ASX ends flat as tech and energy stocks drag, CBA rallies
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The news: The Australian sharemarket ended marginally lower after a 4% jump by Commonwealth Bank helped offset losses across technology and energy stocks.
The benchmark S&P/ASX 200 index lost 2.4 points, or 0.03%, to end at 7,816.7, with eight of the 11 sectoral indices in the red.
Big movers:
- Gold miners — Made up nine of the top 10 performing ASX 200 stocks as gold prices extended their record run above USD3,400 per ounce. West African Resources (6.6%) led the way.
- Commonwealth Bank (4.2%) — Took the remaining spot among the top 10 performers, helping the financial sector add 1.2%.
Deals news:
- Macquarie Group (0.6%) — Announced the sale of its North American and European public investments business to Nomura for approximately $2.8 billion in an all-cash transaction.
- Northern Star Resources (3%) — Will complete its $5 billion acquisition of De Grey Mining (3.4%) after the Federal Court approved the proposal.
- Selfwealth — Is set to delist from the ASX on 7 May after shareholders voted in favour of its acquisition by Svava, the holding company of Singapore-based investment firm Syfe Group.
- Iluka Resources (-4%) — Established a consortium with ASX small cap RareX (5.6%) to apply for the Mrima Hill rare earth-niobium-phosphate-manganese project in Kenya.
Other news:
- Bellevue Gold (-7.1%) — Said it expects a significant increase in free cash flow after closing out of its near-term hedge contracts.
- Yancoal (-1%) — Reported a drop in first-quarter production and sales amid subdued demand but expects prices to recover as high-cost producers reduce supply.
- DroneShield (4.4%) — Recorded revenue of $33.5 million for the first quarter, more than doubling its total for the same period last year.
- AMP (0.4%) — Upgraded to 'buy' by Citi following improved first-quarter superannuation outflows, reported last week.
