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ASX up 0.4% on M&A boost; Senex Energy surges 15% on takeover bid - YouTube
Channel: Kalkine Media
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A very good afternoon, thanks for tuning into
Kalkine TV, I’m James Preston live from
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Sydney, and it’s lunchtime here, which means
it’s time for the mid market pulse! In this
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show we take a look at the overall Aussie
sharemarket performance, [w] the biggest winners
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and loosers and the stocks that are making
headlines today! [e] Australian shares edged
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higher in volatile trade on Monday, driven
by mergers and acquisitions bonanza. A slew
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of companies announced merger news which boosted
investors’ sentiments and pushed the market
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higher. However, losses in most of sectoral
indices, especially tech and health care,
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capped the upmove. [g] The benchmark index, the
ASX 200, gained 0.37%, by lunch. [e] The
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index opened higher today, tracking firm cues
from Wall Street, but soon slipped in negative
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terrain after New Zealand’s inflation surged
in the September quarter, raising the case
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for further interest rate hikes. Meanwhile,
US stocks ended higher on Friday, with
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the S&P 500 notching its best week since July.
The market sentiment was boosted by an encouraging
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quarterly earnings reports from several companies
such as freight deliverer J.B. Hunt Transport
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Services and financial services provider Goldman
Sachs. The S&P 500 gained 0.7% to end higher
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for the third straight session, while the
Dow Jones Industrial Average surged 1.1%.
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The NASDAQ composite added 0.5%. BACK HOME,
on the sectoral front, seven of 11 sectoral
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indices were trading in positive terrain. The
energy sector was the best performer with
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a 1% gain, owing to a rise in crude prices.
Among others, financial, materials, consumer
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staples, utilities, industrials, and A-REIT
also traded higher. On the flip side, tech
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sector was the biggest loser, down 0.7% by
lunchtime. The Health care, consumer discretionary
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and telecom sectors also saw selling activities.
[N] On the COVID-19 front, New South Wales
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reported 265 local cases and five deaths in
the past 24 hours. In a major policy change,
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the state has decided to scrap quarantine
for fully vaccinated international travellers from
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November 1. NSW is the first state to remove
quarantine for international travellers.
[157]
Since March 2020, all states and territories
have required all overseas passengers to quarantine
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in hotels, at their own expense, for 14 days. Meanwhile,
Victoria continues to see a spike in locally
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acquired cases as it registered 1,903 infections
and seven deaths on Monday. Despite the
[177]
rise in cases, the state government remained
on the track to remove COVID-19 curbs this
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week as it is set to achieve its vaccination
targets. Under the latest easing of restrictions
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from 11:59pm on Thursday, up to 20 people
will be allowed indoors at pubs, clubs, and
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entertainment venues. In our next segment,
let’s focus on the top gainers and losers
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by mid-session trade. [g] The metal and
mining companies dominated the ASX gainers’
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list, led by OZ Minerals, which rose 4.5%.
[e] Some of the other notable gainers were
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lithium miner Orocobre, nickel miner Nickel
Mines, mining, and metals business South32,
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and diversified mining and exploration company
IGO. [g] On the flip side, online retailer
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Kogan emerged as the top laggard with a 3.2%
loss. [e] The other worst performers were
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gold miners Evolution Mining and Ramelius
Resources, [w] corporate bookmaker PointsBet
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Holdings and Australia’s largest Pizza Chain
Domino’s. [e]
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TIME NOW FOR a quick break, on the other side
of these messages we take a look at stocks
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that are making headlines today.
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Thanks
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for tuning into Kalkine TV
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On this note , let’s move on to stocks that
created a buzz on the ASX today.
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First on the list is Aussie energy business
Senex Energy, which rallied over 15% by lunch
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time. The share price of natural gas producer
surged after the company received a AU$814.8
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million takeover offer from South Korean firm
POSCO International Corp. The company informed
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its shareholders this morning that POSCO proposed
to acquire 100% stake in Senex for a cash
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offer price of AU$4.40 per share in September
this year. This was the third revised bid
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offered by POSCO after an offer price of AU$4
per share on 30 July and AU$4.20 apiece on
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27 August 2021. The fresh proposal represents
a 40% premium to the 30-day volume-weighted
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average price on 2 September 2021, and a 19%
premium to the 30-day volume-weighted average
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price on 15 October 2021.
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And now, its time for a short break but stay
tuned on kalkine tv as I’l be back with
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more trending market updates.
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Hello and welcome back. James here live from
Sydney, you are watching to the mid-market
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commentary. Lets move on to some more stocks
that created a buzz on ASX today.
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Next is Australian gambling machine manufacturer
Aristocrat Leisure. Shares of Aristocrat Leisure
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have entered trading halt, pending an announcement
related to entitlement offer. The company
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in an exchange filing said today that it has
proposed to acquire 100% stake in UK online
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gambling software and content supplier Playtech.
The transaction involves a cash offer price
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of 680 pence per share, which values Playtech’s
entire share capital at around AU$3.9 billion.
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This represents a premium of approximately
58% to the last closing price of Playtech
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on 15 October 2021. The Playtech Board has
recommended its shareholders to vote in favour
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of the deal. The acquisition will be funded
by a combination of existing cash, a new Term
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Loan B issue and an equity raising.
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Moving on, shares of homegrown gold producer
Ramelius Resources dropped nearly 5%. The
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Western Australia-focused mineral explorer
has proposed to acquire Apollo Consolidated
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through an off-market takeover offer. Apollo
is a 100% owner of the Lake Rebecca Gold Project
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in Western Australia. Apollo Shareholders
will receive cash consideration of 34 cents
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and 0.1375 Ramelius shares for each Apollo
share held. The offer implies an enterprise
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value for Apollo of AU$128 million, a 37%
premium to the enterprise value implied by
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Apollo’s 3-day volume-weighted average price
of AU$94 million.
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Next is Real Estate Investment Trust GPT Group.
The share price of GPT rose 0.5% by lunch
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time after it acquired a portfolio of 23 logistics
assets and one office asset from Ascot Capital
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for AU$681.7 million. The acquired portfolio
is 75 per cent weighted to eastern seaboard
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states and the ACT. The 23 logistics assets
acquired are fully leased with a weighted
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average lease expiry of 9.8 years. The 6-level
office asset acquired is well located in the
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Canberra CBD, with a weighted average lease
expiry of 4.7 years. The deal is expected
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to close in November 2021.
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Last stock is Australia-based marketing and
print communication provider IVE Group. The
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company in an exchange filing said it has
signed a pact to acquire a 100% stake in Active
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Display Group, and Melbourne-based AFI Branding
Solutions. The total transaction value of
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Active Display Group and AFI Branding Solutions
is AU$6.5 million, of which AU$5.2 million
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will be paid upon completion. The remaining
AU$1.3 million will be paid based on the achievement
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of agreed revenue targets over a 24-month
period.
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Well, that’s a wrap in the show. Keep watching
kalkine tv for more trending market updates
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from Australia and around the world.
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