These are the ASX companies and sectors making headlines in afternoon trade.
Hub24 (ASX: HUB) – Shares in the investment management platform soared 14.4% after the company announced a 2Q25 update that exceeded Macquarie's estimates. It's also worth noting that prior to today's rally, Hub shares had slumped around 11% since 9 January 2025. The key takeaways from the quarterly update include:
Record quarterly platform net inflows of $5.5 billion, up 23% year-on-year
Record 1H25 platform net inflows of $9.5 billion
Total funds under administration up 33% to $129.0 billion
Platform funds under administration up 36% to $98.9 billion or 1.1% ahead of Macquarie estimates of $97.7 billion
"The strong net inflows and market movements in 1HY25 are tracking ahead of our FY26 FUA target assumptions. With a strong pipeline and momentum across all customer segments, we remain confident in meeting our FY26 Platform FUA target of $115 – $123 billion and are well-positioned for future growth."
Liontown Resources (ASX: LTR) – Shares in the lithium producer rallied 12.7% after its December quarter production report highlighted lower-than-expected costs and steady production. For the quarter, the company generated $89.9 million in revenue from 88,683 tonnes of spodumene at an average unit operating cost of $1,000 per tonne. Liontown expects costs to normalise as production ramp-up progresses.
Yancoal (ASX: YAL) – Shares rose 5.2% after the company's December quarter report highlighted a soaring cash position and sound operational metrics. More importantly, acting CEO Ning Yue said, "We have the financial capacity to pursue corporate initiatives and make distributions to shareholders. We will be in a position to comment further on dividends after the Board meets in February to approve the 2024 Financial Results." For context, Yancoal canceled its dividend in August 2024 to pursue potential acquisitions. Key highlights from the quarter include:
Average realised coal price of $176 a tonne, up 3.5% quarter-on-quarter but down 10.2% year-on-year
Attributable coal production of 9.7Mt
Attributable coal sales of 10.4Mt
Cash balance up $480 million to $2.46 billion
Netwealth (ASX: NWL) – Shares rose 4.6%, likely boosted by the better-than-expected funds under management data from Hub24. Netwealth shares have sold off sharply over the past two weeks, down around 11.5% (9–20 Jan).
Copper stocks experienced a short-lived rally, likely driven by a sharp pullback in the US dollar overnight. A bellwether name like Sandfire Resources is up 1.7%, down from session highs of 4.9%.
Banks are broadly higher, led by Judo Capital (+3.2%), NAB (+2.7%), ANZ (+1.8%), Westpac (+1.6%), Commonwealth Bank (+1.5%) and Bendigo Bank (+1.4%).
Carnarvon Energy (ASX: CVN) – Shares plunged 22.5% after the company postponed the final investment decision for its Dorado Project, a major offshore oil development in WA with a 160 million-barrel liquid resource. The project's joint venture partner, Santos, has opted not to purchase the FPSO vessel initially considered for phase 1 development.
Close the Loop (ASX: CLG) – Shares dropped 14.9% after the company revealed that discussions with Adamantem Capital are still ongoing, but no binding transaction has been finalised. Last year, CLG received a per-share offer of 27 cents, representing a 31% premium, from Adamantem.
Novonix (ASX: NVX) – Shares in the battery technology company fell 7.3% after CEO Chris Burns announced his decision to step down following nearly five years in the role. Burns will remain with the company in an advisory capacity as Special Advisor to the Board of Directors. CFO Robert Long will serve as interim CEO while the company initiates a search for a permanent successor.
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