The S&P/ASX 200 Index (ASX: XJO) climbed another 1.8% today to 5,942 points as investors learned what the GDP figures were in the quarter to 31 March 2020. The ABS said Australia’s economy contracted 0.3% last quarter.

Indeed, Treasurer Josh Frydenberg has said that Australia is already in a recession. Though that can’t be officially confirmed until the end of June 2020.

Here are some of the highlights from the ASX 200 today (and other smaller shares):

Zip Co Ltd (ASX: Z1P) soars again

Zip zoomed higher yesterday and it climbed by a further 21.7% today. Investors seem really excited by the prospect of the buy now, pay later business expanding in the US by fully acquiring QuadPay. America is a huge market if you can deliver an exciting product for consumers. The company seems on course to enter the ASX 200.

QuadPay has a high transaction margin and a solid number of customers and merchants.

Big takeover deal for Infigen Energy Ltd (ASX: IFN)

The wind farm business, which was previously in the ASX 200, saw its share price climb 36.4% today as it announced that it has received a takeover offer of $0.80 per share from UAC Energy. UAC Energy is ultimately owned by a Philippine listed business which has large renewable energy projects across Asia.

There is speculation that there could be a bidding war for Infigen, which is why the share price is currently at the takeover price.

Diverging share price movements

At the large end of the ASX 200 the major banks all saw large share price gains. The Commonwealth Bank of Australia (ASX: CBA) share price went up 3.25%, the Westpac Banking Corp (ASX: WBC) share price climbed 4.4%, the Australia and New Zealand Banking Group (ASX: ANZ) share price went up 5% and the National Australia Bank Ltd (ASX: NAB) share price grew 4.6%.

However, at the red end of the ASX it seems investors decided gold miners were too expensive considering the rising share market and the growing Australian dollar.

The Silver Lake Resources Limited. (ASX: SLR) share price fell 8.4%, the Regis Resources Limited (ASX: RRL) share price fell 6.6%, the Gold Road Resources Ltd (ASX: GOR) share price fell 6.3%, the Saracen Mineral Holdings Limited (ASX: SAR) share price dropped 6.2% and the Evolution Mining Ltd (ASX: EVN) share price declined 5.8%.

More reading

• The latest ASX 200 stocks to be upgraded to “buy” amid the recession
• Sezzle Inc shares and 2 other small cap ASX techs surge higher today
• Why Austal, Evolution, Newcrest, & Pro Medicus are tumbling lower
• Why Afterpay, Infigen, Qantas, & Zip Co shares are charging higher
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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If you’re close to retirement, then I think it would be prudent to focus more on capital preservation and income than growth shares like Afterpay Ltd (ASX: APT).

But which shares should you buy for a retirement portfolio? Below I have picked out two top shares which I think would be great options for retirees. Here’s why I like them:

Goodman Group (ASX: GMG)

The first company which I think would be a great addition to a retirement portfolio is Goodman Group. While property companies have been under a lot of pressure this year because of the negative impact of the pandemic, Goodman Group has come out of this relatively unscathed thanks to the way its portfolio is positioned.

In fact, last month the integrated commercial and industrial property group reaffirmed its earnings and distribution guidance for FY 2020. Management advised that its performance remains strong thanks to customer demand in the online, logistics, food, consumer goods, and digital economy. Given the structural changes we are seeing in the retail sector and with consumer behaviour, I think Goodman Group is well-positioned to deliver solid earnings and distribution growth for retirees for a long time to come.

Wesfarmers Ltd (ASX: WES)

I think it is hard to look past Wesfarmers when constructing a retirement portfolio. I believe the conglomerate is one of the highest quality companies on the Australian share market. Furthermore, with its proud history tracking back all the way to 1914, I don’t think there is a danger of it going away anytime soon. Especially given the quality of its portfolio and the positive long term outlook that the majority of its businesses have.

Overall, I believe it is well-placed to deliver solid earnings and dividend growth for the foreseeable future. This could make it a great long term retirement share to own.

More reading

• The latest ASX 200 stocks to be upgraded to “buy” amid the recession
• Why I’m not afraid to invest in shares during this recession
• Top brokers name 3 ASX 200 shares to buy right now
• The smartest ASX 200 shares to buy with $2,500 today
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers 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.

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The Exore Resources Ltd (ASX: ERX) share price is going through the roof today after announcing it is set to be acquired by Perseus Mining Limited (ASX: PRU).

At the time of writing, Exore shares are sitting 38.71% higher for the day while Perseus shares have dropped 11.57% lower.

Exore is a junior Australian-based miner with gold projects in Cote d’Ivoire covering a combined area of 2,000 square kilometres. 

What’s the deal?

Subject to certain conditions, Perseus will acquire 100% of Exore by way of a scheme of arrangement in an all-share transaction. If implemented, Exore shareholders will receive 1 Perseus share for every 12.79 Exore shares held.

Based on Perseus’ last closing price of $1.34, the scheme values Exore at a fully diluted equity value of $64 million, or 10.5 cents per share. This represents a 69% premium to Exore’s last closing price of 6.2 cents per share.

Additionally, Exore has elected to exercise its pre-emptive right to acquire the remaining 20% interest in the Bagoe and Liberty projects from Apollo Consolidated. Exore will pay the consideration of US$4.5 million from its existing cash reserves.

Exore and Perseus believe both sets of shareholders will benefit from the increased strength of the combined entity. 

Exore’s 2,000 square kilometres of land in northern Cote d’Ivoire is located within trucking distance of Perseus’ Sissingué Gold Mine. Additionally, Perseus believes it has the financial capacity, technical expertise and in-country experience to advance the Bagoe and Liberty projects, and also explore the balance of Exore’s 2,000 square km land package.

What now?

Subject to the findings of an independent expert’s report, Exore’s board unanimously recommends that Exore shareholders vote in favour of the scheme. Along with Exore shareholder approval, the scheme is also subject to court approvals and TSX approval since Perseus is dual-listed on the Toronto Stock Exchange.

A scheme booklet will be sent to Exore shareholders in due course. It is anticipated that shareholders will then be able to vote on the scheme in late August or early September.

Commenting on the deal, Exore managing director Justin Tremain said:

“In addition to the premium implied by the transaction consideration, Exore shareholders have the opportunity to benefit, at a time of near record gold prices, from Perseus’s strong development and production capabilities which position Perseus as the ideal counterparty to unlock the future value of the company’s Bagoe project, whilst de-risking the need for Exore to discover additional ounces to support a standalone operation or fund a standalone development.”

More reading

• 7 roaring ASX mid-cap shares last week
• Why these ASX shares are well placed to outperform into next month

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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