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All eyes are on the Reserve Bank of Australia ahead of this afternoon’s cash rate decision. Major banks and financial markets are still widely predicting another pause.
So how have Australian stocks fared today so far?
Qantas (QAN) has confirmed its Chief Financial Officer, Vanessa Hudson, will take on the role of CEO when current long-serving chief Alan Joyce quits in November.
Mr Joyce will hand over the reins after 15 years as Qantas Group CEO. He says it’s the logical time to step down after seeing Qantas through to the other side of the COVID pandemic.
Qantas Chairman Richard Goyder said the appointment of its 13th CEO in 103 years followed a “rigorous selection process”. He said having been with the company since 1994, Ms Hudson was the right fit to pick up the role. Qantas shares sunk 2.5 per cent to $6.56.
In the materials sector, Lithium Plus Minerals (LPM) is gearing up to start drilling at its flagship Bynoe project in the North Territory.
The company has secured a rig for its phase three drilling program, which will include diamond, reverse circulation and rotary air blast drilling.
Drilling will start at the Lei prospect before moving on to high-priority targets at the Kings Landing Area. Company shares last traded at 25 cents.
Power Minerals (PNN) saw a slight raise this morning after locking in $2.6 million in funding via a share placement.
The strategic investment from China-based ASX-lithium investor Mingjin will go towards accelerating the development of PNN’s lithium assets in Argentina.
Mingjin is subscribing for 6.5 million ordinary shares at 40 cents. This will see the investor hold a nearly 9 per cent stake in the issued equity capital of Power. Power Minerals was last trading at 41 cents.
Metalsgrove Mining (MGA) has launched a soil sampling program at the Bruce rare earth prospect within its Arunta project in the Northern Territory.
The program will aim to identify and refine priority drill targets, with a maiden reverse circulation drilling program to follow this quarter. Shares in the company were last trading at 10 cents.
And finally, grocery giant Woolworths Group (WOW) has posted an 8 per cent surge in total sales over the March quarter to $16.3 billion.
The group also posted a 5 per cent increase in its eCommerce sales to $1.5 million for the three-month period.
Group CEO Brad Banducci said Woolworth’s current focus was on continuing to improve its customer experience — particularly value for money and product availability.
Despite the seemingly positive report, the company’s share price has dipped to $38.71.
