Stocks of the Hour: Iluka Resources, Etherstack, Newcrest Mining & Zip CoCraig Foley
Iluka Resources (ASX:ILU) celebrates a 40 per cent jump in mineral sands production in the second quarter. Sales across the three minerals operations are 89 per cent higher from first half of 2021 as demand continues to strengthen. Shares in Iluka Resources (ASX:ILU) are trading 7.2 per cent higher at $9.33.
Wireless technology company Etherstack (ASX:ESK) have inked a $11.6 million deal with Samsung for 5-years. Etherstack Wireless, their subsidiary is set to supply one of Samsung’s clients the infrastructure to be utilized for safety grade solutions. The new deal will see Etherstack rake in US$8.5 million in revenue which includes the US$1.2 million revenue announced in February this year. The news comes after they upgraded their half-year earnings guidance last week. Shares in Etherstack (ASX:ESK) are trading 4.8 per cent higher at $0.65.
Australia’s largest gold miner Newcrest Mining (ASX:NCM) saw a bright June quarter after gold output rose 6 per cent at an all-in-sustaining-cost (AISC) of US$797 per ounce, $96 lower compared to the March quarter. The company hit their production guidance for the year though compared to financial year 2020, it dipped 3.6 per cent. Shares in Newcrest Mining (ASX:NCM) are trading 0.3 per cent higher at $26.14.
Buy-now-pay-later star, Zip Co (ASX:Z1P) released its forth quarter trading update posting record figures mainly across the board. Despite a 13 per cent jump in revenue from the March quarter, other metrics are letting this fintech company down. Net bad debts rose at 2.2 per cent in the March quarter while their arrears rate is up 35 per cent. Their revenue to total transaction ratio of 7.4 per cent is tracking below their annual rate at 7.7 per cent. Shares in Zip Co (ASX:Z1P) are trading 7.3 per cent lower at $7.03.
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Source: Finance News Network