Australia…One Hour In…ASX Up 61 Points

By Scott Phillips | More Articles by Scott Phillips

We are waiting on eco data including GDP growth rates, Services, and Composite PMI, Building Permits. Not expecting anything great due to the bushfires and virus but the commentary always sets a tone.

– Boral (+4.5%); Seven Group has taken a substantial stake in Boral but said it is not looking at a takeover.

– Exore Resources (+39%); is to be acquired 100% by Perseus Mining. The bid is equivalent to approx 10.5c vs last sale 6.2c. Trading now @ 8.6c.

– Gold; losing its shine as restrictions ease.. Evolution -6.5% Newcrest -2.8% Regis Resources -5.6%
Infigen Energy (+34%); has received a takeover offer from UAC Energy @ 80c a share vs last sale 59c.

– Oil Search (+2.9%); suspended from trading on the PNG stock exchange on allegations OSH failed to obtain approval from the Securities Commission for the PNG Retail component of its recent capital raising. OSH said it has at all times acted properly and complied with all its legal obligations. Trading will continue on ASX as normal.

– Perseus Mining (-11%); see Exore

– SkyCity (+8.3%); revenue at Auckland casino has been at 50% of normal, which they said was “encouraging”.. Looking to reopen Adelaide casino within a month.

– Woolworths (+0.8%); will reward more than 100,000 of its staff with a ‘thank you” payment of up to $750 each.

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association. Now at Ascot Securities, Scott focuses on advising Family Offices, offshore Soveriegn Funds as well as a growing book of domestic Professional Investors.

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