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A Glimpse into ASX Developments: July 23 Highlights
Welcome to our special ASX coverage for Wednesday, July 23! We are thrilled to present this new format, featuring a robust flow of updates throughout the day. Today’s live blog will conclude around 3:00 pm AEST. Don’t forget to refresh your page for the latest insights and share your feedback with us.
Telix Pharmaceuticals Announces Q2 Revenue and SEC Inquiry
Telix Pharmaceuticals reported a significant year-on-year revenue growth of 63% in Q2, reaching USD 204 million, slightly below analysts’ estimates of USD 205.5 million. The company reiterated its revenue forecast for FY25, expecting between USD 770 million and USD 800 million, alongside a projected 20-25% rise in R&D expenditure.
In a related update, Telix disclosed that the U.S. Securities and Exchange Commission (SEC) is seeking various documents regarding the firm’s disclosures about its prostate cancer therapies. The company is fully cooperating with the SEC, asserting that at this time, this inquiry is merely a fact-finding mission.
Amotiv Releases Preliminary FY25 Results
Amotiv has shared its unaudited results for FY25, revealing an EBITDA of approximately AUD 192 million, a slight decrease of 1% compared to the previous year, falling short of the AUD 193.7 million consensus. While revenues are expected to show minor growth in line with market expectations, the company anticipates a substantial non-cash write-down of AUD 180-190 million tied to its APG segment.
Amotiv has adopted a more cautious long-term growth outlook, citing various challenges:
- A predicted slowdown in new vehicle sales in Australia
- Ongoing difficulties in the New Zealand market, stemming from macroeconomic factors
- A conservative prognosis for the cyclical growth of the Caravan/RV market, foreign exchange issues, and potential U.S. tariffs
This cautious stance was initially flagged in April, resulting in a 16% decline in Amotiv’s stock after they projected only marginal growth for FY25 revenue amid declining EBITDA.
Gold Stocks Surge as Prices Near All-Time Highs
Gold has experienced a notable rally, nearing its historic peak with prices rising by 1.03% to USD 3,429 per ounce, closing in on a previous record of USD 3,437 set on May 6. This spike has positively influenced the VanEck Gold Miners ETF (GDX), which increased by 2.7%, marking its highest level since September 2012.
Local gold producers also reported strong gains amid the rising prices, with the following Australian gold stocks showing significant increases:
| Ticker | Company | % Change | Price |
|---|---|---|---|
| WAF | West African Resources | 8.60% | $2.40 |
| SPR | Spartan Resources | 8.40% | $2.13 |
| RMS | Ramelius Resources | 8.13% | $2.66 |
| GMD | Genesis Minerals | 5.17% | $4.07 |
| EMR | Emerald Resources | 4.89% | $3.86 |
| WGX | Westgold Resources | 4.76% | $2.86 |
| CMM | Capricorn Metals | 4.57% | $9.61 |
| PRU | Perseus Mining | 3.97% | $3.67 |
| VAU | Vault Minerals | 3.80% | $0.41 |
| NEM | Newmont Corporation | 2.84% | $92.00 |
| EVN | Evolution Mining | 2.81% | $7.68 |
| RRL | Regis Resources | 2.79% | $4.42 |
| NST | Northern Star Resources | 1.29% | $16.49 |
| GOR | Gold Road Resources | 0.63% | $3.19 |
US Market Trends: S&P 500 Closes at Record High
In the U.S. market, the S&P 500 achieved a marginal gain of 0.06%, closing at an all-time high. Conversely, the Nasdaq experienced a slight decline of 0.39%, ending a winning streak of six days, primarily due to setbacks from tech giants such as Broadcom and Nvidia. Notably, the equal-weighted S&P 500 index rose by 1.27%, reflecting a shift towards value sectors, including Healthcare, Real Estate, and Utilities.
Despite the relatively calm market atmosphere, ex-President Trump reminded stakeholders of an impending tariff deadline on August 1.
Morning Outlook
As of this morning, ASX 200 futures are up 40 points (+0.46%), buoyed by the S&P 500 achieving another record high, although the Nasdaq faced challenges. For newcomers, a quick review of today’s Morning Wrap is recommended to catch up.
Stay tuned for more updates throughout the day!
