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The ASX200 closed up a third of a percent at 7.850 points in a day of flat trading.
It’s reporting season down under and ASX listed companies are reporting a variety of results which are generating a mixture of reactions.
Across the ditch, The Reserve Bank of NZ has cut interest rates by 25 basis points to 5.25% in a rapid reversal of policy position.
Back in Oz, the Health Care sector led the market higher up 1.9%, followed closely by Information Technology 1.85% and Real Estate 1.5%.
In the Green
Livehire (ASX:LVH) gained more than 90% off a low base, after Humanforce Holdings made an unconditional on-market takeover bid. The directors of the HR platform business unanimously urged shareholders to accept the offer which values the stock at 4.5 cents cash, 87.5% above yesterday’s 2.4 cent share price.
Interestingly, some traders paid even more than the offer price today, shares changing hands at 4.6 cents in afternoon trade.
Livehire closed at 4.6 cents.
Mount Gibson Iron (ASX:MGX) closed up more than 7% after finalising its business interruption insurance claim for $27 million. The claim related to the August 2022 Koolan Island processing plant fire and the proceeds are expected in September.eptember 2024 quarter. The processing plant was successfully rebuilt during 2023.
Mount Gibson Iron closed at 35 cents.
Pro Medicus (ASX:PME) rose more than 7% on release of its full year results.
The company reported a 29% increase in revenue; a 35% increase in profit and $155 million in cash and equivalents whilst remaining debt free. The company announced a fully franked dividend of 22 cents per share.
Pro Medicus closed at $141.66.
In the Red
Fortescue (ASX:FMG) has had more than 4.7% of its market cap wiped today.
Falling iron ore prices continue to affect sentiment surrounding the big miners – seeing the materials sector the worst performing sector.
Iron ore is fetching US$95.85 per tonne – seeing iron ore dip below the $100/tn threshold once again in 2024.
Downside pressure on the iron ore price remains persistent given underlying demand weakness from China, Australia’s biggest market for the big. miners.
Fortescue closed at $17.30.
Poseidon Nickel (ASX:POS) sank 12.5% in the lead up to a webinar under the title ‘Strategic Assets, Multi-Commodity’ set down for tomorrow.
Late last week the company opened an Entitlement Offer to raise $3.7 million with shares priced at point three of a cent.
Shares closed at $0.004.
Terra Metals (ASX:TM1) closed down more than 19% after announcing the Dantes Reef discovery strike has been extended by 11 kilometres. The company says this demonstrates the value and potential of the multi element discovery. The market reacted swiftly and strongly sold off the stock.
Terra Metals closed at 4.5 cents.
