Stocks of the Hour: Dexus, Invictus Energy & Northern Star

Company News

by Lauren Evans

Real estate firm Dexus (ASX:DXS) is set to buy AMP’s (ASX:AMP) real estate and infrastructure business from AMP’s subsidiary Collimate Capital. Under the deal, AMP will receive an upfront cash payment of $250 million and is eligible to receive up to another $300 million subject to assets under management over a nine-month period after completion. Dexus says it expects to complete the purchase in the first half of FY23. Shares in Dexus (ASX:DXS) are trading 0.1 per cent higher at $10.79.

Meanwhile, Invictus Energy (ASX:IVZ) has received three farm-in offers for its 80 per cent owned, Cabora Bassa Project in Zimbabwe, while one of the offers is an updated bid from Cluff Energy Africa. The oil and gas company says ongoing due diligence and internal approvals are being undertaken by additional parties which may result in further bids being received. The company said it will update shareholders accordingly. Shares are trading 2.6 per cent lower at $0.19.

Elsewhere, Northern Star (ASX:NST) says its FY22 production guidance remains unchanged at between 1.55 million ounces and 1.65 million ounces despite input costs and Covid-19 related challenges. During the March quarter, the gold miner sold 380,075 ounces of gold, with a total sales revenue of $937 million. Northern Star had a net cash position of $433 million at the end of the period, while the company warned investors of rising production costs. Shares are trading 4.2 per cent lower at $9.79.

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