Quick and easy profits are a thing of the past in this market, but the Punter consoles himself with the fact that several of his holdings have released relatively good news.
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Australian Potash (ASX code APC), which aims to produce 205,000 tonnes per annum of sulphate of potash, has done a thorough reworking of its sums to take account of rising fertiliser prices and soaring construction costs.
The good news is that one is pretty much offset by the other, and the company should generate average gross earnings of $158 million a year when in full production, which is $34 million a year more than last year's estimates. Nevertheless, the shares eased.
The Punter is resigned to holding APC, perhaps for years.
The good news from Select Harvests (SHV) was that it managed to get the number of beehives it needed to pollinate all its Australian almond orchards, despite estimates that Victorian almond growers were 50,000 hives short due to movement restrictions following the NSW varroa outbreak.
But SHV fell, perhaps because of worries over the heatwave roasting SHV's Californian orchards.
The Punter decided to sell, at a small profit, on the grounds that a few crumbs are better than no bread.
Shares in larger companies such as SHV tend to fall with the market.
RLF Agriculture (RLF) released its new Veridium seed primer.
RLF says trials have shown that the extra yield it produces is worth four times its cost for wheat and maize growers and up to 300 times for rice. Yet RLF shares barely moved.
Meanwhile, no date has been set for the extraordinary general meeting requisitioned by dissident shareholders in Australian Dairy Nutritionals (AHF).
The meeting was to be held in September 2022, but the company's secretary, Kate Palethorpe, said she has repeatedly asked minority shareholders for a notice of meeting without success.
- The Punter has no financial qualifications and no links to the financial services industry. He owns shares in a number of companies featured in this column.
