Stocks of the Hour: Empire Energy, James Hardie Industries, Ensurance

Empire Energy (ASX:EEG) and APA Group (ASX:APA) have agreed to develop midstream gas infrastructure in the Beetaloo Basin. APA will invest up to $5 million for pre-engineering studies to support gas transportation to the Northern Territory and East Coast markets, subject to approvals. In response, Empire’s MD Alex Underwood commented, “APA potentially funding the midstream gas infrastructure facilities for Empire’s Carpentaria Pilot Project, reduces the capital requirement to Empire, enhancing project economics.” Shares are flat at 15 cents.

James Hardie Industries (ASX:JHX; NYSE:JHX) announced the results for its first quarter ending 30 June 2023. The company recorded a 13 per cent increase in Net Income and a 14 per cent increase in EPS compared to first quarter fiscal year 2023. In response, CEO Aaron Erter said, “we have a superior value proposition with the right products and solutions that help our customers grow profitably.“ Shares are trading 15.11 per cent higher at $46.92.

Ensurance (ASX:ENA) announced that they have entered into a binding agreement with PSC Insurance Group (ASX:PSI) under which PSC acquire all of the shares in the capital of ENA by way of a Scheme of Arrangement. In response ENA’s Chairman commented, “This transaction delivers a healthy premium to the current market price of ENA shares, and the scrip consideration will allow ENA shareholders to retain exposure to the continued growth and development of the business. Shares are trading 32.5 per cent higher at 26.5 cents.
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Source: Finance News Network