From Qantas Airways to Zoom2u Tech: Five stocks that hogged limelight today

Highlights

  • Iress’ shares tumbled after it granted more time to EQT Fund for the due diligence process.
  • Zoom2u Technologies’ share surged 100% on the ASX debut.
  • Qantas Airways soars on plans to make the COVID-19 vaccine mandatory for all international flyers.
  • Polynovo’s shares dropped after its Chief Operating Officer resigned.
  • Resolute Mining’s shares rose on voluntary debt repayment.

Australian shares witnessed bullish trade on Friday after crashing over 2% in previous session on the back of strong buying across the material, banking and tech space. Benchmark index, the ASX 200, gained as much as 0.8%, led by mining firms Alumina (ASX: AWC), South32 (ASX:S32), Nickel Mines (ASX: NIC) and Iluka Resources (ASX: ILU).

Here are five shares that grabbed the headlines today:

Iress grants 10 days more to EQT for due diligence process  

Shares of financial services software maker Iress (ASX: IRE) tumbled 5% to hit an intraday high of AU$13.29 after the company issued a business update.

The company has granted an additional 10-day period to its takeover suitor EQT Fund Management to undertake due diligence.

Last month, Iress had received a confidential, non-binding and indicative proposal from the Sweden-based private equity group EQT to acquire the company via a scheme of arrangement. The company had provided 30 days to complete the due diligence process.

The enterprise value of the deal was estimated to be AU$3.2 billion at an implied value of AU$15.91 per share.

Zoom2u Tech jumps 100% on debut

Shares of Zoom2u Technologies (ASX:Z2U) made a strong debut on the ASX today, surging 100% in opening deals. The stock price surged to 40 cents against the issue price of 20 cents.

The Software as a Service (SaaS) business has raised AU$8 million at an offer price of 20 cents in its initial public offering (IPO). Founded in 2014 by CEO Steve Orenstein, the company is an Australia-owned delivery platform that connects customers to a network of local drivers for fast deliveries. Since its launch in 2014, Zoom2u has processed over 2 million deliveries.

Qantas Airways plans to make vaccine mandatory for international flyers

Shares of Qantas Airways (ASX: QAN) gained as much as 2.5% to AU$5.36 as Australia’s largest airline plans to make the COVID-19 vaccine mandatory for all international flyers. If the company implements this policy, it would become the first airline in the world to make vaccines mandatory for passengers.

Polynovo Chief Operating Officer Anthony Kaye resigns

Shares of biotech firm Polynovo (ASX: PNV) dropped as much as 5% to AU$1.925 after its Chief Operating Officer resigned.

The company in an exchange filing said this morning that Anthony Kaye had resigned from his post. He had originally joined PolyNovo from the rival firm CSL, and is now returning to the health care major “in a more senior position”.

Chief executive Paul Brennan said Kaye had played a key role in completing and commissioning the company’s new manufacturing facility that would make the hernia product and increase its capacity to make Biodegradable Temporizing Matrix (BTM).

The share price of online furniture retailer Temple & Webster (ASX: TPW) rose over 1% after exchange data showed that its CEO sold shares worth AU$1.4 million today. Chief executive officer Mark Coulter offloaded 108,162 shares in an off-market trade. The company, however, has not given any reason for the share sale.

Resolute Mining reports US$30 million voluntary debt repayment

Resolute Mining’s (ASX:RSG) shares climbed 1.6% to AU$0.44 after the company reported US$30 million of voluntary debt repayment.

The company informed its shareholder this morning about the early voluntary repayment of an additional US$30 million on the company’s Revolving Credit Facility (RCF). The repayment was made from the first instalment of proceeds received on the sale of the Bibiani Gold Mine and brings Resolute’s total voluntary repayments in 2021 to US$50 million.

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