Stocks of the Hour: Rio Tinto, Flight Centre Travel, Praemium

Company News

by Melissa Darmawan

Thank you for tuning in. Here are the headlines we are following, with mergers and acquisitions dominating.

Rio Tinto (ASX:RIO) is set to splurge $1.1 billion to spearhead the lithium sector. The mining giant has inked a deal to buy Rincon lithium project in Argentina. A move slated for the miner to strengthen its battery materials business as companies look to reduce its carbon footprint. Shares are trading 1.6 per cent lower at $99.81.

Flight Centre Travel Group (ASX:FLT) is gearing up for a recovery in travel volumes by unveiling its full ownership of US-based platform Shep. The deal will see the travel booker take full control of, which owns the Shep technology, after taking an initial interest in the company in December last year. Shep is a browser extension that will allow the company to place its own content on third-party websites used by corporate customers. Shares are trading 0.9 per cent lower at $16.95.

Meanwhile, in the wealth platforms space, Praemium (ASX:PPS) said 'yes' to MorningStar after saying 'no' to Netwealth. Praemium is set to divest its international operations for $65.1 million. The deal will allow the company to focus on the Australian platforms market. Shares are trading 1.4 per cent higher at $1.43.

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