The ASX 200 index closed Monday trading 0.5 per cent higher to 7811.90 points, led by a strong day in the real estate sector.
McGrath led the property gains, finishing up 24.5 per cent to 59c per share after agreeing to a 60c per share takeover by Knight Frank and Bayleys. Goodman Group also finished higher, up 3.7 per cent to $33.24 per share with Mirvac rising 2.2 per cent to $2.28.
Shares in Star Entertainment sunk 2.8 per cent to finish at 53c per share after an up-and-down trading session as executives exited as and the inquiry into the group's NSW casino licence was announced to be public against company wishes.
Gold miner Perseus closed 1 per cent higher to $2.05 after OreCorp's board accepted its bid over Silvercorp's. OreCorp closed the day's trading 1.7 per cent lower at 57c per share.
ANZ is up 0.4 per cent to $29.15 per share with G8 Education down 0.4 per cent to $1.25 after their separate multimillion dollar class-action settlements.
Fortescue had a good day, finishing up 3.5 per cent to $25.50 per share, while Pilbara Minerals dropped 0.8 per cent after announcing a joint feasibility study with Chinese miner Ganfeng.
CBA is up 1.1 per cent to $118.79 per share, CSL is almost 1 per cent stronger at $283.69, BHP is also 0.2 per cent higher at $43.88 while Woodside has gained 1.2 per cent to close at $30.08 per share
Live: ASX 200 lifts; Knight Frank, Bayleys to buy McGrath; MMA Offshore agrees to Singapore bid; ANZ, G8 settle class-actions
MMA Offshore agrees to Singapore bid. Crown to learn licence fate tomorrow. Knight Frank, Bayleys to buy McGrath. Star in seesaw session. Eureka rejects Aspen bid. Perseus wins OreCorp race.
Welcome to the Trading Day blog for Monday, March 25. The ASX 200 index rose 0.5 per cent to 7811.90 points, led by real estate gains.
The Aussie dollar is trading around US65.24c.
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Updates
ASX closes up 0.5pc; McGrath soars
Mathieson says Star has 'hurdles' to get over
Billionaire publican Bruce Mathieson, the biggest shareholder in troubled casino operator The Star Entertainment, conceded Star faces hurdles but his investment was based on the long term view of the business and its assets.
Mr Mathieson, whose holding company is now the largest shareholder in the casino operator, told The Australian much would depend on who was brought in to run the company, following the shock resignation of chief executive Robbie Cooke last Friday.
"Like anything in business it depends on whether you take a long term or short term view of the business," said Mr Mathieson. "It does have some wonderful assets."
Mr Mathieson last week increased his stake in the casino operator to 8.21 per cent from 6 per cent, making him the largest investor followed by Perpetual Investment with 7.61 per cent, Far East Consortium with 2.81 per cent and Firmament Investment, also with 2.81 per cent.
Mr Cooke defended his efforts to reform the casino operator following allegations of money laundering and other regulatory breaches, but indicated the NSW independent Casino Commission (NICC) was not happy the pace of reform.
Crown to learn licence fate tomorrow
The Victorian Gambling and Casino Control Commission announces it will tomorrow release the outcome of its determination as to whether Crown is able to maintain its licence in Melbourne.
The fate of Crown's casino licence was thrown into the air after revelations the business had been facilitating money laundering and organised crime.
Eureka reiterates Aspen bid rejection
Accommodation provider Eureka Group's board is asking shareholders to ignore bigger rival Aspen's "inadequate", unsolicited takeover bid, which it says materially undervalues the target and is not in their best interest.
Aspen despatched its offer of 0.26 securities for each Eureka share on Friday – a day after Eureka's 19.29 per cent stakeholder Filetron, linked to developer Ben Cottle, confirmed its potential blocking stake and rejection of the deal.
Filetron's rejection means Aspen will not be able to achieve the 90 per cent threshold needed to compulsorily acquire all Eureka shares. Aspen's offer closes on May 28. Eureka's target statement is due to be sent on April 8.
At 2.10pm, Aspen shares are down 1.4 per cent to $1.73; Eureka is flat near 52c.
St Barbara backs Brightstar-Linden tie
Gold miner St Barbara is supportive of micro-cap explorer Brightstar Resources' takeover bid for unlisted company Linden Gold Alliance, which will see it emerge as the largest stakeholder in the resulting entity.
St Barbara has a pre-bid acceptance agreement to sell its 19.8 per cent stake in Linden to Brightstar, to support the effort to create a growing WA gold producer with operational hubs near Laverton and Menzies.
Other Linden major shareholders Mako Mining, Mine Trades and Maintenance – Electrical and Blue Capital Equites have also separately advised the Linden board of their decision to back the bid in the absence of a superior proposal. St Barbara has also committed $2m to a $12m raise by Brightstar to support the deal. Deal completion will get St Barbara a 13 per cent stake in Brightstar.
Brightstar's two largest shareholders, Collins St Asset Management and Mr Jack Yetiv will participate in the placement with about $2.3m and $2.5m, respectively, while mining investment house Lion Selection is tipping in another $2m.
The implied value of St Barbara’s holding in Brightstar (post offer and placement) is $8.6m based on the pro forma market capitalisation of $66m at the placement share price of 1.4c per Brightstar share
PwC Aus appoints chief people officer
PwC Australia has recruited Karen Lonergan from property developer Stockland as its new chief people officer after major lay-offs as the under fire accounting and advisory firm looks to rebuild following its tax scandal.
Ms Lonergan worked at Stockland for five years as its chief people and stakeholder engagement officer and before that held similar roles at David Jones and Woolworths and spent 13 years climbing the ranks at Qantas.
As a member of PwC’s management leadership team, Ms Lonergan will play a role in delivering on the commitments the firm made to enhance its culture, as outlined in its Action Plan.
Full story here.
MMA Offshore lifts on Singapore bid
Shares in offshore maritime services provider MMA Offshore are up 11 per cent to $2.62 at 1.10pm AEDT after it agreed to a takeover by a subsidiary of Singapore-based Seraya Partners.
MMA Offshore's $2.60 per share deal with Cyan Renewables has been unanimously backed by the target's board in the absence of a superior bid and the assessment of an independent expert.
Cyan intends to retain MMA’s workforce and to utilise and expand its expertise, assets and operating model, MMA told investors.
Chairman Ian Macliver said discussions had been going on since October and the board "has now reached the required level of confidence" to enter into a deal. The deal is subject to approvals, including from MMA shareholders at a meeting in late June to mid July.
ACCI calls for 'tighter' wage rise
The national employers’ association will argue that the Fair Work Commission should deliver a 2 per cent increase to minimum wages in this year’s decision.
ACCI chief executive Andrew McKellar said considering the “generosity” of the past two years’ decisions and an increasingly “fragile” economy, that “the decision needs to be significantly tighter”. “We would say that a number of not greater than 2 per cent is the most justified,” Mr McKellar said.
The Albanese government on Thursday will recommend that the Commission “ensures the real wages of Australia’s low-paid workers do not go backwards” – a similar formula from the previous two years that paved the way in 2023 for an 8.65 per cent pay boost to the roughly 180,000 workers earning the minimum wage. In a two-tiered decision, the Commission also gave a 5.75 per cent rise to the 2.5 million people on awards.
“What we are seeing is clearly a situation where wages are one of the persistent cost factors that businesses are facing at the moment,” Mr McKellar said. With inflation on track to fall towards 3 per cent through this year, Mr McKellar said a 4 per cent increase would be too high, particularly when productivity growth remained negative.
ASX up 0.4pc; McGrath soars
The ASX 200 index is up 0.4 per cent to 7802.30 points at 12.20pm AEDT, close to its all-time high. All sectors are green.
The real estate sector has fared well, as McGrath is up 25.5 per cent to 59c per share after agreeing to a 60c per share takeover by Knight Frank and Bayleys. Goodman Group is also up 2.5 per cent, with Mirvac rising 1.6 per cent.
Shares in Star Entertainment are flat at 54c per share after an up-and-down trading session which has seen investors react to executive exits as well as a public inquiry into the group's NSW casino licence.
Gold miner Perseus is up 0.5 per cent to $2.04 after OreCorp's board accepted its bid over Silvercorp's. OreCorp is also 0.9 per cent lower at 57.5c.
ANZ is up 0.3 per cent to $29.14 with G8 Education down 0.6 per cent to $1.24 after their separate multimillion dollar class-action settlements.
Fortescue has enjoyed a solid day, up 3.1 per cent to $25.40 per share, while Pilbara Minerals has dipped 0.78 per cent after announcing a joint feasibility study with Chinese miner Ganfeng.
CBA is up 0.3 per cent to $117.85, CSL is almost 1 per cent stronger at $283.70, BHP is also 0.3 per cent higher at $43.90 while Woodside has gained 0.3 per cent at $29.82 per share.
Seesaw session for Star investors
Casino operator Star Group's shares are back in the green in a seesaw trading session so far.
Shares opened higher, then fell almost one per cent and are back up 0.9 per cent at 11.15am AEDT to 54.5c. The share has traded within a range of 52.5c and 57c so far.
Investors are reacting to latest updates in relation to Adam Bell's second round of inquiry into its suitability to hold a NSW casino licence and Friday's after-market announcement of chief executive Robbie Cooke's exit after 16 months of trying to reform the embattled business.
On the extension of Mr Bell's inquiry after he decided to hold most of the hearings "primarily in public", Star told investors on Monday it "continues to appreciate the opportunity to demonstrate it has the ability to regain suitability… as well as continuing to participate in the inquiry in an open, transparent and facilitative manner"
ASX ends flat with CSL the main drag
The local share market closed flat as CSL dives after its results, Macquarie jumps on its trading update, gold miners up as gold hit a record, SGH soars on strong results, Nine, Seven West Media up on positive signs for advertising. Australian carveout on Trump tariffs 'under consideration'.
ASX 200 down as Trump tariffs loom; tech sector hit
Steel, aluminum producers mixed after latest Trump tariff threat. Is JB Hi-Fi topping out? Car Group, JB Hi-Fi and WiseTech leading losses. In contrast, Star and Ansell find support.