The ASX was set for another negative day if futures and Wall Street’s drop were any guide — but even with a bad start, Australia’s bourse finished in the green.

The ASX 200 fell as much as 0.50% in the first few minutes of trade but closed 0.35% higher at 7,274 points.

The ASX Emerging Companies Index dropped 0.82% for the day, but even this was much better than its intraday lows of 2%.

Almost all sectors were in the green with only financials retreating – by 0.43%.

US futures are also in positive territory.

Investors in Australia were arguably soothed by ANZ/Roy Morgan Consumer confidence figures holding steady and the RBA’s September meeting minutes – in which it reaffirmed an interest rate hike was unlikely before 2024.

 

TODAY’S BIGGEST WINNERS

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The graphite from Comet Resources (ASX:CRL) ‘Springdale’ project in WA is perfect for use in lithium-ion batteries, test work shows.

Microcap oil play Bass Oil (ASX:BAS) received approval from the South Australian government for its acquisition of oil assets in the Cooper Basin.

BNK Bank (ASX:BNK) rose after hinting at some M&A activity, telling shareholders it received interest and was going to undertake a strategic review.

TODAY’S BIGGEST LOSERS

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ANNOUNCEMENTS YOU MAY’VE MISSED

Kangaroo Island Plantation Timbers (ASX:KPT) said the $15m transport assistance program announced by the South Australian government for transporting softwood from bushfire ravaged Kangaroo Island might help. The company previously said the jury was out on any salvage harvest opportunity.

NIB (ASX:NHF) and Honeysuckle Health were authorised to form and operate a health services buying group. It was granted only for 5 years – rather than the 10 sought – and on condition that WA’s other major insurers would not be allowed to join the group.

IGO (ASX:IGO) confirmed to shareholders it was seeking to acquire base metals miner Western Areas (ASX:WSA). While the AFR reported IGO had 4 weeks to make a binding offer, IGO told shareholders discussions were at an early stage and there was no guarantee a deal would eventuate.

Dairy company Clover Corp (ASX:CLV) released its FY21 results today and like its peers struggled with market conditions especially in relation to China. It’s profit more than halved shrinking from $12.5 million to $6 million and its revenue fell from $88.2 million to $60.5 million.

Just a day since energy network operator AusNet (ASX:AST) got a $9b+ takeover bid from Brookfield, APA Group (ASX:APA) put forward an offer of its own, at $2.60 per share which is higher than Brookfield’s $2.50 per share offer. The company said it was disappointed AusNet was not in a period of exclusivity with Brookfield and asserted its offer was superior from a cash perspective but also the quality of the eventual merged entity.

Canyon Resources (ASX:CAY) held a general meeting at which its shareholders ratified a recent $6.2 million placement of shares. Shareholders approved the deal which included a chip-in from director Peter Su.

And less than a week since Stake launched its ASX offering, it gave a picture of just how in demand its low-cost brokerage ($3 per share) was with investors. It said over 35,000 people have registered on its waitlist and it says it is growing quickly.

 

TRADING HALTS

Wednesday

Culpeo Minerals (ASX:CPO) – price and volume query
Kogi Iron (ASX:KFE) – acquisition and capital raising
GWR Group (ASX:GWR) – material update to operations
Arcadia Minerals (ASX:AM7) – JORC resource
Hillgrove Resources (ASX:HGO) – capital raising
Sipa Resources (ASX:SRI) – capital raising
Blue Energy (ASX:BLU) – capital raising
Norwest Energy (ASX:NWE) – wireline log analysis results
Lake Resources (ASX:LKE) – technology agreement
Healthia (ASX:HLA) – capital raising

Thursday

AusNet Services (ASX:AST) – response to APA announcement
TransUrban (ASX:TCL) – capital raising
Metals Australia (ASX:MLS) – capital raising
Technology Metals Australia (ASX:TMT) – capital raising