Stocks of the Hour: LiveHire, Vulcan Energy Resources, Betmakers

Company News

by Melissa Darmawan

The Australian sharemarket has turned higher from this morning’s dip, up 0.3 per cent at 6,546, led by information tech, property and communication services. Materials have gained after this morning’s fall, while energy, utilities and financials lag.

The best-performing stock in the S&P/ASX 200 is lithium miner Lake Resources (ASX:LKE), trading 22.14 per cent higher at $0.85 while the worst-performer is Viva Energy Group (ASX:VEA), trading 3.90 per cent lower at $2.71.

The SPI futures are pointing to a rise of 16 points.

Company news

Global software-as-a-service platform provider LiveHire (ASX:LVH) has inked a deal with one of the four largest managed service providers globally. ManpowerGroup Talent Solutions is set to receive services from LiveHire to service their clients across North America. Shares are trading 37 per cent higher at 37 cents.

The lithium sector is on fire today and adding to the momentum is news from the name behind car brands like Chrysler, Citroën, Fiat, and Maserati. Stellantis has earmarked $76 million for investment into Vulcan Energy Resources (ASX:VUL) at $6.622 per share, a 32 per cent premium to Thursday’s closing price. The move is slated to mark Stellantis as the lithium miner’s second-largest shareholder. Additionally, the duo have extended their binding lithium hydroxide offtake agreement by five years to 2035. Shares are trading 26.4 per cent higher at $6.32.

Elsewhere, Betmakers (ASX:BET) intends to conduct an on-market share buyback beginning on July 12. The wagering software and data services company may buy back up to 10 per cent of the smallest number of shares issued at any time in the last 12 months, without shareholder approval. The move will be funded from existing cash reserves. Shares are trading 23.3 per cent higher at $0.37.

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