Stocks of the Hour: Woolworths, Betmakers & Bubs Australia

Company News

by Michael Luu

Bubs Australia (ASX:BUB) is set to expand its consumer reach to the US market, utilising US-based e-commerce platforms and Amazon. The move marks the infant formula manufacturer’s introduction to the market with annual turnover of 5.1 billion, as Bubs chooses the digital approach to kickstart its trading in the US market.

Shares in Bubs Australia (ASX:BUB) are trading 24.7 per cent higher at $0.47.

Grocery retail giant Woolworths (ASX:WOW)’s spin-off of its liquor, hospitality and gaming arm has received overwhelming shareholder support.The company’s proxy vote on the demerger received 700 million ballots and found 99 per cent of participants in favour of the intiative. The event did not address the Fair Work Ombudsman’s potential lawsuit against Woolworths over the company’s alleged underpayment of $1.17 million to staff between 2018 and 2019.

Shares in Woolworths Group (ASX:WOW) are trading 0.9 per cent lower at $42.97.

Online gaming developer BetMakers (ASX:BET) has progressed its global expansion campaign, after finalising the $55 miliion takeover transaction for the tote and digital wagering platforms of London-listed Sportech. Under the agreement, Betmakers will obtain the vendor’s online betting infrastructure and license rights in gaming jurisdictions across the US, UK and Europe. The British-domiciled bookmaking software developer operates betting systems for wagering businesses in the Americas and Europe.

Shares in BetMakers Technology Group (ASX:BET) are trading 11.1 per cent higher at $1.20.

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