ASX Trading Wrap: Evolution Mining, Boss Energy eye new acquisitions
Key takeaways:
Corporate activity was the main theme this week, as proposed takeovers, capital raises, and a mega-merger discussion between Woodside and Santos did the rounds
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Which shares excelled?
Centuria Capital (ASX: CNI) stood out as one of the week’s major winners, buoyed by falling bond yields. Despite facing market turbulence and revaluations in the commercial property sector, Centuria reported a statutory profit of $105.9 million for 2023. Their share price is up 8.7% for the week, even after Friday’s 3.6% drop.
Alumina (ASX: AWC) saw an uptick in shares by over 14%, although it’s still nearly 50% down for the year.
The share price of Perpetual (ASX: PPT) surged 8.5% to $25.58 following the rejection of a $27.00 per share takeover offer from Washington H Soul Pattinson & Company Ltd (ASX: SOL), valuing the company at $3.53 billion. Perpetual’s board deemed the offer inadequate.
Others making notable gains include Link Administration (ASX: LNK), Iress (ASX: IRE), and Nanosonics (ASX: NAN).
Which shares dragged on the market?
Life360 (ASX: 360) led the under performers following a significant stake sale by its CEO, Chris Hulls, dragged shares nearly 8% for the week. Hulls sold $6 million AUD worth, saying, “I am undertaking this sale to cover personal tax obligations related to the June 2023 settlement of my previously disclosed share-backed loans and this transaction.”
Evolution Mining (ASX: EVN) faced a downturn due to an unplanned capital raise to afford a $720 million payment of the NWS Northparkes Copper-Gold project. The deal gives Evolution an 80% stake, with the other 20% owned by China Molybdenum Company. Evolution’s five-day share price dropped by 13.2%.
Boss Energy (ASX: BOE) also tapped investors for a capital boost, emerging from a trading halt with fresh funding for a major project. Meanwhile, Wildcat Resources (ASX: WC8) continued to retreat amidst disappointing lithium grades. Paladin Energy (ASX: PDN), Strike Energy (ASX: STX), Azure Minerals (ASX: AZS), and Capricorn Metals (ASX: CMM) were also among the notable decliners.
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