• Shares up 0.15% on Friday, down -0.15% for the week
  • BHP closes in on OZ Minerals deal
  • Fifa WC to start on Sunday

Local shares rose 0.15% on Friday, marginally trimming previous days’ losses as the ASX 200 index closed the week flattish.

Comm services and Utility stocks led, while Energy lagged.

Market operator ASX (ASX:ASX) rose 3% despite getting a “sell” call from broker UBS.

Yesterday, the ASX announced that it will reassess all aspects of the CHESS replacement project that has so far cost it $245-255 million.  The company said all current activities on the project will be paused while it revisits the system design.

“On behalf of ASX, I apologise for the disruption experienced in relation to the CHESS replacement project over a number of years,” said ASX Chairman Damian Roche.

Giant BHP (ASX:BHP) and OZ Minerals (ASX:OZL) have all but wrapped up their merger today.

OZ Minerals jumped 4% to $27.35 after accepting BHP’s takeover offer at $28.25. OZL had previously rejected a $25 a share offer, but the increased price has now pleased its Board.

The deal will consolidate the major mines in South Australia’s Gawler Craton region for BHP, along with its giant Olympic Dam deposit, where it also produces gold and uranium. BHP share price closed 0.4% higher today.

Overseas, there are reports of a staff exodus at Twitter after Elon Musk gave employees an ultimatum to either commit to the company’s new long-hours work environment, or leave.

According to people familiar with the matter, many employees opted not to sign on.

The FIFA World Cup meanwhile will start this Sunday, with the first kickoff match between home side Qatar and Ecuador.

The Socceroos’ first match will be against defending champ France on Wednesday 23rd Nov.

By some estimates, Qatar has splashed more than the previous 21 World Cups combined after sinking $200 billion into the tournament.

Looking ahead to next week, things to watch include the FOMC meeting minutes, and a speech from RBA governor Phil Lowe.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
MEZ Meridian Energy 4.33 4% 21,080 $5,245,618,102
PSI Psc Insurance Ltd 5.07 4% 77,694 $1,713,317,563
CRN Coronado Global Res 1.91 4% 4,122,184 $3,069,419,134
OZL OZ Minerals 27.31 4% 9,009,085 $8,803,794,526
CEN Contact Energy Ltd 6.93 3% 4,997 $1,677,151,886
ALD Ampol Limited 28.82 3% 655,740 $6,674,841,793
GNC GrainCorp Limited 8.055 3% 1,221,724 $1,751,184,590
NHF NIB Holdings Limited 7.095 3% 965,108 $3,330,466,518
ASX ASX Limited 72.99 3% 838,020 $13,745,256,502
GQG GQG Partners 1.5075 3% 438,935 $4,340,623,988
FPH Fisher & Paykel H. 18.87 2% 646,351 $10,635,207,894
SVW Seven Group Holdings 20.15 2% 381,592 $7,145,335,766
DEG De Grey Mining 1.26 2% 2,794,100 $1,918,236,557
MCY Mercury NZ Limited 5.1 2% 16,430 $6,902,319,651
AIA Auckland International 7.295 2% 389,243 $10,514,015,118
NXT Nextdc Limited 9.5 2% 1,377,500 $4,254,096,982
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NextDC (ASX: NXT) rose 4% following its AGM this morning. The company released a guidance for FY23, forecasting revenue growth of between 17% and 22% compared to FY22.

NXT also expects underlying EBITDA to rise by between 12% and 17% on pcp, and capital expenditure to land in the range of $380-$420 million.

Nanosonics (ASX:NAN) also rose 2% following its AGM where it confirmed the business continues to perform well with significant opportunities ahead.

In the first four months of FY23, NAN saw the business meet its FY23 objectives. Total revenue in the period was $52.6 million, up 42% compared with the pcp.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
LOV Lovisa Holdings Ltd 23.99 -7% 809,618 $2,769,122,242
OBL Omni Bridgeway Ltd 4.24 -4% 139,099 $1,199,579,288
PDN Paladin Energy Ltd 0.7675 -4% 10,389,910 $2,383,896,664
PNI Pinnacle Investment 9.27 -4% 687,162 $1,940,346,781
CTD Corp Travel Limited 16.9 -4% 526,135 $2,572,406,615
SOL Soul Pattinson (W.H) 27.51 -4% 419,600 $10,327,290,560
INR Ioneer Ltd 0.55 -4% 2,802,525 $1,196,052,812
PLS Pilbara Min Ltd 4.73 -3% 31,815,661 $14,673,692,375
VUL Vulcan Energy 7.355 -3% 121,138 $1,087,914,935
PPT Perpetual Limited 26.77 -3% 396,697 $1,581,131,389
A2M The A2 Milk Company 5.975 -3% 4,471,885 $4,554,248,633
IMU Imugene Limited 0.185 -3% 9,780,897 $1,206,681,730
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Lovisa (ASX:LOV) tumbled 4% after briefly touching record highs. Shares fell despite total sales increasing by 60% on pcp.

Lovisa says it will continue its focus on expanding its store network, with 47 net new stores opened for the year to date, including 61 new stores opened and 14 closures.

Endeavour Group (ASX:EDV) fell 0.5% as the Victorian Gambling and Casino Control Commission (VGCCC) said that it has commenced court proceedings in relation to Endeavour’s subsidiary ALH, with a potential total maximum fine of around $1.35m.

The allegations relate to issues first raised In December 2021, alleging a number of new Victorian gaming machines installed did not have the required Pre-Commitment functionality activated.