Stocks of the Hour: Commonwealth, Carsales & Evolution Mining

Company News

by Michael Luu

Banking giant Commonwealth (ASX:CBA) has reported a twofold increase year on year to $2.4 billion in net cash earnings for the March Quarter of FY21, representing a 24 per cent hike from average quarterly profits in the first fiscal half. Commonwealth Bank (ASX:CBA) revealed rapidly strengthening business confidence and conditions prompted the bank to trim the second quarter’s credit provisions by $300 million to $6.5 million in the third quarter. The company has also reported a depletion in bad debts of $400 million from the previous quarter. Shares in Commonwealth Bank (ASX:CBA) are trading 0.16 per cent lower at $94.43

Automotive e-commerce platform carsales.com (ASX:CAR) is calling on institutional and retail investors to back its equity-raising campaign to generate $600 million to boost its footprint in the US market. The $4.8 billion company intends to pay $800 million to acquire a 49 per cent interest in Virginia-based digital marketplace developer Trader Interactive. The company is offering shares at $17 per security, which represents a markdown of $2.51 from the previous session’s closing price. Shares are on trading halt and last traded at 19.51

Gold player Evolution Mining (ASX:EVN) has received the the tick of approval from Battle North Gold’s shareholders to take over the Canadian-based mineral explorer. Evolution has offered $361.7 million to rally shareholder support for the deal to acquire the company dual-listed in Canada and the US. The $8.6 billion ASX-listed gold miner is now awaiting the greenlight from Supreme Court of British Columbia before it can finalise the deal. Shares in Evolution Mining (ASX:EVN) are trading 1.19 per cent lower at $4.99

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