Daily ASX Market Close: Index slides as basketball fan makes $40 million bid for Perth Wildcats, May 30, 2024

The ASX200 continued to slide today, shedding another half a per cent off the back of yesterday’s hotter than expected inflation data.

While the Consumer Discretionary sector added nearly three quarters of a per cent, Materials dropped as the copper price pulled back 2 per cent.  

In the Green

Sports Entertainment Group (ASX:SEG) scored 15 per cent after announcing it’s received a $40 million offer from  MT Arena Capital Investment to buy the Perth basketball team, the Wildcats.

WA cybersecurity entrepreneur and long-time Wildcats fan Mark Arena is behind the offer, which is subject to a number of conditions, including NBL approval.

The news excited investors, with SEG up to 23 cents.

Clarity Pharmaceuticals (ASX:CU6), added more than 1.5 per cent after entering a supply agreement with SpectronRx for its diagnostic copper-64 radioisotope product.

This is important as the product is required by Clarity for development of its Targeted Copper Theranostics for treating cancers. Clarity is recruiting for its Phase III trial targeting recurrent prostate cancer.

Clarity closed trade at $4.67.

Sports technology company Catapult Group International (ASX:CAT) gained nearly 10 per cent on announcing its revenue reached $152 million for the year to March – that’s a 20 per cent improvement year-on-year. The company offers software as a service products and wearables and is providing solutions to more than 480 teams around the world, including soccer, American football and baseball teams.

Catapult closed trade at $1.70.

In the Red

BHP Group (ASX:BHP) is down about 1 and three quarter per cent after today announcing it does not intend to make a firm offer for Anglo American.

BHP claimed it was unable to reach agreement with Anglo American around ‘South African regulatory risk and cost’ citing disappointing engagement and access to Anglo information.

The news came after BHP yesterday updated the market saying it would meet specific socioeconomic demands, and it sought more time and consultation.

BHP closed at $44.30.

Micro cap Carnaby Resources (ASX:CNB) is down more than 15 per cent on the results of a scoping study for their Greater Duchess copper and gold project in Mt Isa, Queenland.

Carnaby reported the study backed a low capex near term mining operation, with investment of $35 million. But the model would involve a third party processing and offtake deal with Glencore.

Investors didn’t buy it today with the company closing at 63 cents.

Graphite company Renascor Resources (ASX:RNU) dropped back more than 8.5 per cent on the release of its quarterly report to close at 10.5c, while Chalice Mining (ASX:CHN)  fell nearly 12 per cent – the WA Julimar nickel play is the 9^th most shorted stock on the ASX. It closed at $1.58 today.