Markets live updates: ASX to rise as Wall St nears records, US 'revenge tax' dropped
The Australian share market looks set to follow Wall Street higher, while the US government looks set to drop a controversial "revenge tax" on investors.
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News.com.au
28 minutes ago
- News.com.au
Lunch Wrap: ASX jumps early as iron ore, coal and lithium miners all catch a bid
Miners muscle ASX up, lithium glows again
 Reece pipes burst on profit alert
 Wall St inches to record, Nvidia flirts with $3.8 trillion The ASX came out swinging this morning, jumping a lively 0.6% out of the gates before easing off to a 0.1% gain by eastern lunch time. Wall Street set the stage overnight with a solid session. The S&P 500 closed just three points shy of its all-time high, and the Nasdaq rallied 1%. Nvidia briefly flirted with an outrageous US$3.8 trillion valuation before pulling back. Over at Tesla HQ, yet another Musk confidant has left the building. Omead Afshar, who was overseeing major ops and considered one of Elon's inner circle, has departed. No word yet on why. Back to the ASX where miners had a field day this morning. BHP (ASX:BHP) surged 3.5%, Rio Tinto (ASX:RIO) rocketed up 4%, and Fortescue (ASX:FMG) flexed 3% as iron ore futures rebounded thanks to demand hopes in China. Elsewhere, coal stocks got a warm lift as Beijing's heatwave, nudging 40 degrees, gave prices a gentle shove off the floor. Lithium stocks also lit up again, building on Thursday's jolt after Vanguard was revealed as a major new holder in Pilbara Minerals (ASX:PLS). PLS rose another 7% this morning, and IGO (ASX:IGO) lifted 5%. This where things stood at about 12:40pm AEST: In other large caps news, giant plumbing supplier Reece (ASX:REH) was hammered more than 14% after warning that earnings will fall to around $548-558 million for FY25, down from $681 million last year. Blame soft volumes in Aussie and Kiwi housing markets, and a flat US construction scene where interest rates and affordability are squeezing new builds. Wesfarmers (ASX:WES) made a big move with its Bunnings landlord, BWP Trust. It's selling its 100% stake in BWP Management for $142.6 million, a deal that also resets a bunch of Bunnings leases. WES' shares were up 0.5%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 27 : Security Description Last % Volume MktCap RAN Range International 0.003 150% 4,079,177 $939,290 PAB Patrys Limited 0.002 100% 393,635 $2,365,810 CYQ Cycliq Group Ltd 0.003 50% 1,010,692 $921,033 TKL Traka Resources 0.002 50% 1,000,000 $2,125,790 AGY Argosy Minerals Ltd 0.021 40% 38,072,195 $21,838,814 D3E D3 Energy Limited 0.150 36% 486,632 $8,742,251 C7A Clara Resources 0.004 33% 416,670 $1,764,813 MGU Magnum Mining & Exp 0.004 33% 125,231 $3,364,953 MTB Mount Burgess Mining 0.004 33% 4,666,403 $1,055,108 UNT Unith Ltd 0.009 29% 745,055 $8,601,498 SRL Sunrise 1.150 28% 521,713 $98,653,611 SPX Spenda Limited 0.007 27% 2,695,727 $25,383,685 PPG Pro-Pac Packaging 0.019 27% 192,827 $2,725,316 AN1 Anagenics Limited 0.005 25% 332,587 $1,985,281 AUK Aumake Limited 0.003 25% 5,129 $6,046,718 VML Vital Metals Limited 0.003 25% 2,542,129 $11,790,134 IMU Imugene Limited 0.014 23% 24,298,669 $82,137,229 8IH 8I Holdings Ltd 0.011 22% 11,749 $3,133,448 HTG Harvest Tech Grp Ltd 0.018 20% 2,939,494 $13,439,201 BLZ Blaze Minerals Ltd 0.003 20% 333,000 $4,446,160 ID8 Identitii Limited 0.006 20% 950,537 $3,890,068 IXR Ionic Rare Earths 0.012 20% 7,586,172 $52,674,258 LCL LCL Resources Ltd 0.006 20% 3,527,039 $5,996,286 SHP South Harz Potash 0.003 20% 1,050,000 $2,756,822 Shares in plastic pallets specialist Range International (ASX:RAN) doubled after it won appeals in the Indonesian Tax Court, wiping out tax bills from 2018 related to withholding and VAT issues. The court ruled in full favour of Range's local subsidiary, bringing the payable amount down to zero. The board said it's a big win that brings much-needed certainty as it focuses on growing the business. Argosy Minerals (ASX:AGY) has locked in a spot sales deal to sell 60 tonnes of high-grade lithium carbonate from its Rincon Project in Argentina. The sale price is pegged to SMM battery-grade pricing, with 30% paid upfront and the rest before shipping from Buenos Aires. Argosy says it's stoked with the strong demand, and reckons it's in a solid spot to benefit from the EV sector's comeback, especially given how few producers are hitting this level of purity. Sunrise Energy Metals (ASX:SRL) has struck more high-grade scandium at its Syerston project in NSW, following a 125-hole drilling campaign across April and May. Early results from 49 of those holes show strong, continuous hits, with grades up to 1123ppm. The new zones remain open in multiple directions and are expected to feed into a fresh resource upgrade for the company's upcoming feasibility study. With China recently clamping down on scandium exports, Sunrise reckons it's sitting on one of the biggest and highest-grade scandium resources in the world. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 27 : Code Name Price % Change Volume Market Cap ALR Altair Minerals 0.002 -33% 200,000 $12,890,233 EEL Enrg Elements Ltd 0.001 -33% 600,001 $4,880,668 VN8 Vonex Limited. 0.017 -29% 455,824 $18,062,485 AVD Avada Group Limited 0.100 -29% 389,209 $11,890,904 SRJ SRJ Technologies 0.005 -29% 1,835,411 $4,239,047 TYX Tyranna Res Ltd 0.003 -25% 149,950 $13,153,701 BPH BPH Energy Ltd 0.007 -22% 582,995 $10,964,095 SPQ Superior Resources 0.004 -20% 4,171,733 $11,854,914 BUR Burleyminerals 0.043 -17% 440,303 $9,420,700 FCT Firstwave Cloud Tech 0.010 -17% 645,337 $20,562,224 TMK TMK Energy Limited 0.003 -17% 15,184 $30,667,149 STG Straker Limited 0.410 -15% 63,720 $30,882,864 ODE Odessa Minerals Ltd 0.006 -14% 2,500,000 $11,196,728 VAR Variscan Mines Ltd 0.006 -14% 34,482 $5,480,004 REH Reece Limited 14.940 -14% 1,156,323 $11,214,285,382 NXS Next Science Limited 0.069 -14% 134,187 $23,372,819 RAS Ragusa Minerals Ltd 0.013 -13% 168,980 $2,138,982 RMI Resource Mining Corp 0.013 -13% 520,385 $11,016,800 ICE Icetana Limited 0.056 -13% 459,450 $34,036,858 OVT Ovanti Limited 0.007 -13% 102,767,780 $24,044,120 PGY Pilot Energy Ltd 0.007 -13% 47,159 $17,269,280 SW1 Swift Networks Group 0.007 -13% 594,985 $7,179,604 WBE Whitebark Energy 0.004 -13% 136,794 $2,749,334 LKY Locksleyresources 0.078 -11% 11,442,772 $16,133,333 A11 Atlantic Lithium 0.160 -11% 30,498 $124,766,516 IN CASE YOU MISSED IT Spartan Resources (ASX:SPR) is targeting resource growth at the Dalgaranga project as drilling produces gold up to 163.67g/t from a hanging wall zone 193.7m deep. Uvre (ASX:UVA) has unearthed rock chips up to 18.4g/t gold at the Waitekauri project, a flagship asset UVA is acquiring through the purchase of Otagold. LAST ORDERS New World Resources (ASX:NWC) is enjoying somewhat of a bidding war over its shares, with Central Asia Metals Plc countering Kinterra Capital's takeover offer at A$0.057 per share with its own revised bid at $0.062 each. Management says neither company has declared its offer to be best and final as of yet, meaning shareholders are not required to take any action at present. Aura Energy (ASX:AEE) is a step closer to securing funding after the publication of an Environmental and Social Impact Assessment (ESIA) for the Tiris uranium project on the US International Development Finance Corporation's website. MD and CEO Andrew Grove said it was a reflection of the company's efforts to align the project's development plans with international best practices and the expectations of global financiers as Tiris moves toward a final investment decision. At Stockhead, we tell it like it is. While New World Resources and Aura Energy are Stockhead advertisers, they did not sponsor this article.
Sky News AU
29 minutes ago
- Sky News AU
Universal Store co-founder killed in alleged stabbing attack in Brisbane
The man allegedly murdered in a stabbing attack by a teenager in Brisbane's upmarket northern suburbs has been identified as the founder of a major Australian clothing retail chain, Universal Store.
News.com.au
32 minutes ago
- News.com.au
Who is Greg Josephson, the Universal Store co-founder allegedly killed in Brisbane house party stabbing?
A wealthy retail entrepreneur allegedly stabbed to death by a teenager during a house party in a ritzy Brisbane suburb had recently listed the 'five-star' mansion for sale and spoke of his sadness at moving the family to Noosa. Greg Josephson, 58, was found dead at his Clayfield house in the city's north, shortly after 8pm on Thursday night. A 15-year-old was arrested at the home. He was later charged with one count of murder. Mr Josephson co-founded the youth-focused Universal Store clothing company with his brother Michael in 1999, in the southeast Brisbane suburb of Carindale. Nearly two decades later the business had grown to 53 stores in six states, with annual turnover of $100 million. They sold the company to a consortium of private equity investors in 2018 for $100 million. It floated on the ASX two years later and today has a market cap of around $570 million. Fashion pedigree Mr Josephson, a Griffith University commerce graduate, had done a stint in Sydney working for Lend Lease, Jones Lang LaSalle and Westfield before moving back to his home town to go into business with his brother, a former lawyer. The brothers had a long fashion pedigree stretching back more than 100 years — their great-grandfather, grandfather and uncle all had clothing businesses in Brisbane. In 1910, great-grandfather Isiodore started Josephson's Clothing Factory, which made menswear in Caxton Street. Grandfather James began Josephson & Sons in 1939, and established the famous Can't Tear 'Em' workwear brand. 'I suppose it's cliche but it's an in-your-blood kind of thing,' Greg told media in 2009. 'It's being exposed to it. My uncle had a factory in Parkview Street where he made and distributed Lee Cooper jeans. I remember walking on the factory floor, eyes bulging, wanting to pick jeans off the shelf.' The brothers took advantage of the expansion of Westfield Carindale to lease one of the 100 new stores in the centre. 'So I bit the bullet, resigned from my job and moved back to Brisbane and thought I'd have a go,' he said. 'I have to say the first couple of years was a big learning curve for me, not having had the actual retail experience but I learnt a lot, learnt fast and then opened a store in the [Fortitude] Valley and progressively we went from there. One thing we're proud of at Universal is the fact we have grown to 15 stores and we are a local Brisbane company,' Mr Josephson said at the time. 'Universal really values its staff, that's what really drives the business.' Universal Store emerged virtually unscathed from the global financial crisis in 2008-09, when other retailers struggled to stay afloat. 'We are quite pleased with the fact we have traded well through what has been called the recession, for the last year, to the point where it's never been better for us,' he said at the time. 'We are significantly up in sales over that period. As a group, against last year, sales were up 30.7 per cent. I think that's due to the prudent management of the company, selling at the right price to the customer. 'Also I think that a lot of our demographic don't have a mortgage and they are prepared to spend money on themselves and the fact they want to look good when they go out. The age group is going out there to pick up and want to look good.' Described as softly spoken and unassuming, Mr Josephson explained how Universal Store's success was partly due to clever product selection. 'Before I set out to open Universal Store here I went overseas to look at the UK and USA, particularly California, looking at the retail concepts there and then saw what was relevant in Australia,' he said. 'We've been quite happy for people to perceive us as being from overseas, Sydney, down south or somewhere else. It is actually flattering because when I first opened the company in the early days I knew I had to compete with the big guys.' Speaking in 2017, Michael likened getting a fashion chain off the ground to flying a jumbo jet. 'Getting off the ground is slow and torturous,' he said. 'Once the plane is flying and gaining altitude from there it starts becoming exponential.' Since the 2018 sale Mr Josephson has been chief executive of Josephson Holdings Pty Ltd, according to his LinkedIn, but appears to have kept a relatively low public profile. He most recently liked a post in March taking aim at a photo of Prime Minister Anthony Albanese with former Victorian Premier Dan Andrews. 'One guy bankrupted a state, and is now the mentor of the guy that is trying to bankrupt our nation. What could possibly go wrong?' the post read. House for sale Earlier this month, Greg his wife Tamra Josephson listed their stunning home for sale, along with the neighbouring lot. The couple purchased the Clayfield house in 2017. 'We were looking for a big family home and this was in very original condition,' Mr Josephson told The Courier-Mail. 'It was perched on a peak with vistas to the Gateway Bridge and mountains, and the house had character, a solid structure, and was on a big block.' They renovated the period home into a six-bedroom residence spanning three levels, now boasting six bedrooms, six bathrooms, a rumpus area, alfresco terraces and a pavilion. 'The brief [to the architects] was to give it a five-star hotel feel,' Mr Josephson told the newspaper. 'And with a bit of a minor tweak they also came up with the idea of a parents retreat.' Mr Josephson said the family home now offered ample space for everyone to retreat to. 'Our three children are all teens and each has their own big bedroom,' he said. 'We love the fact it's six bedroom and there's just so much space, with all these breakout areas that you can enjoy. My wife and I can go and sit by our fireplace in the parents retreat and the kids can head to the casual downstairs area on the ground floor.' They purchased the neighbouring block as part of a long-term vision to extend the property with a huge garage and tennis court. 'That next stage is for someone else to do,' Mr Josephson said. 'We're sad to sell but we're relocating to Noosa where we have a house and business interests. But we're proud that we went all out to create a once in a lifetime forever home, and that's what's on offer for someone now.' 'Confronting scene' Police were called to the home on Thursday, where a large party was taking place. Officers arrived to find the man dead upstairs in the home. A crime scene was declared, and investigations into the circumstances surrounding the man's death remain ongoing. A large group of teenagers was present at the scene, including a 15-year-old boy. Acting Assistant Commissioner Rhys Wildman said police allege a household implement was used during an altercation between the man and the teen. 'There was some sort of altercation that's resulted in this 58-year old male tragically losing his life,' he said. 'It's not a case of carrying knives, it's unfortunately allotted in a home.' Following investigations, detectives charged the 15-year-old boy with one count of murder. The teenager was refused bail and will front Brisbane Children's Court on Friday morning. Police said the teenager contacted them to report the incident. 'That male person indicated to us that he had some involvement, had some knowledge of something that had happened here,' Inspector Jane Healy said. 'He is the only person who was aware of what happened.' The boy, along with the other teenagers, were assisting police with their investigation. Inspector Healy said police arrived at a 'confronting' scene. 'We are still establishing the timeline of what has happened at this address. There were about 30 young people here,' Inspector Healy said. 'It's still extremely early and the situation was quite chaotic, confusing and confronting scene when police arrived, 'There's quite a few young people that need to be interviewed, so until we get that done we won't be able to get a real idea of what has happened here.' Mr Wildman confirmed the gathering was a planned event with none of the other attendees involved in the incident. 'Police are not looking for any other party, so it was an individual, the 15-year-old is the sole offender that we allege was involved in this incident.' Mr Wildman said the rest of the teenagers were transported to Boondall Police Station on Thursday night before their families were contacted. 'This is quite a traumatic incident that occurred, so the welfare of those young people will also be considered in this,' he said. The Child Protection Investigation Unit was involved in investigations, police said. Police are urging anyone with information, or with CCTV or dashcam footage from the area, to come forward to assist with the investigation.
