The S&P/ASX 200 Index saw a mild uptick of 0.25% today, with key gains led by four ASX companies, HMC Capital Ltd, James Hardie (NYSE:JHX) Industries plc, Piedmont Lithium Inc, and WA1 Resources Ltd.
Shares of HMC Capital Ltd rose 3% to A$4.73 (USD1 = AUD1.5535) today after Bell Potter initiated coverage with a Buy rating and a target price of A$5.55. The move underlines a preference for Real Estate Investment Trusts (REITs) in specific subsectors such as healthcare and petrol stations, particularly those with low future interest expenses.
James Hardie Industries plc shares also experienced a significant surge today, soaring by 13% to A$46.65. This followed the company’s Q2 update, which reported flat net sales of $998.8 million but a 2% increase in adjusted net income to a record $178.9 million.
Piedmont Lithium Inc’s share price increased by 3% to 44.2 cents today after the company announced its first-ever quarterly revenue and profit report. The firm posted $47 million from lithium concentrate sales amounting to 29,011dmt and reported a gross profit of $24 million.
WA1 Resources Ltd’s shares jumped by 17% to A$11.01 today following the revelation of drillhole results from the Luni carbonatite that highlight ongoing high-grade niobium mineralization.
In contrast, it was a tough session for some mining shares on the S&P/ASX 200 Index which only rose slightly by 0.1% to 6,986.2 points. BHP Group (NYSE:BHP) Ltd’s shares dropped by 2.5% to A$44.41 amid falling commodity prices and weak global economic data affecting the demand outlook. Jupiter Mines Ltd’s share price fell by 2.5% to 18.5 cents following an update on its distant EV Battery Market entry strategy. Karoon Energy Ltd’s shares declined by 3% to A$2.33 as oil prices hit their lowest levels since July and U.S. crude supplies surged. Lastly, Newmont Corporation’s shares fell by 4% to A$56.26 as investors sold off gold shares due to decreased demand for safe haven assets, as reflected in the S&P/ASX All Ordinaries Gold index’s 2.4% drop today.
