The ASX200 continued to shed more losses throughout the day – and closed nearly a quarter of a percent down.
All sectors – except consumer discretionary and healthcare – closed down today.
Green
And speaking of consumer discretionary… JB Hi-Fi (ASX:JBH) was up nearly half a percent, Domino’s Pizza (ASX:DMP) and Harvey Norman (ASX:HVN) were both up around three quarters of a percent.
Tabcorp (ASX:TAH) also gave the Consumer discretionary sector a lift – up more than 23per cent on news of a new ‘exclusive’ Victorian wagering and betting licence. It’s a 20-year licence deal with the Victorian Government starting next August. It costs $600 million upfront – due next June – and then $30 million per annum. The company says the licence puts it on a ‘level playing field’ with its competitors for the first time.
TAH closed at 90.5 cents.
Melbourne-based Neuren Pharmaceuticals (ASX:NEU) was up nearly 30 per cent on the findings from its Phase 2 clinical trial of its candidate for treating Phelan-McDermid syndrome (PMS). The 13-week trial, studying 20 children aged 3 to 12 years, indicated notable improvement outcomes.
NEU closed at $22.20.
And cement manufacturer Adbri (ASX:ABC) was up more than 31 percent on news it’s received a joint $2.1 billion takeover offer from Irish company CRH and Adbri’s largest shareholder Barro Group.
CRH is a leading provider of building materials boasting market leadership in both North America and Europe.
The proposal is for $3.20 in cash per share, which represents a 41 percent premium to the last closing share price for Adbri.
The offer comes at an interesting time for Adbri which has suffered from Australia’s construction downturn. On Monday, the stock was rated a Sell by 8 stockbrokers, with only 1 rating it a Buy.
ABC closed trade at $2.98.
Red
The real estate sector suffered the most today – and with that – real estate giant Stockland Corporation (ASX:SGP) was down more than 3 and a half percent despite news Stockland will buy 12 actively trading master-planned communities (MPC) from Lendlease (ASX:LLC) for more than $1 billion, in conjunction with a Thai multinational.
If the deal gets the go-ahead, which is expected in early 2024, it will take Stockland’s landbank to approximately 95,600 lots, representing a potential increase in settlement volumes of around 2,500 lots annually.
Despite the fairly bullish news for an Australian property sector still in strife, Stockland did reveal it would cut down its dividend from 11.8 cents per share this time last year, to 8 cents per share – which explains today’s sell-off.
SGP closed trade at $4.35.
Strickland Metals (ASX:STK) was down nearly 50 percent after releasing a drilling update at its 100% owned Horse Well prospects at the Yandal gold project and Rabbit Well prospect in the Earaheedy Basin in Western Australia.
One of the key findings was 24m @ 7.4 grams per tonne of gold from a depth of 19m.
Despite this, Strickland’s drilling results ultimately fell short of investors’ expectations.
STK closed trade at 8.4 cents.
And mineral explorer Superior Resources (ASX:SPQ) was down more than 6 percent on news it’s shaking the tin for $2 million in a placement.
Priced at 1.2 cents a share, the placement is a 25 percent discount to Superior’s last closing price on Friday Dec 15th.
The funds will be used to undertake further drilling and exploration at the Greenvale multi-stage in Queensland, multi-prospect copper porphyry and for corporate working capital.
SPQ closed just above the raise price, at 1.5 cents.