of 102 per cent. Additionally, the company achieved first sales of its next generation software and received positive feedback from early deployments. Shares are trading flat at 3 cents.

Lake Resources (ASX:LKE) is a mining exploration entity that has released a quarterly cash flow report. The report shows that the company spent $13,682,000 on operating activities, $15,641,000 on investing activities, and received $569,000 in financing activities in the current quarter. Overall, the company had a net decrease in cash and cash equivalents of $28,754,000 for the period. Shares are trading 2.48 per cent higher at 82.5 cents.

The quarterly report for the quarter ending December 2022 for Magnis Energy (ASX:MNS), FSE: U1P, and OTC: MNSEF highlights that the Lithium-ion battery manufacturing facility operated by Imperium3 New York Inc (“iM3NY”) completed internal qualification of its commercially produced cells. The report also states that progress was made for the planned US active anode material facility, and construction of the Eco-village as part of the Resettlement Action Plan for the Nachu Graphite Project in Tanzania was largely completed. Additionally, Magnis’ Corporate Social Responsibility programs continue to provide much needed infrastructure for the local community. Shares are trading flat at 45 cents.

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.
One Australian dollar is buying 71.29 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology – majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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