A hon-hon-hon... zis ess quite ze deal, non? Pic via Getty Images.
ASX Large Caps Market Wrap: United Malt brews up a 9% gain after French acquisition deal sewn up
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I shan’t waste your time recapping all the market’s news today – that will be more than adequately covered by the remarkably flexible Rob “Mr Bendy” Badman in Closing Bell – so let’s dive straight in to see which of the market’s Large Caps added fat stacks of value to everyone’s Super Fund today.
TODAY’S LARGE CAP WINNERS
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| Code | Name | Price | % change | Volume | Market cap |
|---|---|---|---|---|---|
| UMG | United Malt Group | 4.795 | 9% | 11,236,335 | 1,316,388,194 |
| LFG | Liberty Fin Group | 3.91 | 8% | 26,831 | 1,102,808,059 |
| CXO | Core Lithium | 0.9475 | 5% | 9,448,935 | 1,672,665,115 |
| ARB | ARB Corporation | 29.85 | 4% | 152,185 | 2,348,039,951 |
| BGL | Bellevue Gold Ltd | 1.325 | 4% | 1,582,647 | 1,435,328,002 |
| SYA | Sayona Mining Ltd | 0.1825 | 4% | 23,179,489 | 1,756,849,154 |
| PLS | Pilbara Min Ltd | 5.095 | 4% | 20,991,600 | 14,661,136,782 |
| BAP | Bapcor Limited | 6.175 | 4% | 541,507 | 2,016,110,250 |
| CMW | Cromwell Prop | 0.555 | 4% | 1,288,003 | 1,401,093,684 |
| NST | Northern Star | 12.51 | 4% | 1,619,161 | 13,894,472,341 |
| CTT | Cettire | 3.22 | 4% | 800,687 | 1,185,650,864 |
| LLL | Leo Lithium | 1.1075 | 4% | 7,482,969 | 1,055,798,995 |
Top of the Stocks for the day was United Malt Group (ASX:UMG), after the takeover bid by French malty Malteries Soufflet finally went through.
Malteries Soufflet is a giant in the industry, currently operating 28 (but soon to be more) malt houses in Europe, Latin America, Asia and in Africa, with an annual malt production capacity of 2,360,000 tonnes.
Malteries Soufflet must really want United Malt, after signing a deal to buy the local company at $5 per share, a 45.3% premium to the closing price of United Malt Shares on the ASX of $3.44 as at 24 March 2023 (the day the first inkling of the deal was announced), and a 48.6% premium to the 1-month VWAP.
At the time of writing, UMG shares were at $4.795 a pop.
Next best on our ladder is Liberty Financial Group (ASX:LFG), which is up 8% on razor-thin volume and zero news, apparently bouncing back after going ex-div at the end of last week.
Next next best is Core Lithium (ASX:CXO) , also banking a solid result today (up 5%) on solid volume, despite very little from the company in the way of news, other than State Street ceasing to be a substantial holder.
I’ve placed some gentle queries as to why that might be the case (the former, not the latter) and received a hearty “NFI, man” in response… so, t’is a mystery for now.
ARB Corporation (ASX:ARB), purveyors of all the stuff people bolt onto their “taking the kids to soccer” 4WDs to make it look like they actually take them offroad from time to time (the 4WDS, not the kids), is up 4% today, and Bellevue Gold (ASX:BGL) is also on the rise, helping lead the way for the goldies today with its own 4% gain.
Not faring so well today, however, was PSC Insurance Group (ASX:PSI), which is showing a 9.25% drop – but it might not be quite what it looks like.
The company got a speeding ticket over a price spike on 30 June, which saw it surge alarmingly to $5.50 on a super-low volume after hours trade, so today’s “loss” is most likely just a price correction in the wake of that anomalous (but mysterious) buy.
TODAY’S LARGE CAP LOSERS
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| Code | Name | Price | % change | Volume | Market cap |
|---|---|---|---|---|---|
| PSI | Psc Insurance Ltd | 4.95 | -10% | 39,065 | $1,956,261,566 |
| RDX | Redox Limited | 2.395 | -6% | 2,902,982 | $1,338,957,641 |
| CDA | Codan Limited | 7.665 | -5% | 195,579 | $1,454,779,795 |
| WTC | Wisetech Global Ltd | 76.935 | -4% | 364,410 | $26,485,476,443 |
| CKF | Collins Foods Ltd | 9.575 | -3% | 259,967 | $1,153,280,883 |
| NEU | Neuren Pharmaceuticals | 11.96 | -2% | 144,441 | $1,550,429,531 |
| STX | Strike Energy Ltd | 0.43 | -2% | 2,608,112 | $1,113,882,756 |
| IEL | Idp Education Ltd | 21.61 | -2% | 372,260 | $6,151,230,263 |
| RMS | Ramelius Resources | 1.2325 | -2% | 4,925,679 | $1,249,035,704 |
| ABP | Abacus Property Group | 2.635 | -2% | 796,233 | $2,403,939,033 |
