Author: Harry Watt
GMA -13.78%: Genworth Mortgage Insurance (GMA) has pullback to 6 month lows today after CBA requested they submit a proposal to continue their current relationship beyond the current deal, expiring December 2022.
WOW -11.74%: shares in the supermarket company Woolworths have been hit this morning, but things may not be as they seem. Shares traded briefly below $36 today, after closing yesterday at $42.51. however, they trade ex-bonus today.
CGC: shares in the fruit grower will spend Wednesday in a trading halt as it looks to fund the acquisition of 2PH Farms for an initial $219m. The business is a Queensland mandarin grower with around 1,500 hectares of citrus plants with another 210 hectares to be planted by 2023.
IGO +5.72%: Nickel miner IGO is currently the best performer on the ASX200 today after further updates on their acquisition of a lithium asset. They are working on a deal to secure a 49% stake in Lithium HoldCo, a joint venture with Chinese company Tianqi.
BLD +0.29%: a small move higher, however it comes against the backdrop of a 100+pt fall in the broader index today. The building products company announced it has agreed to sell it’s North American business to Westlake (WLK.NYSE) for the sum of $AU2.9b.
A somewhat lighter week of Economic news flow this week. The local market kicks things off with Retail Sales data due out shortly at 11.30AM Monday morning. The pundits are predicting a 0.4% rise Month on Month. Eurozone’s Consumer Confidence is expected to drop again this month when the number prints tomorrow, though falling by -3.3 vs -5.1 last month.
Uranium equities are in the firing line this morning after enjoying a stellar run. Some stocks are trading as high as 15x their COVID lows as nuclear energy comes back in vogue with many seeing it as the only path to net zero emissions.
