ASX Market Wrap: Reject Shop Surges as Canadian Company Proposes Acquisition

March 28, 2025 06:37 PM AEDT | By Team Kalkine Media

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ASX Market Wrap: Reject Shop Surges as Canadian Company Proposes Acquisition — Image source: shutterstock

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Highlights:

Reject Shop's value surged after a Canadian firm announced a buyout offer.

Core Lithium gained following an operational update.

Real Estate and Technology sectors saw the most significant declines.

The ASX200 closed lower, finishing at 7,969 points, reflecting a decline in market sentiment. A mixed performance was observed across sectors, with Energy leading the gains while Real Estate and Technology registered notable losses.

Sector Performance
Energy was the best-performing sector, closing in positive territory. Staples and Materials also ended the session higher. Conversely, Real Estate experienced the sharpest drop, followed by the Technology and Discretionary sectors, which also closed in the red.

Stocks on the Rise
Core Lithium experienced an increase in its value, climbing after providing an update on its Finniss Lithium Operation. The company closed at a higher price per share.

Neuren Pharmaceuticals also saw a slight increase following news of its work on a new product aimed at addressing infant injuries related to oxygen and blood flow complications before or after birth. The company ended the trading day in positive territory.

Reject Shop emerged as the standout performer of the day, experiencing a surge after an acquisition offer from Canada's Dollarama. The proposal, which values the company at hundreds of millions of dollars, led to a significant uptick in share price by the close of trading.

Stocks in Decline
Domain faced a downturn following an improved offer from a U.S.-based company. Despite the higher bid per share, the stock ended the session lower.

Pro Medicus also experienced a decline, influenced by a broader downturn in the technology sector. A financial institution maintained a neutral stance on the stock, keeping its valuation unchanged.

WiseTech closed lower after an institutional investor exited its entire stake in the company. Governance concerns and board-related considerations were cited as factors in the decision. The stock finished the session with a decline.

The day's trading reflected sector-specific movements, with notable shifts in stock values driven by corporate updates, acquisition proposals, and institutional transactions.

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