The ASX200 closed up just over three-quarters of a per cent.
The tech sector was by far the standout – gaining more than 6.8 per cent… mostly driven by software giant Altium, on news the $8.7 billion market cap company will be acquired by Tokyo-listed Renesas Electronics Corporation in a deal that’s a 34 per cent premium to its closing price yesterday. Altium gained 28 per cent today to close at $66.
Coming up, we’ll discuss Wesfarmers, Mesoblast, PNX Metals, KIN Mining, BHP, and Whitehaven Coal.
In the green
Retail conglomerate Wesfarmers (ASX:WES) was up more than 5 per cent after its half-year results showed NPAT up three per cent to $1.42 billion.
The company reported solids sales and earnings growth for Bunnings and a record half for Kmart.
WES is paying an interim dividend of 91 cents and closed trade today at $61.91.
And Health Care company Mesoblast (ASX:MSB) gained more than 9 per cent after receiving orphan-drug designation (ODD) and rare pediatric disease designation (RPDD) from the US Food and Drug Administration (FDA) for its cell therapy, Revascor.
The designations stem from positive results in a trial including children with a life-threatening congenital heart condition.
MSB closed at 30 cents.
And Northern Territory-focussed zinc, gold and uranium explorer PNX Metals (ASX:PNX) has received a non-binding and incomplete proposal to merge with Kin Mining (ASX:KIN) – with preliminary discussions underway. PNX Metals’ closed up 20 per cent at point-6 of a cent.
In the red
KIN Mining investors weren’t so sure about the PNX merger – closing down 12 per cent at 6.5 cents.
Kin has been seeking opportunities since it sold down gold assets to Genesis Minerals (ASX:GMD). It has been telling its story with a booth at the RIU Explorers Conference in Fremantle.
BHP (ASX:BHP) shed 1.7 per cent after flagging a potential $5 billion write-down for its nickel operation. The Group’s half-yearly results are expected next Tuesday.
Nickel has traded down about 38 per cent year-on-year, leading to the suspension of a few nickel mines in Australia, leading BHP to assess and declare an impairment on the carrying value of its Nickel West operations and the West Musgrave project in Western Australia.
BHP closed at $45.17.
And Whitehaven Coal (ASX:WHC) was down more than 5.5 per cent after posting lower-than-expected half-yearly results.
The coal miner saw a 58 per cent decline in revenue and a 77 per cent drop in its underlying EBITDA.
Its half-yearly NPAT totalled A$257.6 million – compared to A$1.78 billion just a year ago.
The company blames higher costs of coal production and lower coal prices.
WHC closed at $7.08.