-- CSL (ASX:CSL) shares dropped 6% to their lowest since August 2017 after US Secretary of War Pete Hegseth on Tuesday said the mandatory flu vaccine requirement for the joint force has been discarded, effective immediately, according to a video posted on his X account.
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Australia
Sector Update: Energy Stocks Softer Late Afternoon
Energy stocks declined late Friday afternoon, with the NYSE Energy Sector Index shedding 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.2%.The Philadelphia Oil Service Sector Index rose 1.8%, and the Dow Jones US Utilities Index added 0.1%.West Texas Intermediate crude oil fell 1.2% to $94.68 a barrel, and global benchmark Brent rose 0.5% to $105.64 a barrel. Henry Hub natural gas futures shed 3.7% to $2.52 per 1 million BTU.In corporate news, TotalEnergies (TTE) secured financing for its Mirny onshore wind and battery energy storage system project in southeast Kazakhstan. The stock fell 0.7%.X-Energy (XE) shares jumped 27% following their debut on Nasdaq.SLB (SLB) reported mixed Q1 results, reflecting headwinds from the Middle East conflict. The shares rose 2.8% as revenue topped estimates, while earnings fell.BP (BP) and Repsol have been accused of anti-competitive practices in a complaint filed with the European Commission by Spanish fuel wholesaler Hatta Energy, Bloomberg reported. BP shares were down 0.4%.
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US Markets
Consumers Eye Discretionary Spending Cut Amid High Gasoline Prices, Oppenheimer Survey Shows
About three in every five US consumers plan to cut discretionary spending as a result of high gasoline prices, with a majority considering a pullback in outlays on travel and entertainment, according to an Oppenheimer survey.The brokerage said of the 1,000 household decision makers polled, it focused on 880 respondents who drive either a hybrid or gas car.The survey sought to gauge potential impacts of elevated gas prices on consumer behavior and determine their possible actions if fuel costs remain elevated.Gasoline prices in the US are tracking above $4 per gallon, compared with a recent low of $2.80, Oppenheimer analysts Brian Nagel and Andrew Chasanoff said in a Friday note. The surge follows higher crude oil prices amid supply disruptions and production shut-ins caused by the Middle East conflict."Nearly 60% of participants in our survey indicate plans to actively pull back on discretionary spending as a result of elevated gas prices, of which 74% plan to reduce monthly discretionary spending by upwards of $400," Nagel and Chasanoff wrote.The survey showed 62% of the people planning to curtail spending are leaning toward focusing first on travel and entertainment such as sporting events and concerts, Oppenheimer said.The survey showed that apparel and home-related spending could be additional areas of saving for consumers.US consumer sentiment improved from an initial April estimate, but remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, final University of Michigan survey results showed Friday."As gas prices remain elevated, at least nearer-term, we tend to foresee more losers than winners, and few 'safehavens'," Nagel and Chasanoff said. "Those most at risk include athleisure, consumer electronics, and mid-tier-focused home-related chains."
Mining & Metals
Lumina Metals Secures BCSC Approval for $406 Million IPO and Share Sale
Lumina Metals said Friday it received approval from the British Columbia Securities Commission for its final prospectus for its upcoming initial public offering (IPO) and secondary share sale.The offering includes a treasury offering of company's shares for proceeds of nearly $312.5 million and and a secondary share offering held by a selling securityholder for proceeds of about $93.7 million at $12.50 each, for total gross proceeds of up to $406.2 million.There is also an over-allotment option for underwriters, which could raise a further $467.1 million if fully used, the company added.The shares have been conditionally approved for listing on the Toronto Stock Exchange, the company said, adding it also plans to apply for a listing on the Warsaw Stock Exchange, pending regulatory approval in Poland.Lumina started operating in Poland in 2011 and discovered three copper-silver deposits in the western part of the country. Its largest shareholder is an affiliate of Executive Chair Ross Beaty, who leads the Vancouver-based Lumina Group. The group has helped build several mining companies over the past 20 years, including Equinox Gold (EQX.TO), according to a Bloomberg report.The Financial Post said Canada's IPO market is starting to show signs of recovery after several slow years. For the first time since 2021, multiple companies are preparing to go public on the TSX. AGT Food and Ingredients (AGTF.TO) said it is aiming to raise $460 million as it returns to the public market. Meanwhile, Apotex is exploring an IPO that could raise up to $1 billion, possibly in the first half of the year.Price: $19.51, Change: $+0.20, Percent Change: +1.04%
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