ASX Large Caps: Deep Yellow jumps 11pc on potential uranium shortage; Santos up 4pc as Barossa gets go-ahead

Estimated read time 4 min read

Deep Yellow up 11pc on uranium supply issues after Kazatomprom announcement
Santos came out of trading halt and surged after court decision on Barossa
China held rates steady, contrary to market expectations

 

The ASX pared earlier gains, finishing the day flat.

Energy stocks lifted on the back of higher crude prices, and Santos (ASX:STO)’s 4% surge after the company was given a court the go-ahead to lay pipes at its $5.8bn Barossa gas project off the Northern Territory coast (see more below).

The oil market was further disrupted today after Yemen’s Houthi rebels reportedly fired back on an American destroyer in the Red Sea.

Retail stocks were mainly up after Super Retail Group (ASX:SUL) reported record sales for the half (see more below).

Among the decliners were lithium stocks, with IGO (ASX:IGO), Mineral Resources (ASX:MIN)  down -3-4%.

Across the region, Asian stocks mainly rose as traders boosted bets on Fed Reserve interest-rate cuts this year.

“Rate cuts are likely still in the cards, but China looks to be taking a more measured approach to policy easing,” said Marvin Chen, an analyst at Bloomberg Intelligence.

His comments came after China’s central bank held a key interest rate steady today, contrary to market’s expectations that it slash the rate.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap DYL Deep Yellow Limited 1.4925 11.3806 15,996,486 $1,024,068,554 BOE Boss Energy Ltd 5.55 9.0373 6,031,356 $2,080,040,426 PDN Paladin Energy Ltd 1.295 7.4689 49,261,802 $3,594,967,517 SLX Silex Systems 5.32 7.2581 1,100,796 $1,170,292,532 SUL Super Ret Rep Ltd 16.76 6.0089 1,342,060 $3,570,316,965 PMV Premier Investments 27.9 4.4162 209,268 $4,260,738,334 ELD Elders Limited 8.3 4.2714 1,278,731 $1,252,665,423 STO Santos Ltd 7.855 4.0397 6,723,204 $24,520,685,856 MAD Mader Group Limited 7.06 3.8235 93,420 $1,360,000,000 JBH JB Hi-Fi Limited 59.88 3.4912 765,544 $6,326,064,141 SMR Stanmore Resources 4.065 3.4351 1,328,336 $3,542,469,122 ING Inghams Group 4.21 3.1863 1,795,725 $1,516,452,772 SDR Siteminder 5.49 2.4254 593,354 $1,485,074,328 ALD Ampol Limited 36.32 2.3387 354,160 $8,457,341,494

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Uranium producer Deep Yellow (ASX:DYL) was the best large cap today, up 11% after an announcement from the world’s biggest uranium miner, Kazatomprom, a London-listed company controlled by the  Kazakhstan’s government.

Kazatomprom said it was experiencing issues that could persist into 2025, including shortages of sulfuric acid and construction delays at its newly developed deposits – which could add to the list of challenges facing global supply of uranium.

Super Retail Group (ASX:SUL) was up 6% after reporting a record first half sales of $2 billion.

The company’s total sales (from the combined sales of Supercheap Auto, BCF, Macpac and rebel) were 3% higher than the pcp.

On the back of this revenue, first half profit before tax (PBT) is expected to be between $200 million and $203 million.

Oil producer Santos (ASX:STO) jumped 3% after declaring that it has won a a court case launched against it by Traditional Owners at the company’s Barossa gas project in the Timor Sea, north of Darwin.

The Federal Court of Australia has dismissed the application and discharged the injunction that prevented pipelay activities south of the kilometre 86 (KP86) point along the Barossa Gas Export Pipeline.

Following the decision, Santos says it will continue pipelaying activity for the Barossa Gas Project.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap TUA Tuas Limited 2.87 -7.72 303,983 $1,450,437,978 SNZ Summerset Grp Hldgs 10.08 -5.79 602 $2,506,810,787 LTM Arcadium Lithium PLC 8.49 -4.82 1,246,587 $4,840,101,038 IGO IGO Limited 7.68 -4.78 2,674,517 $6,103,578,573 PLS Pilbara Min Ltd 3.58 -4.28 20,218,661 $11,255,410,114 LTR Liontown Resources 1.42 -4.21 4,692,834 $3,596,647,361 PNV Polynovo Limited 1.51 -4.14 529,369 $1,083,665,419 HLS Healius 1.40 -4.11 2,042,750 $1,060,057,883 BGL Bellevue Gold Ltd 1.53 -3.92 2,284,543 $1,835,730,292 QAN Qantas Airways 5.21 -3.79 5,067,970 $9,329,299,819 AWC Alumina Limited 1.06 -2.97 9,685,013 $3,177,341,152 MIN Mineral Resources. 61.07 -2.66 669,758 $12,245,996,493 CLW Chtr H Lwr 3.57 -2.46 1,227,205 $2,646,017,006 ABB Aussie Broadband 3.63 -2.42 214,706 $1,036,585,150 A2M The A2 Milk Company 4.03 -2.18 844,203 $2,978,491,409

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Pilbara Minerals (ASX:PLS) was down over -3% despite announcing that it has expanded its offtake agreement with  Ganfeng Lithium.

Under an existing agreement with Ganfeng signed in 2017, Pilbara Minerals supplies 160,000 tonnes per annum (ktpa) of spodumene concentrate from the company’s 100% owned Pilgangoora Operation.

The amendment results in a total allocation of up to 310ktpa of spodumene concentrate over a period of three calendar years (CY24, CY25 and CY26). The terms of the amendment are detailed below:

CY24 – Pilbara Minerals will supply an additional 150kt of spodumene concentrate taking the total supply in CY24 to 310kt.
CY25 – Pilbara Minerals will supply an additional 100kt (with an option to increase to 150kt at Pilbara Minerals’ election) of spodumene concentrate taking the total supply in CY25 to 260kt – 310kt.
CY26 – Pilbara Minerals will supply an additional 100kt (with an option to increase to 150kt.

The post ASX Large Caps: Deep Yellow jumps 11pc on potential uranium shortage; Santos up 4pc as Barossa gets go-ahead appeared first on Stockhead.

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