ASX ends lower as gold miners retreat; Megaport rockets on institutional raise

The news: The Australian sharemarket ended lower as losses across the mining (-2.3%), energy (-1.1%) and financial (-0.9%) sectors offset gains across the rest of the market.

The benchmark ASX index fell 0.70% to 8,625.1.

Biggest movers:

• Megaport (+11.3%) — Raised $518 million after completing the institutional component of its $827 million entitlement offer.
• Pantoro Gold (-5.7%) — Led a sell-off in miners, with gold stocks making up seven of the worst 10 performers on the ASX 200.

Other news:

• Resolute Mining (-5.0%) — Flagged lower production for its Mali-based Syma gold mine operation, citing regional security challenges that have disrupted supply chains and logistics over the past month.
• Perpetual (+1.4%) — Acquired a 70% stake in loan servicing technology provider Interfi Systems to accelerate the growth of its corporate trust division and expand its digital capabilities.
• Nib (+2.5%) — Signed an agreement with insurance firm Allianz Partners to sell a large portion of its Australian and New Zealand travel insurance portfolio for up to $50 million.
• Atlas Arteria (flat) — Said its suitor, IFM Investors, has “at best received a low level of acceptances” for its $7 billion takeover offer, and reiterated its recommendation that shareholders reject the bid.
• Monadelphous (-0.6%) — Struck a $380 million contract with CS Energy for works associated with the construction of the Brigalow Peaking Power Plant located in Queensland.