An insurer misses guidance while Ford inks a supply deal with an Australia lithium producer, it?s a big day on the ASX already today so far.
Insurance Australia Group hasn?t impressed investors today with the release of the company?s preliminary 2022 financial year results and 2023 guidance. Despite IAG expecting to report a net profit after tax of $347m for the 2022 financial year, the company reported insurance profit of $586m representing a margin of 7.4% which is below the guidance range for the year.
And Australian-based lithium-boron producer ioneer is soaring today after announcing it has signed a binding offtake agreement with Ford to supply 7000 tonnes of lithium carbonate per annum from its Rhyolite Ridge Lithium-Boron project in Nevada, over a 5-year term starting in 2025.
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