AU Morning Wrap: ASX Rises 0.3%; Close the Loop to Acquire US Company ISP Tek
G'day, mooers! Check out the latest news on today's stock market!
• US stocks bounce on Credit Suisse lifeline
• ASX rose 0.3 per cent by 24 points to 6989.9 at the open
• Stocks to watch: Liontown Resources, Kelsian, Capricorn Metals
- Moomoo News AU
Wall Street Summary
U.S. stocks on Thursday surged and ended solidly in the green, helped by a rebound in regional banks which rose after a report that major financial names were ready to step in and bolster First Republic Bank.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ ended 2.48% higher at 11,717.28 points, its best single-day performance since early February.
The benchmark $S&P 500 Index (.SPX.US)$ advanced 1.76% to end at 3,960.28 points, while the blue-chip $Dow Jones Industrial Average (.DJI.US)$ added 1.17% to settle at 32,246.55 points.
AU Market Watch
$S&P/ASX 200 (.XJO.AU)$ rose 0.3 per cent by 24 points to 6989.9 at the open.
$Liontown Resources Ltd (LTR.AU)$ was the best performing stock, its shares were up 3.6 per cent. $Core Lithium Ltd (CXO.AU)$ shares increased 3 per cent. Sayona Mining shares rose 2.3 per cent.
$Kelsian Group Ltd (KLS.AU)$ returned from its trading halt, shares fell 7.9 per cent.
$Capricorn Metals Ltd (CMM.AU)$ shares were down 3.9 per cent. Silver Lake Resources shares dropped 3.2 per cent.
$BHP Group Ltd (BHP.AU)$ shares rose 0.2 per cent to $43.49 per share.
Stocks to Watch
$Link Administration Holdings Ltd (LNK.AU)$: Link Administration has entered into an agreement with LC Financial Holdings to sell its banking and credit management (BCM) for €30 million ($48 million.)
Link will receive €20 million cash consideration at completion plus deferred cash consideration of €5 million payable within 12 months of completion; and a cash earn out of €5 million subject to BCM meeting certain financial target.
The transaction is expected to be complete in the second half of CY2023 subject to the approval from various authorities including the Financial Conduct Authority, Central Bank of Ireland and the Dutch Authority for the Financial Markets.
"As part of our simplification strategy, we have today entered into a binding agreement to sell the BCM business," chief executive Vivek Bhatia said. "We continue to remain focused on our clients and delivering service excellence to them."
$Life360 Inc (360.AU)$: Tracking software company Life360 has reported its revenue increased 103 per cent to $US228.3 million ($343.2 million), according to its unaudited 2022 financial year results.
"2022 has been a tremendous year of progress for Life360. Our largest ever annual Global MAU growth to almost 50 million cements our position as the market-leading family safety membership service," chief executive Chris Hulls said.
"We are approaching CY23 with an appropriate balance of fiscal responsibility and prudent investment to position the business for long-term success, and make the most of the many exciting growth options available to us."
$Close The Loop Ltd (CLG.AU)$: Locally listed recycling company Close the Loop has confirmed it will acquire US electronics business ISP Tek Services.
The company said it entered into an agreement to acquire ISP Tek Services LLC and Captive Trade Corp, a trading platform, for a total consideration of up to $US66 million ($99.7 million).
Source: Dow Jones Newswires, AFR
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