It’s shaping up to be a positive day for the market, with the ASX up by three-quarters of a percent. All eleven sectors are in the green, led by Telecommunications, which is up one and a half percent. Discretionary and real estate sectors are also performing strongly.
Australian Consumer Sentiment
In more sombre news, Australian consumer sentiment has remained rangebound in pessimistic territory falling 1.1% to 82.7 points in the latest Westpac index.
The decline in already depressed conditions comes following last month’s surprise Australian 4% inflation read from the ABS.
Company News
Telstra (ASX:TLS) has announced a nationwide increase in the cost of its mobile phone plans by $2-$4, effective later this year.
Over the past five years leading up to the end of FY2024, network traffic on Telstra’s mobile network has more than tripled, with a continuing annual growth rate of 20 percent.
The company also claimed in May it wouldn’t be raising prices in July.
TLS shares are up around 2.3% on the news, trading at $3.74.
Strike Energy (ASX:STX) has secured approval from the Environmental Protection Authority (EPA) to proceed with the development of its West Erregulla asset in the onshore Perth Basin.
The approval was granted through a Ministerial Statement following a three-year period of environmental studies.
The approval relates to the Joint Venture, under which Strike Energy operates the asset in a 50/50 partnership with Warrego Energy.
STX has been trading at 22.3 cents.
Health care company, Mesoblast (ASX:MSB) is down around four and a half per cent, as the company announced it has to resubmit an application to the FDA.
Mesoblast was told by the US regulator in March that the Phase 3 trial data for its drug Ryoncil was insufficient to grant an approval.
Ryoncil is a stem cell-based medical product designed for IV injection and the company has now re-sent off a biologic licence application (BLA).
MSB has been trading at $1.07.
Finally, Spartan Resources (ASX:SPR) has released exploration results and development updates for its Dalgaranga Gold Project in Western Australia.
The findings from drilling work at the Never Never gold deposit and Pepper gold prospect include grade intercepts of up to 126 grams per tonne of gold.
The market has reacted positively to these results this morning.
SPR shares are up, trading at 93 cents.
