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-- 90.960 AU Morning Wrap: ASX Falls; Gold Miners Surge
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 lower, UBS agrees to buy Credit Suisse, gold soars
• ASX opens 0.8% lower
• Stocks to watch: Evolution Mining, Gold Road Resources, Australian Clinical Labs
- Moomoo News AU
Wall Street Summary
U.S. stocks fell on Friday as investors remained on edge about the risk of further bank failures, even after efforts to rescue decrease and .
$S&P 500 Index (.SPX.US)$ sank 1.1% as of 4 p.m. ET. $Dow Jones Industrial Average (.DJI.US)$ dropped about 387 points, or 1.2%. $Nasdaq Composite Index (.IXIC.US)$ declined 0.7%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ fell 0.76 per cent in the opening minutes of trade as investors digest news that UBS will take over Credit Suisse.
$Evolution Mining Ltd (EVN.AU)$ jumped 7.2 per cent to $2.76 after announcing it has commenced underground production at its Cowal operation ahead of schedule.
Other gold miners rallied as the prices of the precious metal approached $US2000 an ounce; $Gold Road Resources Ltd (GOR.AU)$ added 8.3 per cent to $1.63 and $St Barbara Ltd (SBM.AU)$ rose 7.9 per cent to 61.5¢.
$Australian Clinical Labs Ltd (ACL.AU)$ firmed 0.8 per cent to $3.63 following its takeover offer for $Healius Ltd (HLS.AU)$. Healius jumped 4.3 per cent to $2.90.
Stocks to Watch
$Evolution Mining Ltd (EVN.AU)$: Evolution Mining has commenced underground production at its Cowal operation ahead of schedule.
The first underground stope has commenced being mined and processed this month, with continued ramp up of the underground expected over the remainder of this financial year, the company said.
That is three months ahead of the previously announced original schedule of the June 2023 quarter.
The project remains within the original $380 million budget.
The completion of the accommodation village and commissioning of the paste plant remain on track for the June 2023 quarter.
$Estia Health Ltd (EHE.AU)$: Estia Health's board has approved an on-market share buyback of up to 10 per cent of its issued capital over the next 12 months.
The buyback does not require shareholder approval.
"Estia Health intends to conduct the buyback having regard to the prevailing share price, market conditions and any incremental capital requirements," the company said in a statement.
$Healius Ltd (HLS.AU)$: Diagnostic testing business $Australian Clinical Labs Ltd (ACL.AU)$ (ACL) has proposed to offer 0.74 of its shares for every one Healius share to implement a merger between the two pathology providers.
On completion of the proposed merger Healius shareholders would own 68 per cent of the combined group and 32 per cent would be owned by ACL shareholders.
ACL said a combined group would boast pro forma financial 2023 EBIT of $361 million including expected cost savings.
ACL also guided for financial 2023 EBIT between $68 million and $74 million.
Healius' board has announced it will evaluate Australian Clinical Lab's offer to complete an all-scrip merger of the two pathology businesses. It also told shareholders to take no action for now.
Trading Ex-div: $NRW Holdings Ltd (NWH.AU)$, $DDH1 Ltd (DDH.AU)$, $HUB24 Ltd (HUB.AU)$, $Adairs Ltd (ADH.AU)$
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo News AU
Moomoo News Official Account
Australian stock market news that is available at your fingertips
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72949275 : Australian Mining Shares are moving along predicted paths as investors pile into the market, with each progress update from this sector being positive.
The needs of EV resources are at alarmingly low above ground levels worldwide, and Australia has the highest levels of resources below ground, in areas where extraction and supply are the cheapest most environmentally friendliest worldwide.
Check the corresponding values and see the results happening.