Stocks of the Hour: Seven West Media, Ingenia & Namoi

Company News

by Michael Luu

Cotton processing business Namoi (ASX:NAM) is looking to raise up to $12.2 million from institutional investors and the company’s current shareholders. The $61 million company has revealed to investors that it intends to use the funds acquired to facilitate growth projects and a major ramp-up in cotton production.

Shares in Namoi Cotton (ASX:NAM) are trading 11.6 per cent lower at $0.38.

Australia's largest diversified media corporation Seven West Media (ASX:SWM) has secured content distribution deals with digital conglomerate Google and social networking giant Facebook. The Australian broadcaster and publisher has reached a five-year partnership agreement with Google, giving the Youtube owner access to original content produced by Seven’s media outlets. Meanwhile, a comprehensive contract to feed news materials to Facebook for 3 years is pending the tech heavyweight’ final approval.

Shares in Seven West Media (ASX:SWM) are trading 3.2 per cent lower at $0.46.

Retirement & lifestyle property developer Ingenia Communities (ASX:INA) has spent $40 million on its shopping spree for assets in Queensland. The holiday parks operator has confirmed the acquisitions of five fully operational coastal parks and a DA-approved development project for 344 properties in the Bundaberg Region’s coastal town of Bargara.

Shares in Ingenia Communities Group (ASX:INA) are trading 1.6 per cent higher at $5.37.