The ASX200 finished three-quarters of a per cent higher in the first session of the week, with nearly all sectors in the green.
Only materials and utilities dragged on the index, while discretionary led the gainers, rising nearly 1.7 per cent. Staples and financials also had a strong run, up around 1.2 per cent.
In this bulletin, we’ll discuss Zip Co, Perseus Mining, 4DMedical, Appen, Liontown Resources and South32.
In the green
One of the top trending stories on HotCopper today was Zip Co (ASX:ZIP) which climbed 16.5 per cent on its first half and December quarter results.
For Q2 of FY24, Zip’s transaction volume was up 8.5 per cent from the previous corresponding period – to total $2.8 billion.
The group’s revenue for the December quarter reached $225.6 million –up 26.1 per cent on the same quarter last year.
Zip ended the day trading at 74 cents.
Perseus Mining (ASX:PRU) closed 2.5 per cent higher on its intention to make an off-market takeover bid for the remaining shares of OreCorp (ASX:ORR) it doesn’t own at 55 cents per share.
Perseus’ offer is valued at a 4 per cent premium to the offer made by Canadian explorer Silvercorp Metals on December 27, 2023.
The Perseus offer, unlike Silvercorp’s, provides OreCorp shareholders with the certainty of receiving a cash payment equal to the total value of their shares.
Perseus ended the day trading at $1.79.
4DMedical (ASX:4DX) also gained around 2.5 per cent on signing a commercial agreement with New York Stock Exchange-listed Koninklijke Philips to collaborate on solutions for Veterans with deployment-related respiratory disease (DRRD), interstitial lung disease (ILD) and other respiratory illnesses in North America.
Phillips is a leading global healthcare company and 50 per cent of Philips imaging informatics systems are already used across Veterans Affairs clinics in the US.
4DM closed trade at 63.5 cents.
In the red
Appen (ASX:APX) plummeted 40 per cent on the termination of its global inbound services contract with Google.
The tech stock described the news as both “unexpected and disappointing”, with all ongoing projects set to conclude by March 19, 2024.
Appen’s revenue from Google was $82.8 million at a gross margin of 26 per cent in FY2023.
APX closed trade at 27.5 cents.
Liontown Resources (ASX:LTR) lost just over 21 per cent upon reporting its deferring plans to expand the Kathleen Valley lithium project.
Liontown Resources claims it can still produce lithium this year, but the move will reduce near-term funding requirements and preserve capital, given the recent decline in spodumene pricing.
LTR closed trade at 94 cents.
And South32 (ASX:S32) slid 2.8 per cent following reports that it expects full-year group output to be 3 per cent lower in the 2024 financial year than previously forecast.
It comes as a result of production issues, lower-than-expected grades and plant power outages.
S32 closed trade at $3.15.