Hello everyone! Good morning. This is Holly live from Kalkine Studio
in Sydney. And you’re watching the Early Trades. Let’s, get started with our market open report.
The S&P/ASX200 is up today, gaining 27 percent.
The top performing stocks in this index
are Mineral Resources by 4.23 percent and Bluescope Steel, up by 4.10 percent.
Over the last five days, the index has gained 0.87 percent but is down
4.46 percent for the last year to date.
Now, Let’s take a look at some of the stocks making a buzz today in the opening session of ASX.
Brambles' stock jumped on Monday after the company announced it was in negotiations with private
equity firm CVC about a possible acquisition bid. Due to the present external market volatility,
CVC Capital has informed Brambles that it will not be submitting a proposal
or doing extensive due diligence at this time. As a result, the two parties' engagement has
come to an end today. This resulted in a six percent decline on Brambles’ stock today.
The Australian government has given Pilbara Minerals and its project partner
Calix a $20 million grant under the modern manufacturing initiative. The grant money
will be utilised as part of a joint venture between Pilbara Minerals and Calix to move forward
with the Pilgangoora project's demonstration size chemicals facility. The goal is to use
a midstream "value added" refining process to manufacture lithium salts for global distribution.
Westpac has today released the fourth and fifth Independent Reviewer reports for the December
2021 and March 2022 quarters, outlining progress of its Integrated Plan
to improve risk culture, governance, and accountability. In its latest report,
Promontory noted that Westpac needs to stay the course to complete the Program’s ambitious change
agenda with much more work to be done, however considers delivery of the program to be on track.
National Australian Bank today announced it is considering the launch of a new NAB Capital
Notes offer in June 2022, which may include a reinvestment offer for only certain NAB Capital
Notes 2 holders. Launch of the Offer remains subject to market conditions and Board approvals.
NAB has appointed itself, Bell Potter Securities, Commonwealth Bank of Australia, Crestone Wealth
Management, E&P Corporate Advisory, Morgan Stanley Australia, Morgans Financial,
Shaw and Partners and Westpac Institutional Bank to help it consider the Offer.
United Malt Group today announced its financial results for the half year ended 31 March 2022.
The results highlighted group revenue increased by 11 per cent to $652 million as customer demand
increased in each of the Company’s domestic markets and due to the higher barley price.
The company’s underlying EBITDA was $57 million, down 5 per cent on the prior
corresponding period and in line with the guidance provided at the trading update.
United Malt remains in a solid financial position. As the company’s Net debt at 31 March 2022
was $427 million compared to $312 million at 30 September 2021.
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!