Stocks of the Hour: Rio Tinto, Centuria, The Reject Shop & Woolworths

Company News

by Michael Luu

Mining giant Rio Tinto (ASX:RIO) has found a new member for the battered board, as Ben Wyatt is set to be instated as the company’s new non-executive director, effective on September 1, 2021. The recruitment of a former Minister of Aboriginal Affairs shows the company’s initiative to improve its standing with the indigenous community, as it attempts to remediate the damage of the Juukan Gorge Caves fiasco.

Shares in Rio Tinto (ASX:RIO) are trading 2.3 per cent lower at $124.15.

Property powerhouse Centuria Capital Group (ASX:CNI) is set to enter into a merger agreement with real estate manager Primewest (ASX:PWG). The proposed integration of the two major property fund managers promises to form one of the largest ASX-listed real estate investment firms, combining assets under management worth up to $16 billion. Centuria has declared its takeover offer unconditional, following consent from Primewest to waive the minimum acceptance condition.

Shares in Centuria Capital Group (ASX:CNI) are trading 2.9 per cent lower at $2.67.

Bargain retailer The Reject Shop (ASX:TRS) has downgraded its guidance for annual gross revenue and earnings, citing the impacts of the coronavirus pandemic on trading activity such as increased shipping costs and low consumption levels in metropolitan areas.

Shares in The Reject Shop (ASX:TRS) are trading 9.97 per cent lower at $5.69.

Grocery retail giant Woolworths (ASX:WOW) has selected Alex Holt to deliver on the company’s vision of becoming an eco-friendly and carbon-positive firm, as the supermarket operator appointed the former general manager of sustainability to the brand new position of “Chief Sustainability Officer” (CSO).

Shares in Woolworths Group (ASX:WOW) are trading 0.8 per cent higher at $43.28.