TMH Market Close: ASX200 edges lower, weighed by energy after overnight oil drop

The ASX200 was down 0.13 per cent today, weighed by the Energy sector which lost another 1.59 per cent – to see it 3.36 per cent lower for the week.

In a key move today, Fortescue Metals Group (ASX:FMG) announced it’ll invest $35 million to set up a US Advanced Manufacturing Centre in Michigan, expanding its manufacturing capability footprint and creating 600 initial jobs.

The centre will produce automotive and heavy industry batteries, hydrogen generators, fast chargers and electrolysers.

Founder and Executive Chairman Andrew Forrest made the announcement during the Asia-Pacific Economic Cooperation (APEC) summit.

FMG will also establish a new green energy investment accelerator platform, Fortescue Capital, headquartered in New York.

FMG closed up 0.08 per cent at $25.22. 

In the Green

Two stocks mysteriously spiked into the best performer category today…

Digital sound stock Audio Pixels Holdings (ASX:AKP) soared nearly 20 per cent, and, Ora Banda Mining (ASX:OBM) by more than 11 per cent.

Audio Pixels was thinly traded with less than 20,000 shares changing hands and a closing price of $11.04, while Ora Banda’s the target of a Wesfarmers Chemicals, Energy and Fertilisers joint venture and farm-in deal.  The Wesfarmers (ASX:WES) arm is seeking 65 per cent of the company’s lithium and other non-gold mineral rights on its Davyhurst tenements, northwest of Kalgoorlie. The deal would be worth $26 million upfront with farm-in payments and royalties attached. 

Ora Banda closed at 20 cents.

Tasmanian foods producer TasFoods (ASX:TFL) closed up 15 per cent on news the Australian Competition and Consumer Comission (ACCC) has given the go ahead to Bega Cheese (ASX:BGA) buying its Betta Milk and Meander Valley Dairy business and assets in an $11 million deal. 

Bega will also have the right to use the Pyengana Dairy brand for milk and cream products in Australia.

TasFoods’ management expects the deal to be finalised before the end of the year. 

TFL closed at 3 cents. 

In the Red

Bega Cheese (ASX:BGA) shareholders, however, weren’t so sure, sending its shares down a third of a per cent (.33 per cent) to $2.99.

Financial services company Steadfast Group (ASX:SDF) was down 3.33 percent after completing an Institutional Placement to raise $280 million.

The Placement was priced at $5.14, a 5 per cent discount to the last closing price.

The funds will go to the acquisition of Sure Insurance.

SDF closed at $5.23. 

And Karoon Energy (ASX:KAR) also lost ground on the back of a capital raise.

It was down 4.65 per cent on completing a Placement and Institutional Entitlement raising $384 million.

At $2.05, the raise was at a 14.6 per cent discount to Karoon’s closing price of $2.40 on  Tuesday. 

Karoon is raising for the acquisition of the Who Dat and Dome Patrol fields in the US Gulf of Mexico.

A Retail Entitlement opens next Thursday.

Karoon closed in line with the raise price at $2.05.