ASX ends higher as energy and tech stocks advance
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The news: The Australian sharemarket ended higher for the third successive session, boosted by gains across energy and technology stocks.
The benchmark S&P/ASX 200 index rose 0.36%, or 28.9 points, to end at 7,997.1, with ten of the 11 sectoral indices in the green.
Big movers:
- Lynas Rare Earths (3.3%) — Reported lower production in the March quarter but higher sales revenue as it focused on supplying the highest value strategic customers.
- Telix Pharmaceuticals (-6.6%) — Received a "disappointing outcome" from the US Food and Drug Administration after the regulator said it could not approve the company's new drug application for an investigational agent for the imaging of glioma.
Deals:
- James Hardie Industries (1.2%) — Its board wrote a letter to shareholders that confirmed elements of its $14 billion merger with NYSE-listed outdoor living products maker AZEK.
- Domain (0.2%) — Extended its exclusivity deed with CoStar over the US property group's $2.8 billion takeover proposal.
- Alkane Resources (4%) — Announced a merger with Canadian rival Mandalay Resources in a potential $1 billion deal to build scale amid rising bullion prices.
- Ainsworth Game Technology (31.1%) — Received a takeover bid from majority shareholder Novomatic, which would see it buy up the remaining 47.1% interest that it doesn't already own.
Other news:
- Brambles (-5%) — Narrowed its sales growth guidance for FY25 amid a rapidly evolving tariff landscape, despite benefiting from price increases in the first nine months of the fiscal year.
- Flight Centre (1%) — Cut its full-year profit guidance due to the impact of new US tariff measures on recent trading.
- Novonix — Named Michael O’Kronley as its new chief executive, following the departure of his predecessor Chris Burns in January.
