ASX ends 1.5% higher as Guzman y Gomez surges on RBC upgrade
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The news: The Australian sharemarket ended higher as miners (+2.6%) and real estate (+2.2%) companies drove stocks higher.
The benchmark ASX 200 index climbed 1.47% to 8,621.7, with eight of the 11 sectoral indices in positive territory.
Biggest movers:
- Guzman y Gomez (+13%) — Upgraded to an outperform rating by RBC Capital Markets, with analyst Michael Toner calling Wednesday’s closing share price of $16 a “good entry point”.
- IGO (+7.5%) — Led a surge in miners, with Capstone Copper (+5.3%) and Greatland Resources (+5.0%) also closing sharply higher.
Deal news:
- Atlas Arteria (+0.2%) — The Takeovers Panel declined to make a declaration of unacceptable circumstances in relation to IFM Investors’ $7 billion takeover bid, announced earlier this month.
- Electro Optic Systems (+1.4%) — Completed its acquisition of counter-drone company MARSS Group after raising additional capital to support the deal.
Other news:
- Zip (+2.7%) — Reached a settlement with mortgage provider Firstmac to acquire the registered trademark “Zip” that was disputed in the High Court earlier this month.
- Northern Star (-2.1%) — Managing director Stuart Tonkin will step down in FY27, after serving the company for 13 years.
