Market Close: Index steady as Tamboran charges ahead on Beetaloo Basin gas flow tests

ASX News Market Summary
27 Feb 2024 17:53 (AEDT)

The ASX200 finished in the green – but only just – up .13 of a per cent.

Most of the drags on the index were from the real estate sector, utilities and healthcare, while consumer staples led the session finishing up more than 2 per cent, thanks to Coles’ strong half yearly results.

In the Green

A stand out performer today has been Tamboran Resources Corporation (ASX:TBN), up more than 20 per cent after announcing better than expected flow test results in the Northern Territory’s Beetaloo Basin.

The potential of the Beetaloo Basin as the next big Australian gas deposit is in the spotlight, with development in the field backed by the NT and Federal Governments.

TBN closed at 23.5 cents.

Woodside Energy (ASX:WDS) was up 0.93 per cent, despite a 74 per cent slip in Net Profit After Tax (NPAT) in its half yearly results. The fall, attributed to oil and gas prices, was less than expected.

WDS closed at $30.28.

Supermarket giant Coles Group (ASX:COL) gained more than 5 per cent despite reporting an 8.4 per cent decline in statutory NPAT to $589 million for the six months to the end of December. That number came despite a 3 per cent increase in overall revenue and a 4.9 per cent rise in Coles’ supermarket revenue.

COL closed at $16.75.

In the Red

International payment facilitator Zip Co (ASX:ZIP)lost nearly 14.5 per cent despite posting strong half year results.

At $430 million, group revenue was up 28.9 per cent on the previous corresponding period.

Total transaction volumes increased 9.6 per cent.

ZIP closed at 80 cents.

Construction services company Johns Lyng Group (ASX:JLG) shed more than 13 per cent after reporting a drop in its 1HY24 results.

Sales revenue was $610.6 million, down more than $25 million on the previous corresponding period. Its normalised NPAT was down 3.2 per cent to $33.5 million.

JLG closed at $6.25.

And semiconductor company Weebit Nano (ASX:WBT)fell nearly 12 per cent thanks to its half yearly.

It reported a net loss of $25.2 million, a greater loss than in the previous year. The value of its net assets also dropped about $15 million to $69.7 million.

WBT closed the day at $3.92.

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