- Shares of HT&E rallied over 10% on plan to create radio network.
- BHP shares rose over 5% amid rise in commodity prices.
- Link Administration gained nearly 4% on takeover bid for its banking and credit management business.
- NIB Holdings shares dropped following an update on resumption of travel insurance sales.
- Zip Co shares climbed 5% on completing acquisition of Twisto Payments.
The Australian share market witnessed broad-based buying today, snapping four session losing streak. The ASX 200 gained nearly 1% by afternoon trade, led by a strong rally in blue-chip mining stocks such as BHP Group (ASX: BHP), Fortescue Metals Group (ASX:FMG) and Rio Tinto (ASX:RIO).
Individual stocks that created a buzz on the ASX today include HT&E, BHP, Link Administration, Link Administration, and Zip Co. Here’s why these shares were in focus today:
Here, There & Everywhere (HT&E)
Shares of media company HT&E (ASX:HT1) rallied as much as 10.5% to hit an intraday high of AU$2.20 apiece on Friday on plan to create radio network.
The company, via its subsidiary Australian Radio Network (ARN), has inked a deal to acquire Grant Broadcasters radio and digital operations for AU$307.5 million. The deal will see the creation of a national radio broadcast network with 58 stations, 46 DAB+ stations, across 33 markets.
Grant Broadcasters is a leading regional radio broadcaster in Australia, while ARN is the metropolitan radio broadcaster in the country. The combined businesses will have a national broadcast network of scale, comprising 58 radio stations, 46 DAB+ stations across 33 markets resulting in a presence in every state and territory in Australia.
Shares of BHP Group (ASX: BHP) surged 5.3% to touch a high of AU$55.12 during the session, owing to spurt in the commodity prices.
In a separate development, the mining giant’s chairman Ken MacKenzie indicated that the company may close its Mount Arthur coal mine in New South Wales if it failed to find any buyer. MacKenzie made this comment while speaking at annual general meeting of the dual-listed company in Australia today.
MacKenzie further stated that the company is committed to its new climate transition action plan. The company has proposed to establish a substantial pipeline of decarbonisation projects worth US$2-4 billion to achieve its emissions reduction target of at least 30% by FY30.
Share of Link Administration (ASX: LNK) rose 3.7% to AU$4.78 after the superannuation services provider received a takeover bid for its banking and credit management business.
A syndicate led by Pepper European Servicing has offered a conditional, non-binding indicative proposal to acquire Link Group’s Banking and Credit Management (BCM) business for AU$86.5 million.
The proposal is subject to due diligence and other conditions including securing debt financing.
Australian health care fund NIB Holdings’ (ASX: NHF) shares dropped as much as 2.3% to AU$7.08 today.
The company in an exchange filing announced resumption of travel insurance sales. It informed shareholders that its travel insurance sales to Australian and New Zealand residents will resume this month after securing a new underwriting partner.
The company has entered into partnership with Pacific International Insurance to support its underwriting arrangements.
Shares of buy now, pay later (BNPL) firm Zip Co (ASX: ZIP) jumped 5% to AU$5.99 during the session today. The stock price surged after the Australia-based fintech company completed the acquisition of Central European BNPL provider, Twisto Payments.
The acquisition was completed after the company received its shareholder approval at the Annual General Meeting (AGM) on November 4, 2021.
The acquisition will pave way for Zip to expand its presence in one of the world's largest eCommerce markets and access to all 27 member states of the European Union (EU).