Last Orders: ASX teeters on the edge of 7,400
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The ASX climbed briefly past 7,400 points in intra-day trade but ultimately closed just short of the milestone at 7,.368, which was 0.09 per cent higher than yesterday.
However, the ASX Emerging Companies Index fell by over 1 per cent for the second day in a row – closing at 2,150.
Only tech and energy sectors were in the red, down by 0.36 per cent and 1.56 per cent respectively while resources led the winners with a 1.49 per cent gain.
There were 3 IPOs today:
After being hit by the political situation in Myanmar and being suspended since February, Myanmar Metals (ASX:MYL) received a conditional acquisition proposal from Chinese conglomerate Yintai. The deal is at a 50 per cent discount to its previous share price and is conditional on due diligence enquiries – something the company admits might be difficult with the continuing political situation in Myanmar.
Fintech Douugh (ASX:DOU) formally launched its Goodments app in Australia. The app targets millennials and Generation Z investors and enables them to trade fractionalised shares in global equities without paying commission.
Medtech Avita Medical (ASX:AVH) gave its shareholders preliminary results, over US$1 million up from its previous guidance. The company noted the “return to normal” in the US has led to an increase in burn accidents requiring treatment with its RECELL system.
Rhythm Biosciences (ASX:RHY) has signed up the clinical services division of Sonic (ASX:SHL) to its ColoSTAT clinical trial. Rhythm already hired Sonic to store and test blood samples from the trial but now it has access to Australia’s largest network of medical centres.
Energy company Lion Energy (ASX:LIO) rose after reporting that marine seismic results had increased prospective resources at its Indonesian oil prospects by 120 per cent and identified seven new prospects.
Geospatial services provider Aerometrex (ASX:AMX) gave its shareholders market guidance saying it expects group revenue between $19 and $21 million and earnings between $1.5 million and $2.25 million for FY21. The company credits increased interest and usage of its MetroMap subscription service among SMEs.
Personal care retailer Shaver Shop (ASX:SSG) forecast sales of between $211 and $213 million and a profit between $16.75 and $17.5 million for FY21. However, the company’s shares fell in a potential bout of profit taking after performing well since COVID-19 with the closure of hairdressers providing an unexpected windfall.
King River Resources (ASX:KRR) – pre-feasibility study completion
Jayride (ASX:JAY) – capital raising
Firefinch (ASX:FFX) – development partner
Wingara (ASX:WNR) – legal correction
Irongate (ASX:IAP) – capital raising and acquisition
BSP Financial Group (ASX:BFL) – regulatory matters in PNG
Emperor Energy (ASX:EMP) – capital raising
Creso Pharma (ASX:CPH) – acquisition
Pentanet (ASX:5GG) – capital raising
OreCorp (ASX:ORR) – capital raising