Australian shares experienced a downturn for the second consecutive day near noon AEDT, influenced by a US tech sell-off and further declines in gold prices, impacting investor sentiment. Bucking the trend, energy stocks rallied following a spike in oil prices, with Woodside leading the charge after announcing a significant deal with US natural gas infrastructure leader Williams.
In other company news, South32 announced that its chair, Karen Wood, will retire and be replaced by former Fortescue executive Stephen Pearce. South32 is a globally diversified mining and metals company. They produce commodities such as alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from operations in Australia, Southern Africa and South America.
Elsewhere, Allianz is reportedly leading the race to acquire NIB’s $100 million travel insurance unit. This mooted transaction, potentially exceeding $100 million, faces complications due to licences and employees spread across various jurisdictions. Meanwhile, Kjerulf Ainsworth, son of Len Ainsworth, has launched a partial takeover bid for pokies giant Ainsworth Game Technology to counter an off-market takeover attempt by major shareholder Novomatic, citing concerns that it undervalues the business.
In property news, hotel fund Redcape Hospitality has acquired The Plough Inn, a historic Brisbane pub, for $40 million, marking the latest in a series of substantial investments in the hospitality sector this year.
