The Australian share market closed higher recording 4 weeks of consecutive gains and also reached 9 month highs. The ASX 200 lifted by 25.5 pts or 0.34 per cent to 7493.8 with eight (of 11) sectors gaining ground. Miners gave up early gains to close flat while the energy sector fared the worst. Coal miners were among the worst performers as New Hope Corporation (WHC) lost 9 per cent and Whitehaven Coal (WHC) closed 6.6 per cent lower.
In company news, iron ore miner Fortescue Metals (FMG) released its December 2022 quarterly production report. Iron ore shipments of 49.4 million tonnes (mt) in Q2 FY23 contributed to shipments of 96.9mt for H1 FY23, 4 per cent higher than H1 FY22 and a record for a half year. Its C1 costs were 3 per cent lower on the previous quarter and
guidance for both shipments and C1 costs remains unchanged. FMG traded higher earlier in the day before closing on a flat note.
Payments solutions provider Tyro Payments (TYR) announced an ‘offer of due diligence’ to private equity firm Potentia. It previously received two non-binding indicative offers of $1.27 per share and $1.60 per share which were both rejected on the grounds of ‘significantly undervaluing Tyro’. The board has announced it has offered Potentia 4
weeks of due diligence to ‘develop an improved proposal and confirm the necessary funding commitments attached to any possible future offer’. TYR closed 4 per cent higher.
Energy refiner and retailer Viva Energy (VEA) confirmed it has received ACCC and FIRB approval to proceed with its acquisition of the Coles Express Convenience Retailing business. Completion of the transaction remains subject to closing conditions with Coles Group (COL) and is anticipated to occur in the second quarter of 2023. VEA shares edged 0.7 per cent higher.
Origin Energy (ORG) closed with a gain of 0.7 per cent after announcing an update to its FY 23 earnings outlook. For FY2023, Origin now expects Energy Markets Underlying EBITDA to be between $600 million and $730 million, up from $500 million to $650 million, excluding the potential impact of the introduction of the legislated coal price cap.
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Medical equipment manufacturer ResMed (RMD) rose 2.1 per cent after announcing results for the second quarter of FY23. The company announced a 16 per cent increase in revenue and a diluted earnings per share of $1.53. RMD also announced a dividend of USD.0.044 cents per share to be traded ex dividend on 8 February 2023.
Ahead: In the US on Friday, personal income and spending is issued with the focus on a key measure of prices. Pending home sales and consumer sentiment are also issued.
3.2bn shares were traded on Friday worth $7.5bn. 714 stocks rose, 644 fell and 445 finished unchanged.
Originally published by CommSec
