1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Key points:
Resources sector struggles with declining stocks such as Fortescue, BHP, and Rio TintoMyer's merger with Premier receives strong shareholder supportBain Capital and CC Capital compete for Insignia Financial acquisition
The local market loses momentum, with the resources sector hit hardest. Fortescue drops 3%, BHP nearly 2%, and Rio Tinto sees a 1.5% decline. The banking sector remains steady, while energy and rates sectors lag. Myer's merger with Premier boosts Myer by 5% and grants Solomon Lew a 27% stake.
Bain Capital bids $4.60 for Insignia Financial, matching CC Capital's offer. Netwealth reports strong inflows, and Coronado Global Resources sees improved sales. Citi downgrades Evolution Mining despite past gains; its shares fall. Fortescue reaches record shipments; Santos eyes 2025 production.
Ampol's refinery margin plunges, affecting global crude supplies. UBS downgrades Paladin Energy, while Citi sees risks with Beach Energy but potential for Bubs. Government invests in Rex Holdings amidst administration. Cyclo Pharm scores a major contract with Hospital Corporation of America Healthcare.
