The S&P/ASX200 closed up today 28 April, gaining 16.50 points or 0.23% to 7,309.20.
The top performing stocks in this index were networkas a service provider Megaport (ASX:MP1) and pure-play lithium company Pilbara Minerals (ASX:PLS), which ended trade up 41.46% and 7.07% respectively.
Over the past 5 trading days the S&P/ASX200 index lost 0.29% and still sits 3.42% below its 52-week high.
On 27 April, Pilbara Minerals released its quarterly activities report for Q1 2023, which despite a downward trend for production, shipments, and sales price, the company recorded a 21% QoQ increase in its cash balance to $2.683 billion.
During the past quarter, the company announced an inaugural fully franked interim dividend would be paid at $0.11 per share following record half-year FY2023 operating performance of $1.24 billion net profit.
during Q1 2023 a Final Investment Decision was made by Pilbara Minerals to increase nameplate production capacity of the Pilgangoora Project
Also, during Q1 2023 a Final Investment Decision (FID) was made by Pilbara Minerals to increase nameplate production capacity of the Pilgangoora Project to 1 million tonnes per annum of spodumene concentrate.
On Friday Megaport reported as a result of various initiatives designed to improve the company’s operating and financial performance and cash generation, it now expects normalised EBITDA to be materially above market consensus of $9 million in FY23 and $30 million in FY24.
The company says it is expecting to report normalised EBITDA in FY23 in the range of $16 million to $18 million, and normalised EBITDA in FY24 in the range of $41 million to $46 million.
Meanwhile, the All Ords also closed higher on Friday, gaining 18.80 points or 0.25% to 7,501.
The top performing stocks in this index were again Megaport and included Anson Resources (ASX:ASN), which were up 41.46% and 11.76% respectively.
The index has lost 0.29% for the past 5 days and sits 3.58% below its 52-week high.
As exclusively reported by Mining.com.au on 27 March, Anson Resources is considering funding the US$495 million capex needed for its Paradox Lithium Project in Utah with 40% equity and 60% debt.
With the Definitive Feasibility Study (DFS) published in September 2022, the company remains open to all development options as more work is undertaken at the flagship asset.
Anson closed trade higher to round out the week on the back of the release of its latest quarterly activities report today.
