1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Oil stocks will be in focus today after the US captured Venezuela's President Nicolas Maduro, which has sparked deep uncertainty about the future of the oil-rich South American nation. Maduro is in a New York detention centre awaiting a court appearance tonight on drug charges. US President Donald Trump ordered his seizure from Venezuela over the weekend and said the US would take control of the country. But in Caracas, top officials in Maduro's government were still in charge. Analysts expect the oil market to easily absorb any possible halt to production from Venezuela , which accounts for less than 1 per cent of global supplies, It's expected that it would take years to see any meaningful boost to crude output from the South American country even if U.S. oil majors do invest billions of dollars in the country as proclaimed by President Trump. On Friday Brent crude futures closed down slightly at around $60 a barrel. And OPEC+ kept oil output unchanged on Sunday after a meeting that avoided discussion of the political crises affecting several of the producer group's members.
The Australian Agricultural Company (ASX: AAC) has warned that heavy rain across parts of Queensland may hurt its earnings after flooding hit three of its cattle stations. AACo says the three stations hold 55,000 cattle, which is significantly lower than the number of livestock held in the same region during the devastating 2019 floods. The company says its too early to determine the full extent of the losses but they are likely to be material. It says it does not hold insurance for its herd and infrastructure against flooding events.
Coronado Global Resources (ASX: CRN) has suspended underground operations at its Mammoth Coal mine in Queensland following the death of a worker. An investigation into the cause of the incident is underway. The underground section of the mine remains closed, but open cut mining at the site resumed over the weekend after a 24-hour shutdown.
CivMec (ASX: CVL) has been awarded $400-million worth of new contracts and extensions. The contracts include a port debottlenecking project with BHP at Nelson Point in Port Hedland. It has also been awarded a construction contract at two Fortescue mines in the Pilbara for multiple charger facilities.
