Myer continues retail hot streak

Another positive day for the local market with the ASX200 trading in the green for the second day running, ending Tuesday trade 33.10 pts higher to close at 7,490.40. The Technology sector continued its strong start to the week, driving the market higher today, with the large-cap stocks finishing the day higher in the sector. Some of the big winners were Altium (+0.9%), Wisetech (+1.3%), Xero (+3.3%), and Block (+5.7%).

Seven of eleven market sectors finished the day in the green. Along with the Tech sector, the Real Estate industry had the best performance, increasing by 1.82%. Financials and Industrials were the worst performers, both dropping by 0.25%

Breville Group and Block both of which saw their share prices rise by 7.54% and 5.70% respectively, were the best-performing stocks in this index.

Quick Singles

• Karoon Energy Ltd (ASX: KAR) shares finished 1.3% higher at $2.35 after reporting its December update today. Karoon reported quarterly production of 2.08 million barrels of oil.

• Kogan.com (ASX: KGN) share price decreased in early trade however ended the day 2.1% higher to $4.42 at market close following a half-year update. Kogan reported a revenue decrease of 32.5% whilst inventory levels improved to $98.3m from $159.9m at the same time last year.

• Evolution Mining (ASX: EVN) share price rose by 4.9% to $3.41 after the gold miner's December quarterly report, which included updates on a number of key gold projects

• Perseus Mining (ASX:PRU) share price fell 2.2% to $2.27 following the release of the company's quarterly report today. Perseus reported that it had produced 521,221 Oz gold in the December quarter.

Economic News

In December 2022, Australia's NAB business confidence index rose 3 points to -1 and remained negative for the second month in a row and below its long-term average.

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Top Story

Myer bounces back

One of Australia’s oldest retailer Myer Holdings (ASX: MYR) saw its share price rise by 5.3% to $0.9 following the release of a trading update this morning.

According to the update, Myer's sales for the five-month period ending on 31 December 2022 increased by 24.8% compared to the prior-year period.

The considerable increase was driven by a 37.9% increase in retail sales. Whilst online sales decreased by 9.4% compared to the previous period. In the first half of FY19, sales surpassed pre-COVID levels by 14.3%.

Total sales were 8.7% higher in the six weeks preceding Christmas compared to the previous year.

Movers and Shakers

✅Biggest Winners

Codan Limited (ASX: CDA) share price increased by 17.9% to $5.21 after the metal detector and communications company released a trading update today. According to the update, Codan expects to hit the upper end of its first-half revenue guidance range of $200 million to $215 million. To add to the good news, management expects a first-half net profit of around $31 million, exceeding its guidance range of $25 million to $30 million.

Latin Resources (ASX: LRS) share price increased by 4.2% to $0.13 following an update on its Salinas Lithium Project in Brazil. According to the announcement, the most recent assay results from diamond drilling at the Colina West discovery suggest that it has an extraordinary chance for resource expansion.

❌ Biggest Losers 

Coronado Global Resources Inc (ASX: CRN) was down 1.9% to $2.11. This comes after the company's quarterly and annual updates today where Coronado reported record sales of $3,572 million, a rise of 66.2%. An increase in its average mining costs to US$88.40 per tonne was the detractor from the result, with management citing lousy weather and inflationary pressures.

Zip Co Ltd (ASX: ZIP) was down 15.5% to $0.71 today after gaining over 20% in Monday's trade in a topsy-turvy start to the week for investors. Zip reported its Q2 earnings today with record revenue of $188m. In the announcement, Zip reported that for the final two months of the calender year, its US operations were net cash flow positive EBITDA.

Small-Cap of the Day

Laybay Holdings requests ASX removal

As a result of an announcement on a "$3.3m improvement in 2Q FY2023 free cash flow as compared to 1Q FY2021 (excludes proceeds of rights offering)," the share price of Spacetalk Ltd (ASX:SPA) increased by 61.5% to $0.04 today

This is the first month in which Spacetalk has recorded a positive cash flow quarter since the third quarter of FY2021. In today's update, Spacetalk said that it will save $2 million annually as part of cost savings activities. The company is currently without a permanent CEO but said that it is in the final stages of recruitment and hopes to have announcement to the market shortly.

Econcomic Calender

Outlook

CPI in Australia gets reported on Wednesday whilst housing data in the US is the big new from an economic front this week.

25th January

• AU CPI Q4 - est. 7.5%

26th January

• US Jobless claims

• US Durable goods

• US Single home sales

28th January

• US Pending home sales

That's it from the team at ASX-News today. We hope you enjoyed our EOD wrap-up. Good night and happy investing!