Stocks making the biggest moves at noon: Garda Property, Adacel Technologies and more

These are the companies and sectors making headlines in afternoon trade.

Garda Property Group (ASX: GDF) – Shares in the industrial real estate developer and manager rallied 8.3% after the company announced the sale of its North Lakes development site to an ESG fund for $114 million. The transaction remains subject to FIRB approval and the completion of remaining civil works (expected to cost $11.2 million). North Lakes was previously valued $116.8 million in December 2023, so largely in-line with the sale amount. The board plans to make a one-off special distribution with the capital gain.

Stanmore Resources (ASX: SMR) – The coal miner gained almost 5% after a solid 3Q24 quarterly, with ROM coal mined of 5.8Mt vs. 4.9Mt a quarter ago. Stanmore closed the quarter with US$322 million cash and net debt of US$28 million. Its full-year production guidance of 12.8-13.6Mt was reaffirmed.

Consumer staple stocks – The S&P/ASX 200 Consumer Staple sector has topped the leaderboard today, up 1.1% (vs. ASX 200 up 0.2%). Large caps leading the charge include Bega Cheese (+2.1%), Treasury Wine Estate (+1.7%), Graincorp (+1.7%), Coles (+1.1%) and Woolworths (+1.1%).

Adacel Technologies (ASX: ADA) – Shares in the aviation technology company nosedived 34% after lodging a request to be removed from the ASX. The voluntary delisting was due to the following reasons:

• Limited trading and liquidity: The stock has average approximately $14,000 in daily average volumes over the past 6 months

• Valuation: The Board believes that the low trading volumes have had an adverse impact on the share price. The recent trading price implies a valuation that has been consistently and materially lower than the true value of the business

• Capital raising: The company is concerned that a potential capital raise, at such a low valuation, will be highly dilutive and further reduce the share price

• Cost savings: A delisting will save approximately $626,000 per annum

PlaySide Studios (ASX: PLY) – PlaySide shares tumbled 28% after issuing a downbeat operating update and FY25 guidance. The company expects FY25 revenue to be relatively flat year-on-year, between $62-68 million (FY24: $64.6 million) and EBITDA between $0-5 million (FY24: $17.5 million). Its cash balance is also expected to halve, down to $15-20 million by financial year end (FY24: $37.1 million).

29Metals (ASX: 29M) – The copper miner tumbled 17% after reporting a disappointing 3Q24 report, with 4.4kt copper production vs. 4.8kt consensus. The cost of production also jumped to $3.42/lb vs. $2.84/lb consensus. 29Metals had $60 million in available cash as at 30 September 2024 (down from $85 million a quarter ago) as well as $147 million in net drawn debt.

Audinate Group (ASX: AD8) – The former tech darling is down another 3.8% after Tuesday's 6.0% selloff, where the company said its FY25 year-on-year gross profit is likely to be 'slightly lower'".

Notable decliners on no news – A number of stocks falling on no market-sensitive announcements include Botanix Pharmaceuticals (-7.1%), Dimerix (-5.6%), Southern Cross Electrical Engineering (-4.0%) and Deep Yellow (-3.7%), Appen (-3.4%)