ASX 200 opens on positive note; Crown Resorts rallies after takeover bid

Be the First to Comment Read

ASX 200 opens on positive note; Crown Resorts rallies after takeover bid

 ASX 200 opens on positive note; Crown Resorts rallies after takeover bid
Image source: Bro Crock, Shutterstock.com

Highlights

  • The ASX 200 was trading 0.3% higher at 7,458.8 in opening trade.
  • US inflation data revealed price pressures are increasing but still within expectations.
  • Crown Resorts has received a revised takeover bid from Blackstone, at AU$8.9 billion.

The Australian share market again opened higher on Thursday, as resource-heavy stocks gained momentum on strong commodity prices. However, the ongoing COVID-19 situation, threatening to slow down the economic recovery in the country, has capped gains. The ASX 200 was trading 0.3% higher at 7,458.8 in the opening trade.

ASX today

Image Source: © 2022 Kalkine Media®

Global stocks rebounded on Wednesday while US Treasury yields retraced from their highs after the latest US inflation data revealed price pressures are increasing but still within expectations, reinforcing belief that the US Fed will soon be increasing interest rates.

US stock indices closed higher on Wednesday after inflation data largely met high expectations, giving boost to mega-cap technology stocks.

By the closing, the Dow Jones Industrial Average was up 0.11% to 36,290.33, while the S&P 500 notched 0.28% higher to 4,726.38. The NASDAQ Composite ended the session 0.23% up at 15,188.39.

How has the market performed so far?

As of 11:00 AM AEDT, the ASX 200 further gained momentum and was trading 0.5% or 37 points up at 7,475.9, while the ASX All Ordinaries index was up 0.51% or 39.2 points to 7,801.4. The A-VIX fell 2.3% to 12.69.

Top 5 ASX gainers and losers

Data Source: ASX (as of 13 January 2022, 11:00 AM AEDT)

On the gainers’ front, Crown Resorts Limited (ASX:CWN) secured the top spot with a decent 8.21% rally, followed by Liontown Resources Limited (ASX:LTR), gaining 6.44%. On the flip side, PolyNovo Limited (ASX:PNV) was the biggest laggard, falling 5.72%, followed by Sonic Healthcare Limited (ASX:SHL), which plunged 5.17% in the morning session.

On the sectoral front, seven out of the 11 sectors were trading lower today. The consumer discretionary and the IT sectors were down 0.73% and 0.63%, respectively. The materials and energy sectors were the best performers, gaining 2.09% and 1.31%, respectively.

Read More: Inside Afterpay’s share price journey: How did merger news impact it?

Newsmakers

  1. Crown Resorts Limited (ASX:CWN)
  • Crown Resorts has received a revised takeover bid from Blackstone, at AU$8.9 billion.
  • The all-cash deal is valuing the casino owner at AU$13.1 per share.
  • The offer has already received interim approval from Crown’s management and final approvals will depend on Crown investors.
  1. James Hardie Industries PLC (ASX:JHX)
  • Ousted CEO Jack Truong has hired a lawyer and is proceeding towards taking a legal action against his former employer.
  • A public relations firm confirmed that Mr Truong had retained legal counsel and was taking next steps.
  • Mr Truong was fired from the company for breaching the company’s code of conduct. 
  1. Platinum Asset Management Limited (ASX:PTM)
  • Billionaire businesswomen Judith Neilson has sold her remaining stake in PTM via a AU$70-million block trade.
  • The block trade was handled by Jarden Australia.
  • The offer price of the entire trade was around AU$2.42 per share.
  1. BWX Limited (ASX:BWX)
  • BWX COO Mr Rory Gration has been promoted to the position of new MD and CEO of the company.
  • He will be taking the charge from 1 March 2022.
  • The current CEO, Mr Dave Fenlon, will remain a board member in the capacity of a non-executive director.
  1. Objective Corporation (ASX:OCL)
  • The company’s 1H FY22 revenue has jumped to AU$52.7 million, over a revenue of AU$46.5 million in 1H FY21.
  • The EBITDA has also increased to AU$15.1 million, from 11.8 million over the same period.
  • The company had invested AU$12.8 million in Research & Development (R&D) in 1H FY22, an increase of 14% over 1H FY21.

Read More: What is ASX Volatility index? How has it performed in 2022?

Disclaimer

Speak your Mind

Featured Articles

Ad
kalkine logo

GET A FREE STOCK REPORT

Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK