Two stocks on trading Halt

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trading halt

Magnis Resources Limited (ASX: MNS)

Magnis Resources Limited was placed in trading halt on 30 August 2018 pending announcement in relation to capital raising.

The company has requested Australian Securities Exchange to put Magnis’ securities on trading halt as the company plans to release some capital raising announcement in the market. The trading halt is expected to continue till the earlier of commencement of trading on Monday, 3 September 2018 or release of anticipated announcement.

MNS last traded at $0.380, a day back i.e., 29 August 2018.  

Northern Star Resources Limited (ASX: NST)

After announcing the acquisition of Pogo underground gold mine in early trade today, i.e. 30 August 2018, the company paused trading as it was put on trading halt at its request.

The trading halt was granted by ASX on the company’s request for it is to release an announcement on capital raising via placement to institutional investors. The trading halt is reported to remain in place until the earlier of commencement of trading on Monday, 3 September 2018 or announcement of proposed placement results.

The trading halt news comes post the company’s release on acquisition of Pogo underground gold mine in Alaska for US$260 million. It has also been reported that fully underwritten A$175 million placement to institutional investors will be made to fund support this acquisition. With this update, the gold producer Northern Star revised its FY2019 production guidance to 850,000-900,000 ounces at an AISC of A$1,050-1,150 per oz.

NST closed at $6.960 yesterday i.e., 29 August 2018.

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Kunal Sawhney
Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of Technology, Sydney. He has an extensive expertise in quantitative and qualitative stock selection practices, and he proficiently navigates on equity related matters while enabling them achieve success in complex market conditions. Kunal features as a guest speaker at various equity research platforms and news channels on a regular basis, sharing his valuable insights on the subject. His firm provides holistic view of stock investment recommendations to retail investors with respect to financial performance, strategy, and industry catalysts. The firm looks for stocks that are out of favour with the market and a combination of tangible and intangible aspects is used for stock picking with a great focus on income and growth portfolios. Kunal is featured regularly on Sky Business, CNBC and Australian Financial Review

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