TMH Market Update: Latest ABS data shows retail sales up 2.1pc YoY

The ASX200 is up more than half a per cent so far today.

It’s another big day in reporting season for companies today with reports now covering 85 per cent of the ASX.

Most sectors are in the green, with only IT and communication services lagging.

The Australian Bureau of Statistics (ABS) has released July’s retail trade figures. The country’s retail spending is up half a per cent, after a .8 per cent drop reported in June. Grocery turnover remained stable, but there was less spending on household items.

Department stores reported the most growth, with clothing and footwear up. People also spent more dining out.

Monthly inflation data is due for release on Wednesday.

Fortescue Metals Group (FMG) has shed more than four per cent on the release of its annual results. FMG’s net profit after tax fell 23 per cent to $7.46 billion. It shipped 192 million tonnes of iron ore and its total dividend is $1.75 – down 15 per cent on FY22.

FMG also today announced Dino Otranto is its CEO – replacing Fiona Hick, who leaves the company after less than 6 months.

FMG has been trading at $20.05.

Exploration company Dreadnought Resources (DRE) has inked an independent JORC rare earth resource for one of its five primary carbonatite targets at Mangaroon, in Western Australia’s Gascoyne Region. Dreadnought’s geotech team interprets that there are 10.84 million tonnes of ore at C3, at one per cent total rare earth oxide (TREO).

Dreadnought Resources has been trading at 4.2 cents.

Gold and copper explorer WA1 Resources (WA1) is trading down a touch on assay results from three holes at the West Arunta project in Western Australia. Results included a 17-metre thick intersection at two per cent niobium from 40 metres depth. Niobium is a critical mineral used as an alloy in steel.

The company is expecting more results soon and is planning further drilling.

WA1 has been trading at $5.12.

And Sayona Mining (SYA) is down nearly 23 per cent after has announced changes to its Board of Directors as it prepares for its next phase of growth. Mr Brett Lynch, who served as Managing Director and CEO since July 2019, has resigned from his position citing personal reasons. Non-Executive Director James Brown will step in as interim CEO on a $600,000 cash salary.

Sayona Mining has been trading just below 10 cents.