Hello everyone! Good morning. This is Holly live from Kalkine Studio in Sydney. And you’re
watching the Early Trades.
The Australian share market rebounded on Thursday, with the ASX 200 rising 0.44 percent in
the opening trade, buoyed by a rise in materials sector. The index has advanced 0.60 percent
in the last five days. While, The ASX All Ordinaries index rose 0.212 percent.
The domestic investors are expected to closely track their US peers following the release
of US Federal Reserve’s latest monetary policy minutes which showed that a large interest
rate hike may be on the block in the upcoming June meeting. On the other hand, the prices
of oil extended their fall on in yesterday’s session.
The top performing stocks on ASX at opening session are Chalice Mining up 12.27 percent
and Link Administration up 6.27 percent.
Over the last five days, the index has gained 0.85 percent, but is down 11.03 percent for
the last year to date.
9 of 11 sectors are higher along with the S&P/ASX 200 Index.
Materials is the best performing sector, gaining 1.34 percent, rebounding from its recent decline.
As the ASX is on the green side let’s look at other top gainers in the opening session
on ASX today… Inghams Group up 4.86 percent Mineral resources up by 3.61 percent then
Iluka Resources up by 3.44 percent.
ASX stocks that were bleeding in red include ZipCo down by 6.08 percent, EML Payments down
by 4.93 percent, Life360 Inc. down 3.52 percent , whikle Lynas Rare Earths was down by 2.93
percent and lastly Gold Road Resources down 2.70 percent.
Now, Let’s look at some of the stocks making a buzz today in the opening session of ASX
Technology-enabled service provider Link Administration provided an update in relation to the proposed
acquisition of Link Group by Dye & Durham Corporation. The Dye & Durham corporation
has today increased its proposal for a revised Base Scheme Consideration of $4.30 per share
to $4.57 per share and stated that it won’t make any further amendments or alterations
to Scheme Implementation Deed
Shares of Link Administration were trading 6.27 higher in the opening session of ASX.
Next, Australian Retail Banker, Bendigo and Adelaide Bank announced that it has agreed
to acquire the ANZ Investment Lending portfolio for around $715 million. The acquisition is
expected to take the combined value of the Bank’s margin lending portfolio to more
than $2 billion at completion - expected to be in the first half of calendar year 2023.
Shares of Bendigo and Adelaide Bank were trading 0.86 higher in the opening session of ASX.
Moving on. Pinnacle Investment Management Group advised that its ten Affiliates have
crystallized performance fees for the 2022 financial year, totaling approximately $57.1
million. Pinnacle’s net share of these performance fees, after tax payable by the Affiliates
on this revenue, is $16.4 million. Shares of Pinnacle Investment Management Group were
trading 3.95 higher in the opening session of ASX.
Now let’s look at some important economic shifts happening around the world…
The Biden administration is sourcing two additional flights, facilitated by the US Department
of Health and Human Services, to transport additional Bubs infant formula from Australia
to Ontario, California and Columbus, Ohio this month. The US Food and Drug Administration
also announced it is developing a new framework for continued, expanded access for US parents
and caregivers to international infant formulas it has assessed as being safe.
Well, that’s all for now on the early trades! Stay tuned to Kalkine TV, as we have many
more shows lined up for you for sharing live updates across the economy, markets, and sectors.
This is Holly signing off!