Live ASX News Today
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31st May 05:33 PM AEST
DEXUS (ASX:DXS) upgrades FY21 distribution per security, shares rise
Shares of real-estate firm DEXUS Property Group (ASX:DXS) gained as much as 1.2% to AUD 10.5 per share.
The Company said it expects to deliver growth in FY21 distribution per security of about 3% on its FY20 distribution per security of 50.3 Australian cents.
DXS is up around 10.4% this year, as of the last close.
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31st May 05:22 PM AEST
MS initiates 'overweight' coverage on Australia's Peter Warren Automotive (ASX:PWR)
Brokerage firm Morgan Stanley has initiated an "overweight" rating on Peter Warren Automotive Holdings Limited (ASX:PWR) and a price target of AUD 4.40 according the refinitiv data.
The Brokerage has forecasted a rebound in new vehicle sales for PWR in FY21 and FY22.
The Company says it envisions PWR to deliver a five-year organic and inorganic growth trajectory, driven by cyclical tailwinds and execution of multiple initiatives, aping its larger peers.
Morgan Stanley anticipates a medium earnings growth of PWR, driven by execution across a range of structural initiatives with cycle support.
It would be a solid outcome for PWR if new vehicle sales mean reverted to around 1 million per annum vs 920,000 in 2020, stated MS.
PWR stated last week it expects a full-year proforma profit before tax in range of AUD 54 million to AUD 57 million, in line with MS' anticipation of AUD 56 million.
PWR is up as much as 4.3% at AUD 3.650 per share.
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31st May 05:15 PM AEST
Betmakers Technology (ASX:BET) extends losses on proposal to buy Tabcorp's wagering arm
The share price of digital wagering firm Betmakers Technology Group Limited (ASX:BET) extended loss for a second straight session; fell as much as 15.7% to AUD 1.13 per share.
The stock has hit its lowest since 7 April; May's gains have been wiped out after BET, on Friday, proposed a share plus cash deal to buy Tabcorp's wagering arm, which is struggling from sporting events halt and closure of betting shops due to the pandemic.
BET, which has a market value of close to AUD 1.09 billion, announced a AUD 4 billion bid to buy Tabcorp unit.
The deal will involve AUD 3 billion in shares and AUD 1 billion in cash, likely to be funded by debt.
Brokerage Credit Suisse said Tabcorp was more likely to demerge the division than accept Bet's bid to avoid numerous, costly regulatory approvals.
Tabcorp previously received separate AUD 3.5 billion proposals from British sports betting firm Entain and U.S.-based investment manager Apollo Management.
BET has risen 2-fold this year, as of the last close.
Tabcorp's shares fell as much as 1.2% to AUD 5.11, after hitting its highest since 1 Jan 2018 on Friday.
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31st May 03:52 PM AEST
IOOF Holdings (ASX:IFL) completes acquisition of MLC Wealth, shares trade higher
IOOF Holdings Ltd (ASX:IFL) on Monday announced the completion of the acquisition of MLC Wealth from National Australia Bank Limited (NAB).
The stock IFL, backed by the announcement, traded at AUD 3.950 per share, up 0.765% at 3:50 PM AEST.
Key takeaways from the announcement:
- The acquisition establishes IOOF as the wealth management market leader in Australia.
- It doubles the size of the IOOF business to AUD 494 billion Funds Under Management, Administration and Advice (FUMA).
- An additional 406 MLC advisers will be joining IOOF. This expands the scale and reach of the advice business.
- The step-change in scale will over time lower the cost to serve more than 2.2 million IOOF clients and members.
- IOOF expects to deliver a run-rate of between AUD 65 million to AUD 80 million of the estimated AUD 150 million in cost synergies by the end of FY22.
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31st May 03:31 PM AEST
Metgasco (ASX:MEL) gains on gas discovery at Queensland exploration well
The share price of Metgasco Ltd (ASX:MEL) rose as much as 8% to AUD 0.027 per share on Monday.
The Company has confirmed gas discovery at Odin-1 exploration well in Queensland's Cooper Basin. MEL stated Odin-1 has been drilled ahead of schedule and under the budget.
Odin-1 exploration well is a joint venture between MEL, Vintage Energy, Bridgeport (Cooper Basin) Pty Ltd and Impress (Cooper Basin) Pty.
MEL is down 3.9% this year, as of the last close and was trading at AUD 0.026 per share, up 4% at 3:20 PM AEST.
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31st May 02:27 PM AEST
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31st May 01:50 PM AEST
Crown Resorts (ASX:CWN) nearing longest run of monthly gains since 2019-end
Crown Resorts Limited (ASX:CWN) is close to pulling together its longest stretch of monthly gains since the end of 2019.
Image Source: © Irishka777 | Megapixl.com
The casino operator, which has been plagued by regulatory woes, governance issues and coronavirus disruptions, is up about 5.2% this month and set for the fourth monthly gain.
Shares, which had fallen a fifth in 2020, are now back to pre-pandemic levels, as the Company fields takeover interest from Star Entertainment Group (ASX:SGR) and Blackstone.
CWN sought more info from smaller rival Star, who proposed an all-stock buyout valued around AUD 9 billion in May and rejected an AUD 8.4 billion buyout by Blackstone.
Oaktree Capital Group had also proposed to bankroll a AUD 3 billion buyback of billionaire James Packer's stake, CWN's founder, a key source of regulatory concern.
Meanwhile, the share price of the stock was quoted at AUD 12.870 per share at 1:40 PM AEST.
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31st May 01:44 PM AEST
REA Group (ASX:REA) to combine Malaysia and Thailand operations with PropertyGuru
REA Group Limited (ASX:REA) made a significant announcement on Monday that it has entered into a binding agreement to combine REA’s Malaysia and Thailand businesses with PropertyGuru Pte. Ltd.
As per the proposed transaction, REA will transfer ownership of its Malaysia and Thailand entities to PropertyGuru in exchange for an 18%1 equity interest in PropertyGuru.
The announcement said REA will take one seat on the Board.
PropertyGuru is a known digital proptech company operating in Singapore, Vietnam, Malaysia, Thailand and Indonesia.
According to the release, the combined businesses will have access to a deeper pool of expertise, technology and investment which will accelerate innovation and provide enhanced digital solutions to home seekers, property agents and developers.
The planned transaction will provide REA with a strategic shareholding in a larger, more diversified company in a region that continues to experience rapid digital transformation across the real estate sector.
Meanwhile, the share price of the stock REA was quoted at AUD 163.930 per share at 1:30 PM AEST.
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31st May 01:15 PM AEST
Advanced Human Imaging (ASX:AHI) strikes deal with Inter-Psy. Shares surge on ASX
Shares of Advanced Human Imaging Limited (ASX:AHI) jumped as much as 6.4% to AUD 1.660, their highest since 24 May 2021.
The body scanning app maker has stated that the Company has signed a binding term sheet with Netherlands-based mental health and addiction care company INTER-PSY B.V (Inter-Psy).
The ASX announcement read AHI's technology will be integrated into Inter-Psy's Health i Check platform for an October 2021 release.
Health i Check is Inter-Psy's preventative health screen iOS and Android app which is scheduled to go live in June 2021 in Netherlands.
The stock is set to post a two-day winning streak and has gained 28.9% this year so far, as of the last close.
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31st May 12:57 PM AEST
Australia clears A$1.8 billion power line to boost renewable energy
Australia on 31 May 2021 approved a AUD 2.28 billion project to build the country's longest power transmission line, which the country's energy market operator considers critical to handling electricity supply from new wind and solar farms.
The Australian Energy Regulator, whose role includes ensuring power customers don't face excessive bills, approved the 900-km (560-mile) EnergyConnect project between South Australia and New South Wales after the companies cut its cost by 4%.
EnergyConnect, being developed by TransGrid and ElectraNet, is one of several interconnectors that Australia's energy market operator has said are needed to prevent blackouts, while keeping a lid on power prices.
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31st May 12:57 PM AEST
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31st May 12:38 PM AEST
Keytone Dairy (ASX:KTD) gains as FY Sales more than double
Keytone Dairy Corporation Ltd (ASX:KTD) advanced as much as 7.4% to AUD 0.145, its highest since 24 March 2021.
The dairy processor has reported a record sales growth across all divisions of Keytone with sales totalling AUD 50.7 million for FY21.
The Company informed FY21 sales is a 125% increase over FY20 consolidated result of AUD 22.5 million.
The Company has reported new contract wins with major retailers in Australia and New Zealand and International brands – more than AUD 15 million in material new contracts signed through FY21.
The stock has fallen 46% this year so far, as of the last close.
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31st May 12:37 PM AEST
Cerrejón is geared up to resume mine operations gradually
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Colombian coal mine Cerrejón is geared up to gradually resume operations this week after having a declared force majeure due to various blockades since early May.
- The blockade in the railway lines started on 5 May 2021 by a group of former employees who were demanding their jobs back.
- The blockade halted the operations and Cerrejón was not able to transport gasoline into the mine. As a result, the management decided to transport gas through tank trucks but on 20 May 2021, Media Luna community people blocked the entrance.
- The blockage completely halted the mine operations hence, the miners declared a force majeure on 24 May 2021.
- Cerrejón is owned by Anglo American, BHP Group and Glencore.
- However, the blockades were finally removed on 27 May 2021 after the management and protestors met with various officials of the ministry.
- The federal economies were losing about US$1.0 million per day in taxes and royalties when the mine was non-operational.
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31st May 12:34 PM AEST
Domain Holdings (ASX:DHG) falls as Link Administration (ASX:LNK) rejects PEXA deal
The share price of Domain Holdings Australia Ltd (ASX:DHG) fell as much as 3.8% to AUD 4.86 on Monday.
The property classifieds operator stated it was no longer bidding for a 10% stake in PEXA, after being notified that PEXA's sale process had been dropped.
The Company was part of consortium with U.S. private-equity giant KKR & Co KKR.N that offered more than AUD 3 billion for PEXA.
DHG informed it is notified that sale process is no longer being pursued.
Link Administration Holding Limited (ASX:LNK), a top shareholder of PEXA, has shared it will take online real estate company public, effectively rejecting KKR & Co's takeover bid for the unit.
Meanwhile, DHG is amongst the biggest percentage losers in the S&P/ASX 200 index.
The stock up 12.5% this year, as of the last close, as compared with a 9% increase in the benchmark ASX200 index AXJO.
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31st May 12:26 PM AEST
Mastermyne Group (ASX:MYE) hits over six-month peak on contract win
Share price of the mining operation services Company Mastermyne Group Limited (ASX:MYE) gained as much as 7.7% to AUD 0.84, their highest since 13 November 2020.
The Company has been awarded contract to operate Gregory Crinum underground mine in Queensland, owned by a unit of Japanese conglomerate Sojitz Blue Pty Ltd.
The Company, in its ASX announcement added total value of contract lies between AUD 600 million to AUD 660 million.
As per the refinitiv data, as many as 454,000 shares have been traded as compared to the 30-day average volume of 72,000 shares.
The stock has risen 15.6% this year so far, as of the last close.
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31st May 12:10 PM AEST
GR Engineering (ASX:GNG) hits near three-month high on raised revenue outlook
Shares of GR Engineering Services Limited (ASX:GNG) rose as much as 6.8% to AUD 1.420, their highest since 11 March 2021.
The Company has raised FY rev outlook to AUD 370 million-AUD 390 million from AUD 340 million-AUD 360 million.
The Company mentioned both revenue and margins expected to improve in H2 of FY21.
The stock is on track to record third straight day of gains.
As per refinitiv data, around 137,135 shares got traded, more than double the 30-day average volume of 54,637.
The stock has added 9% this year so far, as of the last close.
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31st May 12:02 PM AEST
Link Administration (ASX:LNK) slips as it drops KKR’s bid, seeks to list PEXA
Shareholder registry firm Link Administration Holdings Ltd (ASX:LNK) fell as much as 5.138% to AUD 5.170 per share at 12:00 PM AEST.
The stock is the second-biggest percentage loser on the benchmark index AXJO.
The Company stated it will take online real estate company PEXA public with an enterprise value of AUD 3.3 billion, effectively rejecting KKR & Co's takeover bid for the unit.
LNK has said it will increase stake in PEXA to 47% from 44.2% and expect it to start trading by June-end.
The stock has fallen 1.8% this year so far, as of the last close.
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31st May 12:02 PM AEST
Propel Funeral Partners (ASX:PFP) hits fifteen-month high on reorganisation deal
Propel Funeral Partners Limited (ASX:PFP) rose as much as 6.2% to AUD 3.62, hitting its highest level since 27 February 2020.
The funeral service provider shared it has entered implementation deal with Propel Investments to reorganise the senior management functions of the Company.
Under the deal, the Company will pay a termination fee of AUD 15 million to its manager.
The Company is also making executives Albin Kurti, Fraser Henderson and Lilli Gladstone, employees of group.
PFP has risen 19.7% this year, as of the last close.
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31st May 11:33 AM AEST
Chase Mining (ASX:CML) drops as Rio Tinto (ASX:RIO) unit exits Ernest Henry South tenement
The share price of Chase Mining Corporation Limited (ASX:CML) fell as much as 10.5% to AUD 0.017, its lowest since 24 March 2021.
The Company stated gold and copper explorer Red Fox Resources Pty Ltd, in which CML owns 40% interest, advised CML that Rio Tinto Exploration Pty Ltd has withdrawn from the Ernest Henry South tenement farm-in with Red Fox.
The stock has risen 18.8% this year, as of the last close.
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31st May 10:56 AM AEST
Nuix (ASX:NXL) hits record low on trimming FY revenue outlook
Nuix Limited (ASX:NXL) slipped as much as 16.024% to AUD 2.830, its lowest on record.
The intelligence software provider has cut its outlook for FY21 pro-forma revenue range to AUD 173 million-AUD 182 million from the AUD 180 million-AUD 185 million forecast earlier.
The Company has cited uncertainties about expected license upgrades by existing customers and addition of new customers.
NXL has kept the pro-forma EBITDA forecast of AUD 64.6 million-AUD 66.6 million unchanged.
The Company last week announced termination of consultancy agreement with co-founder Tony Castagna.
NXL is the biggest percentage loser on the ASX200 index AXJO.
As of last close, the stock has fallen 59.15% so far this year.
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31st May 10:53 AM AEST
Citi cuts Fortescue Metals’ (ASX:FMG) earnings outlook on delayed Iron Bridge Project
Financial research firm Citi has downgraded FY23 earnings forecast for Fortescue Metals Group Ltd (ASX:FMG). This is in reaction to the company's delayed start of its Iron Bridge magnetite project in Western Australia. It has cut FMG’s FY23 core net profit estimate by 3.9% to AUD 4,669.7 million.
As per refinitiv, Citi has kept FMG rating neutral with a price target of AUD 21.80.
FMG on Friday raised its cost estimate for the project and set December 2022 as the new date for beginning production. The delay is by 6 months from the earlier estimate and the Project cost is now around AUD 3.3 - 3.5 billion.
8 out of 18 analysts have rated the stock "buy" or higher, 8 "hold" and 2 "sell" or lower, with median PT at AUD23.0 as per Refinitiv data.
The stock has fallen 5.6% during the year.
FMG shares trade at AUD 22.200, up 0.361% at 10:55 AM AEST.
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31st May 10:49 AM AEST
GEV signs MOU with ILF for Hydrogen Projects in Europe & Australia, shares surge
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Australia-based Global Energy Ventures Ltd. (ASX:GEV) and ILF have executed a Memorandum of Understanding (MOU) for the identification and development of green hydrogen projects in Europe and Australia including a compressed hydrogen (C-H2) shipping solution.
ILF is an international engineering consulting firm. Its expertise covers the hydrogen value chain that offers solutions for various hydrogen-related projects. GEV and ILF will be reviewing the identified green hydrogen projects suitable for a C-H2 shipping solution, both onshore and offshore applications. MOU provides GEV with access to a fast-developing hydrogen economy in Europe.
GEV shares traded 12.328% up at AUD 0.082 at 10:50 AM AEST.
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31st May 10:44 AM AEST
Zimi (ASX:ZMM) secures A$200,000 device order from Steel-Line
Zimi Limited (ASX:ZMM) announced today that it has received purchase orders from Steel-Line Garage Doors (Steel-Line), for 3,250 devices (Controllers, sensors, and Zimi Cloud Connects) worth over AUD 200,000. The Delivery is expected from November 2021 onwards.
As per the release, this will be resulting in total sales exceeding AUD 2.2 million.
Zimi developed the Garage Door Controller for Steel-Line as part of its smart home device portfolio. The Garage Door Controller is retrofittable and has a range of unique features that ensure value addition to any home.
Steel-Line is Australia’s largest garage door manufacturer. Aaron Dillaway, CEO- Steel-Line, said, recent commercialising of the Garage Door Controller has given good results.
ZMM shares traded 5% higher at AUD 0.021 at 10:30 AM AEST.
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31st May 10:40 AM AEST
Oil prices softens after recording significant highs last week
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Crude oil prices soften on Monday after ending the last week with highs of more than 5% on the back of strong US economic data and a rebound in energy demand.
- Brent crude oil futures for August delivery traded 0.12% down at US$68.93 per barrel whereas WTI crude oil futures for July delivery traded at US$66.58 per barrel up 0.39% as of 31 May 2021 at 10:13 AM AEST.
- Leading oil market analysts believe that the oil demand is on track to reach close to 100 million bpd in the third quarter of 2021 on summer travel in the US and Europe after the coronavirus vaccination program.
- The number of Americans filing new claims for unemployment benefit has fallen to the lowest level since mid-March. The strong economic data has supported oil prices last week.
- However, rising coronavirus cases in Asia is still a matter of concern which has created pressure on oil prices.
- Additionally, the oil glut concerns with the prospects of new Iranian oil hitting on to the market has also offset the price rise.
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31st May 10:35 AM AEST
Spark Infrastructure’s (ASX:SKI) Transgrid to deliver Project EnergyConnect
Spark Infrastructure Group (ASX:SKI) reported about TransGrid (15% holding) reaching a final investment decision to build Project EnergyConnect(PEC) upon receiving final approvals from the Australian Energy Regulator (AER).
Key Highlights-
- PEC is a 900km high capacity electricity interconnector between South Australia (SA) & New South Wales(NSW).
- It is a joint project; ElectraNet, to construct the SA part, while TransGrid the NSW piece.
- Transgrid secured funding of AUD295 million, from the Clean Energy Finance Corporation (CEFC).
- AER approved capital expenditure allowance of AUD1,834 million.
- Construction to commence from late 2021 with project commissioning by 2023.
- To increase Transgrid’s Regulated Asset Base in the renewable connections pipeline by 30%.
- It is expected to deliver net annual savings of around AUD100 for a typical household in SA and AUD60 in NSW.
SKI shares trade at AUD 2.180 on 31 May, 9:32 AM AEST.
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31st May 10:19 AM AEST
Odyssey Gold’s (ASX:ODY) placement and SPP to raise up to A$15 million to drive exploration
Odyssey Gold Ltd (ASX:ODY) shared on Monday it has successfully secured commitments from domestic and offshore investors to subscribe for 79,800,800 new ordinary shares of the Company at an issue price of AUD 0.125 per share.
As per the Company’s release, gross proceeds of AUD 10.0 million will be raised via this process.
Also, the Company intends to offer the chance to participate via a share purchase plan (SPP) to raise upto an additional AUD 5.0 million by subscribing for up to AUD 30,000 each on the same terms.
The last traded price of the stock on the ASX was AUD 0.135 per share.
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31st May 10:08 AM AEST
Golden Rim’s (ASX:GMR) Maiden mineral resource drillout at Kada accelerated
Golden Rim Resources (ASX:GMR) shared on 31 May 2021 that it has accelerated maiden drilling at Kada Gold Project in Guinea, with a second diamond drilling rig commencing operation in the Newmont gold resource area.
GMR has doubled the infill drilling programme to 5,000m, with 14 additional holes proposed to the north and south to cover a strike length of approximately 800m at Kada.
The last traded price of the stock GMR on the ASX was AUD 0.010 per share.
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31st May 09:57 AM AEST
Moho (ASX:MOH) receives A$686 thousand tax refund for R&D spend
Moho Resources Limited (ASX:MOH) announced on 31 May 2021 that it has received A$686 thousand as a refundable tax offset for eligible research and development expenditure conducted across its prospective projects at Silver Swan North, and Burracoppin in Western Australia and Empress Springs in Queensland during the 2019-2020 financial year.
The last traded share price of the stock was AUD 0.080 per share.
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31st May 09:45 AM AEST
Devex Resources’ (ASX:DEV) A$7.97 million share placement boosts DevEx cash at bank to around A$17.6 million
Devex Resources Limited (ASX:DEV) shared on 31 May 2021 that it has received firm commitment to raise A$7.97 million via a share placement at AUD 0.32 per share.
The funds generated will be used for expanding Company’s exploration activities across three key highly mineral-endowed regions – Julimar, Lachlan Fold Belt and Alligator Rivers Uranium Province.
The ASX announcement also said that the capital raised will increase DevEx’s cash balance to over around AUD 17.6 million.
The last traded share price of the stock was AUD 0.365 per share.
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31st May 09:31 AM AEST
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31st May 08:48 AM AEST
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31st May 08:40 AM AEST