Stocks of the Hour: Yancoal, GQG Partners, Telix, Kingston Resources

Company News

by Melissa Darmawan

Yancoal’s (ASX:YAL) board has rejected the $2.5 billion takeover offer from Yankuang Energy, the coal miner’s major shareholder. The deal proposes to buy the remaining 38 per cent stake at a 21 per cent discount to the last traded price at the end of May. Investors are liking the board's outcome, sending the share price up 1.5 per cent to $5.51.

In May, GQG Partners’ (ASX:GQG) funds under management (FUM) rose 4.6 per cent from April to $94.6 billion. The global investment manager attributed its growth from four of its portfolios with international equity contributing almost 34 per cent. Shares are up 1.2 per cent at $1.67.

Despite the federal government, granting Telix Pharmaceuticals (ASX:TLX) a $17.3 million R&D tax refund for the work taken over 2021, shares are moving lower. The biotech company is set to use the funds to invest further into the research and development of therapeutic products using molecularly targeted radiation. Shares are trading 1.5 per cent lower at $4.09.

Investors have delved into Kingston Resources' (ASX:KSN) presentation after learning, that the completion of the acquisition of Mineral Hill at the start of the year was a success. CEO Andrew Corbett is set to speak at the Resources Rising Stars conference in the Gold Coast today. Investors are optimistic on the outlook for Misima as they await further colour on the project. Shares are trading over 11 per cent higher at $0.15.

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