At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a stellar gain. The benchmark index is currently up 1% to 6,236.6 points.
Here’s what has been happening on the market today:
Crown sinks lower on AUSTRAC news.
The Crown Resorts Ltd (ASX: CWN) share price is sinking notably lower on Monday after revealing that AUSTRAC has contacted the casino and resorts operator. According to the update, AUSTRAC has identified potential non-compliance by Crown Melbourne with anti-money laundering and counter-terrorism financing rules. AUSTRAC has concerns over ongoing customer due diligence and adopting, maintaining, and complying with an anti-money laundering and counter-terrorism financing program.
South32 delivers solid Q1 update.
The South32 Ltd (ASX: S32) share price is pushing higher today after the release of its first quarter update. For the three months ended 30 September, South32 achieved solid production across the board. In light of this, the company has been able to reaffirm its full year production guidance. Another positive was that management has ended its share buy-back suspension. It notes that its strong operating performance and financial position have allowed its resumption.
CIMIC to sell 50% of Thiess business.
The CIMC Group Ltd (ASX: CIM) share price is surging higher today after announcing a deal to sell 50% of its Thiess business. It has signed an agreement with Elliott Advisors, which values the world’s largest mining services provider at an enterprise value of $4.3 billion (on a 100% basis). The transaction is expected to generate a pre-tax gain of around $2.2 billion for CIMIC, and a post-tax gain of around $1.4 billion.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Lynas Corporation Ltd (ASX: LYC) share price with a gain of almost 8%. This is despite there being no news out of the rare earths producer. The worst performer has been the Crown share price by some distance with a 8.5% decline. This follows its AUSTRAC update this morning.
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Returns as of 6th October 2020
More reading
- Why Cleanaway, Crown, Opthea, & Zoono shares are sinking lower today
- Why Dicker Data, South32, Tyro, and Uniti shares are pushing higher today
- South32 (ASX:S32) share price up 3% on solid Q1 update
- CIMIC (ASX:CIM) share price 5% higher after agreeing to sell 50% of Thiess
- How the RBA is refuelling this ASX bull market
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post ASX 200 up 1%: Crown sinks on AUSTRAC news, South32 & CIMIC storm higher appeared first on Motley Fool Australia.
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