From CIMIC to Cirralto: Why these 10 ASX-listers hogged limelight today

Highlights

  • CIMIC Group shares dropped even after one of its companies secured a contract extension.
  • Mineral sands player Heavy Minerals made a weak debut on the ASX today.
  • Hotel Property Investments and Vulcan Energy shares are under trading halt.
  • Cirralto shares rose on plans to acquire e-commerce firm Greenshoots Technology.
  • Dreadnought Resource jumped 8% on raising fund.

Australian shares were trading lower today, weighed down by weak global cues as well as fall in tech and industrial shares. Six of the 11 sectors were trading in the red by lunchtime, while energy gained the most. The rally in energy space was led by index heavyweights Woodside Petroleum (ASX:WPL), Beach Energy (ASX: BPT), AGL Energy (ASX:AGL), Santos (ASX:STO) and Oil Search (ASX:OSH).

Here are ten shares that hogged the limelight on the ASX today.

CIMIC’s group company secures contract extension

Shares of CIMIC Group (ASX: CIM) dropped as much as 0.7% by mid-session, paring opening gains, even after a company under its umbrella secured a contract extension.

The group’s engineering firm, UGL, as a member of the RailConnect NSW joint venture, has won a AU$100 million contract extension from Transport for NSW.

Heavy Minerals makes muted debut on ASX

Mineral sands player Heavy Minerals (ASX:HVY) made a subdued start on the domestic exchange today, falling 12.5% in opening deals. The stock price dropped to 17.5 cents against issue price of 20 cents.

The industrial minerals company made a debut on the ASX after successfully raising AU$5.5 million in its initial public offerings (IPO). The IPO garnered strong support from Institutional and high net worth investors. It issued 27.5 million shares at an offer price of AU$0.20 per share.

Incorporated in February this year, the company is set to commence maiden Air-Core (AC) drilling campaign at the Port Gregory Garnet Project in the coming weeks.

Hotel Property Investments to buy Edwardes Lake Hotel

Shares of Hotel Property Investments (ASX: HPI) have entered a trading halt, pending an announcement.

The company, that owns a portfolio of freehold properties, has signed a pact to acquire Edwardes Lake Hotel for AU$28 million. Adding to it, the company is in advanced stages on a second acquisition worth AU$7.9 million, subject to final contract approvals.

The company plans to undertake a fully underwritten institutional placement to raise AU$50 million to partially fund the acquisitions and associated transaction costs in conjunction with existing debt facilities.

Vulcan Energy to raise AU$200 million via placements

Another company that entered a trading halt is lithium explorer Vulcan Energy (ASX: VUL).  The company plans to raise AU$200 million at AU$13.5 per share via placements.

In addition to the placement, Vulcan intends to offer eligible existing shareholders the opportunity to participate in a non-underwritten share purchase plan to raise up to a further AU$20 million. The company intends to use raised capital to accelerate exploration initiatives and expand its dual renewable energy and lithium development strategy.

MAAS Group to acquire additional quarry in Central Queensland

MAAS Group (ASX: MGH) shares rose 2.6% in intraday trade after the construction materials and service provider unveiled acquisition plan.

The company has signed an agreement for the acquisition of an additional quarry in Central Queensland. The acquisition is subject to customary completion conditions and the transaction is expected to complete in October 2021.

The acquisition will enable MGH to realise synergies within its Central Queensland Construction Materials business. 

Cirralto to snap up Greenshoots Technology

Shares of Cirralto (ASX: CRO) climbed nearly 2% after it unveiled the plan to acquire e-commerce firm Greenshoots Technology.

The company has inked a share sale agreement to acquire 100% stake in Greenshoots, with an expected completion date of 30 September 2021.

Greenshoots is a multi-lingual, multi-tenanted e-commerce platform that will complete and complement Cirralto’s retail Intellectual Property and enable improvements in its go-to-market strategy with direct to market brands, retailers and retail service providers.

Dreadnought Resource raises AU$8M

Dreadnought Resource’s (ASX: DRE) shares surged over 8% after it raised AU$8 million via placements.

The shares were issued at 3.5 cents, at 5.5% discount to the last closing price. The placement funds will be used to build on recent successes at the Tarraji-Yampi, Mangaroon and Illaara projects.

Bathurst Resources raises earnings guidance

Shares of Bathurst Resources (ASX:BRL) jumped over 18% in intraday trade after the New Zealand-based company upgraded its earnings guidance.

The coal miner has raised earnings before interest, taxes, depreciation, and amortisation (EBITDA) guidance from AU$65 million to AU$95 million, citing the recent significant rise in hard coking coal prices. This is also supported by the release of an updated investor presentation post FY21 year end results.

TGA accepts Rhythm Biosciences’ regulatory documents

Shares of Rhythm Biosciences (ASX: RHY) gained as much as 8.6% after the Therapeutic Goods Administration (TGA) accepted its manufacturers evidence documentation.

The medical diagnostics technology developer said that the TGA nod marks the first step for regulatory approval in Australia as this documentation is required for approval in ColoSTAT, a blood test that detects colorectal cancer at all stages.

Macmahon finalises AU$210M mining contract

Shares of Macmahon Holdings (ASX: MAH) rallied over 9% after the mining services company announced a positive business update.

The company has finalised a AU$210 million mining services contract with Calidus Resources (ASX:CAI) for the Warrawoona gold project in Western Australia. This contract involves the development of a new open cut mine in the Pilbara region. The scope of work for Macmahon is expected to include all open cut mining activities until December 2026.

This contract is in addition to the early-stage civil works Macmahon is currently undertaking on site with 65 personnel. The Company expects the main mining equipment to arrive on site in the first quarter of 2022, with the project to eventually employ around 120 people.

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