ASX slides lower but miners shine; QBE slumps
The S&P/ASX200 was down 7.7 points, or 0.1 per cent, to 8823.6 just after midday, with seven of 11 industry sectors in the red, with tech and health care stocks the biggest weights on the index.
Financial stocks are mixed. ANZ gained 0.3 per cent while Westpac lost 0.5 per cent, NAB gave up 0.4 per cent and Commonwealth Bank shed 0.3 per cent.
QBE shares slipped 6.7 per cent after the insurance giant reported a jump in net profit after tax to $US1.02 billion ($1.84 billion) in its first half, up from $802 million a year earlier.
Although the profit result was higher than market expectations, Barrenjoey analyst Andrew Adams said this was helped by foreign exchange movements, and some of the details within the result were 'more debateable' and could lead to volatility in the share price. Financial services company Block jumped 7.4 per cent on strong profit growth as it announced its results.
Mining stocks are higher, with iron ore heavyweights Fortescue (up 0.8 per cent), BHP (up 0.8 per cent) and Rio Tinto (up 0.1 per cent) advancing. Gold miners continued their winning run, with Newmont climbing 2 per cent, Northern Star bouncing 3.7 per cent and Evolution Mining rising 0.9 per cent.
Furniture seller Nick Scali's share price has risen 7.6 per cent after unveiling a 5.8 per cent lift in group revenue to $495.3 million. However, net profit fell by 28.3 per cent to $57.7 million.
MLC Asset Management senior portfolio manager Anthony Golowenko said there was 'solid momentum' in the Australia and New Zealand businesses, underpinned by a 7.3 per. cent uplift in written sales in the second half, while Fab Furniture, the business acquired in the UK, has been undergoing rebranding to Nick Scali.
'This profitable growth story 'keeps on keeping on' in ANZ, with strong progress and still some work to do in the UK,' Golowenko said.
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Perth Now
2 hours ago
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ASX dips ahead of expected RBA rate cut
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The Advertiser
2 hours ago
- The Advertiser
Bloomfield's buying spree continues, as it buys land and mining tenure from Yancoal
Hunter-based Australian coal mining company, the Bloomfield Group's buying spree continues with the announcement that they have signed an agreement to acquire land and an associated mining tenure from Yancoal. This latest purchase follows their acquisition of the home of the late Wendy Bowman, 'Rosedale' at Camberwell, in February this year for $9 million and their purchase in July of the now closed Integra underground mine near Singleton from Glencore. A number of dwellings in the village Camberwell, near Singleton as well as land and an associated mining tenure for the previously proposed Ashton South East Open Cut project (for which the approval has lapsed), are included in the agreement. Comment has been sought from the Bloomfield Group on the latest purchases, in particular the mining tenure that covers 'Rosesdale', where Yancoal had planned to establish an open-cut mine adjacent to Glennies Creek. It was the Ashton South East Coal Project that brought Mrs Bowman to national and international prominence as an environmental campaigner. She campaigned for decades against the mining of agricultural land in the Hunter Valley establishing Mine Watch in 1991. But it was her decision to fight to protect 'Rosedale' and the nearby Glennies Creek from the proposed Ashton East Open Cut Coal Mine that brought her to national and international prominence as an environmental campaigner. She was involved in a landmark court decision in 2014 against Yancoal's Ashton South East open-cut mine proposal. The decision required the mine to buy her property, Rosedale, to proceed. She refused to sell her property to Yancoal, and which stalled the mine, and its mining licence would eventually lapse in April 2022. Mrs Bowman died in August 2023. Her close friend and fierce supporter and neighbour Deidre Olofsson described the latest news regarding Camberwell and the 'Rosedale' property as devastating. "It marks the end of the village and the harm it will do to Glennies Creek, a major tributary to the Hunter River and the source of water for the vineyards and irrigators below Singleton will be massive," she said. "It is just heartbreaking to see the proposal Wendy and all of us fought so hard to stop may be back again." In a statement to the community, Bloomfield Group said the acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. Securing land adjacent to our existing Rix's Creek Mine operations gives us the flexibility to better plan for future infrastructure, such as the proposed highway relocation to support our Rix's Creek North Continuation Project, they said. The agreement with Yancoal also includes the area of the Donaldson open-cut and Abel underground mines, located east of Maitland and adjacent to The Bloomfield Group's Bloomfield Colliery. Under the agreement, The Bloomfield Group assumes responsibility for the rehabilitation of both the Donaldson and Abel mine sites. The acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. We are also actively exploring future land uses and the necessary approval pathways across all of our Lower Hunter land holdings, including at our Bloomfield Colliery site, where opportunities for industrial precincts and housing aligned with regional planning strategies have been identified, they said. Acquisition of the land includes the current relevant mining tenure associated with each site, such as permits, leases, and licences. Completion of the acquisition is subject to the usual regulatory approvals required for a transaction of this kind. Comment has been sought from Yancoal on the sale of their assets to the Blooomfield Group. Hunter-based Australian coal mining company, the Bloomfield Group's buying spree continues with the announcement that they have signed an agreement to acquire land and an associated mining tenure from Yancoal. This latest purchase follows their acquisition of the home of the late Wendy Bowman, 'Rosedale' at Camberwell, in February this year for $9 million and their purchase in July of the now closed Integra underground mine near Singleton from Glencore. A number of dwellings in the village Camberwell, near Singleton as well as land and an associated mining tenure for the previously proposed Ashton South East Open Cut project (for which the approval has lapsed), are included in the agreement. Comment has been sought from the Bloomfield Group on the latest purchases, in particular the mining tenure that covers 'Rosesdale', where Yancoal had planned to establish an open-cut mine adjacent to Glennies Creek. It was the Ashton South East Coal Project that brought Mrs Bowman to national and international prominence as an environmental campaigner. She campaigned for decades against the mining of agricultural land in the Hunter Valley establishing Mine Watch in 1991. But it was her decision to fight to protect 'Rosedale' and the nearby Glennies Creek from the proposed Ashton East Open Cut Coal Mine that brought her to national and international prominence as an environmental campaigner. She was involved in a landmark court decision in 2014 against Yancoal's Ashton South East open-cut mine proposal. The decision required the mine to buy her property, Rosedale, to proceed. She refused to sell her property to Yancoal, and which stalled the mine, and its mining licence would eventually lapse in April 2022. Mrs Bowman died in August 2023. Her close friend and fierce supporter and neighbour Deidre Olofsson described the latest news regarding Camberwell and the 'Rosedale' property as devastating. "It marks the end of the village and the harm it will do to Glennies Creek, a major tributary to the Hunter River and the source of water for the vineyards and irrigators below Singleton will be massive," she said. "It is just heartbreaking to see the proposal Wendy and all of us fought so hard to stop may be back again." In a statement to the community, Bloomfield Group said the acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. Securing land adjacent to our existing Rix's Creek Mine operations gives us the flexibility to better plan for future infrastructure, such as the proposed highway relocation to support our Rix's Creek North Continuation Project, they said. The agreement with Yancoal also includes the area of the Donaldson open-cut and Abel underground mines, located east of Maitland and adjacent to The Bloomfield Group's Bloomfield Colliery. Under the agreement, The Bloomfield Group assumes responsibility for the rehabilitation of both the Donaldson and Abel mine sites. The acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. We are also actively exploring future land uses and the necessary approval pathways across all of our Lower Hunter land holdings, including at our Bloomfield Colliery site, where opportunities for industrial precincts and housing aligned with regional planning strategies have been identified, they said. Acquisition of the land includes the current relevant mining tenure associated with each site, such as permits, leases, and licences. Completion of the acquisition is subject to the usual regulatory approvals required for a transaction of this kind. Comment has been sought from Yancoal on the sale of their assets to the Blooomfield Group. Hunter-based Australian coal mining company, the Bloomfield Group's buying spree continues with the announcement that they have signed an agreement to acquire land and an associated mining tenure from Yancoal. This latest purchase follows their acquisition of the home of the late Wendy Bowman, 'Rosedale' at Camberwell, in February this year for $9 million and their purchase in July of the now closed Integra underground mine near Singleton from Glencore. A number of dwellings in the village Camberwell, near Singleton as well as land and an associated mining tenure for the previously proposed Ashton South East Open Cut project (for which the approval has lapsed), are included in the agreement. Comment has been sought from the Bloomfield Group on the latest purchases, in particular the mining tenure that covers 'Rosesdale', where Yancoal had planned to establish an open-cut mine adjacent to Glennies Creek. It was the Ashton South East Coal Project that brought Mrs Bowman to national and international prominence as an environmental campaigner. She campaigned for decades against the mining of agricultural land in the Hunter Valley establishing Mine Watch in 1991. But it was her decision to fight to protect 'Rosedale' and the nearby Glennies Creek from the proposed Ashton East Open Cut Coal Mine that brought her to national and international prominence as an environmental campaigner. She was involved in a landmark court decision in 2014 against Yancoal's Ashton South East open-cut mine proposal. The decision required the mine to buy her property, Rosedale, to proceed. She refused to sell her property to Yancoal, and which stalled the mine, and its mining licence would eventually lapse in April 2022. Mrs Bowman died in August 2023. Her close friend and fierce supporter and neighbour Deidre Olofsson described the latest news regarding Camberwell and the 'Rosedale' property as devastating. "It marks the end of the village and the harm it will do to Glennies Creek, a major tributary to the Hunter River and the source of water for the vineyards and irrigators below Singleton will be massive," she said. "It is just heartbreaking to see the proposal Wendy and all of us fought so hard to stop may be back again." In a statement to the community, Bloomfield Group said the acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. Securing land adjacent to our existing Rix's Creek Mine operations gives us the flexibility to better plan for future infrastructure, such as the proposed highway relocation to support our Rix's Creek North Continuation Project, they said. The agreement with Yancoal also includes the area of the Donaldson open-cut and Abel underground mines, located east of Maitland and adjacent to The Bloomfield Group's Bloomfield Colliery. Under the agreement, The Bloomfield Group assumes responsibility for the rehabilitation of both the Donaldson and Abel mine sites. The acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. We are also actively exploring future land uses and the necessary approval pathways across all of our Lower Hunter land holdings, including at our Bloomfield Colliery site, where opportunities for industrial precincts and housing aligned with regional planning strategies have been identified, they said. Acquisition of the land includes the current relevant mining tenure associated with each site, such as permits, leases, and licences. Completion of the acquisition is subject to the usual regulatory approvals required for a transaction of this kind. Comment has been sought from Yancoal on the sale of their assets to the Blooomfield Group. Hunter-based Australian coal mining company, the Bloomfield Group's buying spree continues with the announcement that they have signed an agreement to acquire land and an associated mining tenure from Yancoal. This latest purchase follows their acquisition of the home of the late Wendy Bowman, 'Rosedale' at Camberwell, in February this year for $9 million and their purchase in July of the now closed Integra underground mine near Singleton from Glencore. A number of dwellings in the village Camberwell, near Singleton as well as land and an associated mining tenure for the previously proposed Ashton South East Open Cut project (for which the approval has lapsed), are included in the agreement. Comment has been sought from the Bloomfield Group on the latest purchases, in particular the mining tenure that covers 'Rosesdale', where Yancoal had planned to establish an open-cut mine adjacent to Glennies Creek. It was the Ashton South East Coal Project that brought Mrs Bowman to national and international prominence as an environmental campaigner. She campaigned for decades against the mining of agricultural land in the Hunter Valley establishing Mine Watch in 1991. But it was her decision to fight to protect 'Rosedale' and the nearby Glennies Creek from the proposed Ashton East Open Cut Coal Mine that brought her to national and international prominence as an environmental campaigner. She was involved in a landmark court decision in 2014 against Yancoal's Ashton South East open-cut mine proposal. The decision required the mine to buy her property, Rosedale, to proceed. She refused to sell her property to Yancoal, and which stalled the mine, and its mining licence would eventually lapse in April 2022. Mrs Bowman died in August 2023. Her close friend and fierce supporter and neighbour Deidre Olofsson described the latest news regarding Camberwell and the 'Rosedale' property as devastating. "It marks the end of the village and the harm it will do to Glennies Creek, a major tributary to the Hunter River and the source of water for the vineyards and irrigators below Singleton will be massive," she said. "It is just heartbreaking to see the proposal Wendy and all of us fought so hard to stop may be back again." In a statement to the community, Bloomfield Group said the acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. Securing land adjacent to our existing Rix's Creek Mine operations gives us the flexibility to better plan for future infrastructure, such as the proposed highway relocation to support our Rix's Creek North Continuation Project, they said. The agreement with Yancoal also includes the area of the Donaldson open-cut and Abel underground mines, located east of Maitland and adjacent to The Bloomfield Group's Bloomfield Colliery. Under the agreement, The Bloomfield Group assumes responsibility for the rehabilitation of both the Donaldson and Abel mine sites. The acquisition aligns with our strategy of investing to deliver stability for our existing operations, while at the same time providing business options and growth opportunities for the future. We are also actively exploring future land uses and the necessary approval pathways across all of our Lower Hunter land holdings, including at our Bloomfield Colliery site, where opportunities for industrial precincts and housing aligned with regional planning strategies have been identified, they said. Acquisition of the land includes the current relevant mining tenure associated with each site, such as permits, leases, and licences. Completion of the acquisition is subject to the usual regulatory approvals required for a transaction of this kind. Comment has been sought from Yancoal on the sale of their assets to the Blooomfield Group.
