360 Capital Group (ASX:EP1) ups takeover bid: Aus shares close 0.6% lower

Market Reports

by Katrina Bullock

The Aussie market punctuated the end of the week with a loss. After opening lower, the ASX200 lost ground early in the session and tracked sideways for most of the day to end 0.6 per cent lower. All of the sectors ended lower except Energy, Tech and Materials.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 41 points lower to finish at 6,643.

Over the week, the market has gained 9 points or 0.1 per cent. The star performing sectors this week were Materials rising over 2.2 per cent, and Tech rising over 3.1 per cent.

Futures market

Dow futures are suggesting a fall of 8 points.
S&P 500 futures are eyeing a dip of 5 points.
The Nasdaq futures are eyeing a fall of 29 points.
And the ASX200 futures are eyeing a 48 point fall on Monday morning.

Broker moves

UBS rates IGO (ASX:IGO) as a buy, with a price target of $5.85. This follows IGO’s recent purchase of a 25 per cent stake in the Greenbushes lithium mine. The broker believes the mine is a rare, tier 1 lithium asset. It expects growth in the company, driven by investors seeking to get exposure to the growing electric vehicle industry. Shares in IGO (ASX:IGO) closed 25.3 per cent higher at $6.32.

Company news

Diversified Australian financial services company 360 Capital Group has revised its takeover bid for all of the shares in E&P Financial Group (ASX:EP1). It lobbed a new proposal of $0.30 per share plus 2 of its own shares for every five EP1 Shares. The new offer is unsolicited and highly conditional. It will remain open for a month. Shares in E&P Financial Group (ASX:EP1) closed 3.1 per cent higher at $0.66.

QBE Insurance Group (ASX:QBE) today appointed Fiona Larnach to the role of Group Chief Risk Officer.

Outdoor advertiser, oOh!media (ASX:OML) expects full year revenue to be between $420 million and $430 million given the growth in outdoor audiences as lockdown restrictions ease.

APN Industria REIT (ASX:ADI) has successfully raised $35 million via the institutional placement.

Nordgold has increased its takeover offer for Cardinal Resources (ASX:CDV) from $1.00 to $1.05 per share.

IPOs

Western Australian company, Kingfisher Mining (ASX:KFM) started trading today. It started with an issue price of $0.20, opened at $0.32 and closed at $0.30.

Best and worst performers of the day

The best-performing sector was Information Technology, rising 1.6 per cent, while the worst-performing sector was Health Care, shedding 2.6 per cent.

The best-performing stock in the S&P/ASX 200 was IGO (ASX:IGO), rising 25.3 per cent to close at $6.32. Shares in Westgold Resources (ASX:WGX) and Whitehaven Coal (ASX:WHC) followed.

The worst-performing stock in the S&P/ASX 200 was Virgin Money UK (ASX:VUK), dropping 4.7 per cent to close at $2.25. Shares in NRW Holdings (ASX:NWH) and Lynas Rare Earths (ASX:LYC) followed.

Asian markets

Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has gained 0.4 per cent and the Shanghai Composite has lost 0.9 per cent.

Wall Street

Wall Street wrapped up our four trading days lower. The Dow Jones lost 0.7 per cent, the S&P500 lost 0.9 per cent and the Nasdaq lost 0.5 per cent.

Commodities and the dollar

Gold is trading at US$1,837 an ounce.
Iron ore price is 4.3 per cent up at US$156.58.
Iron ore futures are pointing to a rise of 3.5 per cent.
Light crude is US$0.10 lower at US$46.29 a barrel.
One Australian dollar is buying 75.58 US cents.