Key takeaways:

• July’s talking points centred on insurance stocks and gig economy tech platforms

• Major US banks trade ex-dividend in August

As investors grew hopeful that central banks may be close to doing enough to quash inflation, both the Australian and US share markets posted gains over recent weeks. Insurance stocks and tech names underpinned July’s rally, while various miners encountered stumbling blocks that flipped investor sentiment against them. Here is a recap of the key movers from July, and a selection of high-profile dividends for August.

Major Movers in July

1. Lumos Diagnostics (ASX: LDX) – up 472.7%

Diagnostic test manufacturer Lumos saw its shares skyrocket more than 1000% in the space of two days at the start of July. The catalyst for the rally was confirmation the company received clearance from the US Food and Drug Administration to market its FebriDx rapid, point-of-care test across the United States. 

The test is intended to help healthcare professionals diagnose bacterial acute respiratory infections and differentiate these conditions from non-bacterial aetiology in urgent care and emergency situations. While the stock pared a significant portion of its gains across the month, the company’s breakthrough in the world’s largest economy was still enough for LDX to gain nearly 500%.

2. Aurora Acquisition Corp (NASDAQ: AURC) – up 183.9%

As a Special Purpose Acquisition Company (SPAC), Aurora Acquisition was enjoying a relatively anonymous life until late July when the company’s mooted investment plans became clearer to the market. 

With a focus on the media and technology sectors, AURC’s SEC filing shed light on the details surrounding its earlier-announced plans to merge with digital home-ownership company Better.com. The pair intend to leverage Better’s existing proprietary mortgage automation platform, Tinman, while also bringing about improvements and expanding its application into other borrowing segments.

Honourable Mentions:

• Tambourah Metals (ASX: TMB) – up 277.8%

• Sovereign Cloud (ASX: SOV) – up 190.9%

• Perpetual Resources (ASX: PEC) – up 166.7%

• Tupperware Brands (NYSE: TUP) – up 285.0%

• Knightscope (NASDAQ: KSCP) – up 184.42%

• Evelo Biosciences (NASDAQ: EVLO) – up 164.3%

52-Week Highs

1. Suncorp (ASX: SUN) – up 5.9% in July

2. QBE Insurance (ASX: QBE) – up 1.2% in July

A number of insurance shares recorded a 52-week high throughout July, including both Suncorp and QBE Insurance. One of the key drivers behind the sector-wide rally over recent months has been the ability of insurers to raise premiums, even in an inflationary environment. What’s more, these businesses typically generate higher investment income from bonds. The general resilience of the market has also served as another tailwind for sentiment.

3. Alphabet (NASDAQ: GOOGL) – up 10.8% in July

Google’s parent company, Alphabet, touched a 15-month high in the immediate aftermath of its second-quarter earnings. The stock recorded its best session in nearly six months after beating analyst forecasts for revenue and earnings. In addition, upbeat commentary from management surrounding the tech conglomerate’s artificial intelligence endeavours excited the market, prompting a wave of broker upgrades.

Other Highs:

• Reece (ASX: REH) – up 37.0%

• Netwealth (ASX: NWL) – up 8.7%

• CSR (ASX: CSR) – up 9.8%

• Megaport (ASX: MP1) – up 46.8%

• McMillan Shakespeare (ASX: MMS) – up 5.4%

• Airbnb (NASDAQ: ABNB) – up 19.6%

• Applied Materials (NASDAQ: AMAT) – up 5.1% 

• Booking Holdings (NASDAQ: BKNG) – up 11.6%

• Boeing (NYSE: BA) – up 13.0%

• Berkshire Hathaway (NYSE: BRK.B) – up 2.6%

• LAM Research (NASDAQ: LRCX) – up 12.2%

• Uber (NYSE: UBER) – up 11.5%

• Meta Platforms (NASDAQ: META) – up 13.4%

• Walmart (NYSE: WMT) – up 1.7%

52-Week Lows

1. Argosy Minerals (ASX: AGY) – down 16.7% in July

Small-cap lithium player Argosy Minerals has seen its share price crumble since the end of the first quarter of this year, recently culminating in a yearly low. While the company has made progress with commissioning at its Rincon project in Argentina, the business has also reported higher costs associated with said operations. That has raised questions over the project’s financials and overall viability, especially in the absence of any secured offtake agreements.

2. Bristol-Myers Squibb (NYSE: BMY) – down 4.0% in July

Shares in healthcare major BMY tanked after the company’s 2Q report disappointed shareholders. Weighing on the company’s results were a decline in sales for blood cancer treatment Revlimid and blood thinner Eliquis, with both facing intense competition from a range of generics. Management downgraded 2023 revenue from 2% growth to an expected decrease by low-single-digit percentages. BMY also cut its 2023 earnings forecast by 60 cents to a range of US$7.35 to US$7.65 per share

Other Lows:

• Galan Lithium (ASX: GLN) – down 9.8%

• Neometals (ASX: NMT) – down 4.0%

• Tamboran Resources (ASX: TBN) – down 16.7%

• Enphase Energy (NASDAQ: ENPH) – down 7.9%

Upcoming Dividends

1. Rio Tinto (ASX: RIO) | Ex-dividend: Aug 10, 2023 | Amount: US$1.77 per share | Franking: 100% | Pay Date: Sep 21, 2023

Mining giant Rio Tinto recently declared an interim dividend of US$1.77 per share, or approximately $2.61 per share in Australian dollars. The dividend payout was lower than that of the previous two years, however, it still ranks third in terms of the company’s highest interim dividend across 150 years. Ultimately, weaker commodity prices weighed on the company’s earnings, with half-year profit down 34% year-over-year, and prompting a cut to the fully-franked dividend.

2. Walmart (NYSE: WMT) | Ex-dividend: Aug 10, 2023 | Amount: US$0.57 per share | Pay Date: Sep 5, 2023

One of the Dividend Kings of the US stock market thanks to a half-century of annual dividend increases, Walmart is set to deliver shareholders a quarterly payment of US$0.57 per share. It comes at a time where the retail giant’s double-digit share price gain in 2023 helped it set a record high to close out the month.

3. Microsoft (NASDAQ: MSFT) | Ex-dividend: Aug 16, 2023 | Amount: $0.68 per share | Pay Date: Sep 14, 2023

Tech titan Microsoft signalled big investment expenditure ahead as it looks to put its artificial intelligence (AI) ambitions into practice, but that didn’t stop the company declaring a modest dividend for its shareholders. The software firm will trade ex-dividend mid-August, with investors set to receive a quarterly dividend of US$0.68 per share.

4. Bank of America (NYSE: BAC) | Ex-dividend: Aug 31, 2023 | Amount: $0.24 per share | Pay Date: Sep 29, 2023

Bank of America will increase its upcoming dividend payment to US$0.24 per share, up 9.1% compared with US$0.22 per share in the prior corresponding quarter. One of the largest banks in the world, BAC was afforded the scope to hike its dividend after it recently passed the Federal Reserve’s annual stress test. US bank regulators recently unveiled new rules that could raise capital requirements at the largest banks to avoid losses in a downturn.

Other Dividends:

• BetaShares Australian High Interest Cash ETF (ASX: AAA)

• BetaShares Australian Government Bond ETF (ASX: AGVT)

• Betashares Australian Dividend Harvester Fund (ASX: HVST)

• BKI Investment Company (ASX: BKI) – $0.04 dividend; franking: 100%; ex-div: Aug 11, 2023; payment: Aug 29, 2023

• Wells Fargo (NYSE: WFC) – US$0.35 dividend; ex-div: Aug 3, 2023; payment: Sep 1, 2023

• Unilever (NYSE: UL) – US$0.4696 dividend; ex-div: Aug 3, 2023; payment: Aug 31, 2023

• Citigroup (NYSE: C) – US$0.53 dividend; ex-div: Aug 4, 2023; payment: Aug 25, 2023

• Cheniere Energy Partners (NYSE: CQP) – US$1.03 dividend; ex-div: Aug 4, 2023; payment: Aug 14, 2023 

• IBM (NYSE: IBM) – US$1.66 dividend; ex-div: Aug 9, 2023; payment: Sep 9, 2023

• Target (NYSE: TGT) – US$1.1 dividend; ex-div: Aug 15, 2023; payment: Sep 10, 2023

• Exxon Mobil (NYSE: XOM) – US$0.91 dividend; ex-div: Aug 15, 2023; payment: Sep 11, 2023

• Ford (NYSE: F) – US$0.375 dividend; ex-div: Aug 16, 2023; payment: Sep 1, 2023

• Walgreens Boots (NASDAQ: WBA) – US$0.48 dividend; ex-div: Aug 18, 2023; payment: Sep 12, 2023

• Goldman Sachs (NYSE: GS) – US$2.75 dividend; ex-div: Aug 30, 2023; payment: Sep 18, 2023

• McDonald’s (NYSE: MCD) – US$1.52 dividend; ex-div: Aug 31, 2023; payment: Sep 18, 2023