Business deals hit the markets: ASX closed 0.5% higher

Market Reports

by Rachael Jones

The Australian share market saw a sixth day of gains closing 0.5. per cent higher. Shares in Link Adminstration (ASX:LNK) were a stand out today as they soared over 25 per cent after a bid from Carlyle and Pacific Equity Partners. Shares in Bravura Solution (ASX:BVS) rallied over 8 per cent after paying $41.5 million for Delta Financial Systems. Meanwhile, shares in Whitehaven Coal (ASX:WHC) fell. As for the sectors today Infotech led the day higher and Energy fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 30 points higher to finish at 6,132.

Futures market

Dow futures are suggesting a rise of 18 points.
S&P 500 futures are eyeing a lift of 11 points.
The Nasdaq futures are eyeing a rise of 63 points.
And the ASX200 futures are eyeing a 19 point rise tomorrow morning.

Company news

Australian spodumene and tantalum concentrate producer, Pilbara Minerals (ASX:PLS) report for the September 2020 Quarter for its Pilgangoora Lithium-Tantalum Project an increase in plant run-time and utilisation, which represented approximately 70-75 per cent utilisation across the quarter (compared with 40 per cent in the June quarter). They report production levels in the September quarter exceeded quarterly sales in preparation for delivering into contracted customer sales from early October 2020. Shares in Pilbara Minerals (ASX:PLS) closed flat at $0.38.

Link Administration Holdings (ASX:LNK) has received a conditional, nonbinding indicative proposal from a consortium with Pacific Equity Partners, Carlyle Group and their affiliates to acquire 100 per cent of the shares in Link Group.

Bravura Solutions (ASX:BVS) has bought UK software company Delta for $41.5 million. Delta provides technology to power complex pensions administration in the UK market.
Automotive parts, accessories company Bapcor (ASX:BAP) report revenue is up 27 per cent in the first quarter despite the lockdowns in Victoria and Auckland.

Best and worst performers of the day

The best performing sector was Infotach adding 3 per cent while the worst performing sector was Energy, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Link Adminstration (ASX:LNK), rising 25.1 per cent to close at $4.99. Shares in Bravura Solutions (ASX:BVS) and ZIP Co (ASX:Z1P) followed higher.

The worst performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC), dropping 5.7 per cent to close at $0.98. Shares in Oroica (ASX:ORI) and Cleanaway Waste Management (ASX:CWY) followed lower.

Asian markets

Mixed: Japan’s Nikkei has lost 0.3 per cent, Hong Kong’s Hang Seng has added 2.2 per cent and the Shanghai Composite has added 2.3 per cent.

Commodities and the dollar

Gold is trading at US$1,929 an ounce.
Iron ore price is 1.8 up at US$125.72
Iron ore futures are pointing to a rise of 0.7 per cent.
Light crude is US$0.38 lower at US$40.53 a barrel.
One Australian dollar is buying 72.33US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.