ASX ends higher; GDG soars on BlackRock deal

The news: The Australian sharemarket closed higher, with Generation Development Group one of the best performers following news that BlackRock is taking a minority stake in the company.

The ASX 200 gained 0.16% to end at 8,191.7, with eight out of 11 sectors finishing in green.

Biggest movers:

• GDG (+8.76%) — The company’s subsidiary Generation Life has formed a strategic alliance with BlackRock to launch a retirement product.
• Orica (+7.39%) — Reported better-than-expected half-year results, with a stronger Asia Pacific contribution offsetting a softer North American result.
• Light & Wonder (-8.43%) — Posted a rise in gaming revenue but warned that US tariffs would create near-term cost pressures.
• Pilbara (-3.9%), Liontown (-2.7%) — Lithium prices fell to their lowest level in four years while BYD and metals group Tsingshan Holding Group both dropped plans to develop lithium processing projects in Chile due to the price tumble.

Other news:

• ARN Media (+6.36%) — Told investors that total revenue in the year to April is about 2% behind the prior comparative period but radio revenue is expected to improve during the second half. It also revealed that its failed pursuit of Southern Cross Media cost the company $5 million.
• Pro Medicus (+3.36%) — Signed a $20 million contract with University of Iowa Health Care to roll out its Visage product across three campuses.
• Neuren Pharmaceuticals (+1.43%) — Flagged that US sales of its Retts syndrome treatment drug, Daybue, were higher in the first quarter, with strong potential for future growth.
• Super Retail Group (+0.67%) — Reversed earlier losses after the company reported slowing sales growth.
• ANZ (-1.94%) — Reported a largely flat half-year cash profit of $3.57 billion despite higher lending and deposits across its divisions.