Stocks of the Hour: Flight Centre, Iluka Resources & PointsBet

Company News

by Lauren Evans

Flight Centre (ASX:FLT) has officially purchased an additional 47.5 per cent stake in travel tech business, TP Connects. This comes after the company agreed to increase its equity interest from 22.5 per cent to 70 per cent last month. Flight Centre said the acquisition aims to shape the future of travel distribution by producing content from multiple sources. Shares are trading almost 2 per cent higher at $20.10.

Iluka Resources (ASX:ILU) is making plans to demerge its subsidiary Sierra Rutile, in order to focus its capital and attention on its core Australian assets as it heads into the rare earths sector. If the demerger goes ahead, Sierra Rutile will be established as an ASX-listed, West African focused mineral sands company. Shares are trading 1.9 per cent higher at $12.67.

Meanwhile, PointsBet (ASX:PBH) has launched an online casino product in Pennsylvania following approval from the state’s gaming control board. The move follows the launch of PointsBet’s mobile app and digital sports betting product in the state on February 8. It said Pennsylvania marks the 5th North American state where the company offers its iGaming platform. Shares are trading 1.6 per cent higher at $3.11.

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