{"id":3455,"date":"2023-12-19T05:08:32","date_gmt":"2023-12-19T05:08:32","guid":{"rendered":"https:\/\/economicherald.net\/?p=3455"},"modified":"2023-12-19T05:08:32","modified_gmt":"2023-12-19T05:08:32","slug":"asx-large-caps-origin-takes-more-stake-in-octopus-azure-may-accept-rinehart-and-sqms-joint-bid","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3455","title":{"rendered":"ASX Large Caps: Origin takes more stake in Octopus, Azure may accept Rinehart and SQM\u2019s joint bid"},"content":{"rendered":"

The ASX surged almost 1% on Tuesday , despite the RBA warning that it may raise rates again.<\/p>\n

Local stocks tracked Wall Street\u2019s gains overnight, where investors digested more messages from Fed members, this time from Cleveland Fed president Loretta Mester<\/strong>, who said the market is a \u2018bit ahead\u2019 of the central bank on rate cuts.<\/p>\n

\u201cThe next phase is not when to reduce rates, even though that\u2019s where the markets are at,\u201d Mester told the Financial Times<\/em> in an interview as she tried to calm investor exuberance driving up stocks and bonds.<\/p>\n

The RBA released the minutes<\/strong> of its December meeting today, which contained some hawkish language that ran counter to the rate cuts prediction the market has been anticipating.<\/p>\n

\u201cMembers agreed that whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend on how the incoming data alter the economic outlook and the evolving assessment of risks,\u201d the minutes said.<\/p>\n

On the ASX, all 11 sectors were in the green today, led by Real Estate<\/strong> and Utilities<\/strong>.<\/p>\n

Among the top winners were energy\/utility stock Origin Energy (ASX:ORG),<\/a><\/strong> and lithium stock Liontown Resources (ASX:LTR),<\/a><\/strong> which surged by 11% on no specific news.<\/p>\n

Investors might be looking at LTR after fellow miner Azure Minerals (ASX:AZS)<\/a><\/strong> received a $1.7bn takeover from joint bidders Gina Rinehart\u2019s Hancock Prospecting and Chilean giant Sociedad Quimica y Minera (SQM) \u2013 see more below.<\/p>\n

Across the region, Asian stock markets were mixed. The Nikkei index was up 1% on a softening Yen after the Bank of Japan once again kept its policy rate unchanged, and persisted with the world\u2019s only negative-rate regime.<\/p>\n

\u00a0<\/p>\n

BIG CAP WINNERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

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Code Name Price % Change Volume Market Cap LTR Liontown Resources 1.63 11.43 23,088,471 $3,548,207,666 NEU Neuren Pharmaceut. 23.85 7.41 996,681 $2,809,758,007 AD8 Audinate Group Ltd 16.18 4.72 135,361 $1,284,031,516 KAR Karoon Energy Ltd 2.03 4.11 3,748,167 $1,558,391,767 ELD Elders Limited 7.65 4.01 577,231 $1,150,102,819 CTT Cettire 2.89 3.96 1,015,821 $1,059,842,252 IEL Idp Education Ltd 20.50 3.64 1,282,866 $5,505,490,254 APM APM Human Services 1.19 3.48 2,247,716 $1,054,759,238 QBE QBE Insurance Group 14.58 3.33 4,893,190 $21,079,145,024 RMS Ramelius Resources 1.68 3.22 2,140,935 $1,852,949,736 AX1 Accent Group Ltd 2.02 3.06 1,477,191 $1,103,584,264 ORG Origin Energy 8.27 3.05 2,552,312 $13,816,436,321 GQG GQG Partners 1.66 2.95 826,153 $4,754,016,749 BPT Beach Energy Limited 1.60 2.89 3,916,509 $3,547,473,835 <\/div>\n

WordPress Table Plugin<\/a><\/p>\n

\u00a0<\/p>\n

Origin Energy (ASX:ORG)<\/a><\/strong> was up 3% after announcing it will invest \u00a3280 million (~$530 million ) in UK company Octopus Energy to increase its interest by 3% to 23%.<\/p>\n

Origin says that Octopus has continued its rapid growth, including continued expansion of the global licensing of its proprietary Kraken platform.<\/p>\n

To fund this purchase, Origin is participating in the funding round alongside other existing major investors in Octopus \u2013 Canada Pension Plan Investment Board, and Generation Investment Management.<\/p>\n

Azure Minerals (ASX:ASZ)<\/a><\/strong> announced that it has entered into a new binding Transaction Implementation Deed with Sociedad Qu\u00edmica y Minera de Chile S.A. (SQM) and Gina Rinehart\u2019s Hancock Prospecting under which the joints bidders will acquire 100% of the shares in Azure in cash at $3.70 per share.<\/p>\n

The Azure Board has unanimously recommended the transaction in the absence of a superior proposal.<\/p>\n

\u201cThe transaction delivers a fantastic outcome for Azure shareholders, including a significant uplift in value from the Original SQM transaction despite elevated market volatility and the recent deterioration in lithium prices,\u201d said Azure\u2019s CEO, Tony Rovira.<\/p>\n

\u00a0<\/p>\n

BIG CAP LOSERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Volume Market Cap TAH TABCORP Holdings Ltd 0.86 -5.25 13,059,054 $2,065,581,945 GNE Genesis Energy Ltd 2.27 -2.99 70,971 $2,514,658,258 PLS Pilbara Min Ltd 3.87 -2.52 15,529,334 $11,947,587,742 RDX Redox Limited 2.33 -2.51 257,309 $1,254,944,613 SKC Skycity Ent Grp Ltd 1.69 -2.31 342,258 $1,315,155,012 CCP Credit Corp Group 15.80 -2.11 220,421 $1,098,599,056 MFG Magellan Fin Grp Ltd 9.00 -2.07 596,186 $1,663,707,064 LOV Lovisa Holdings Ltd 23.34 -1.95 275,509 $2,610,684,808 LLC Lendlease Group 7.28 -1.89 2,151,386 $5,117,071,273 SGR The Star Ent Grp 0.52 -1.89 4,111,154 $1,520,400,865 QAN Qantas Airways 5.36 -1.83 7,941,703 $9,415,522,553 <\/div>\n

WordPress Table Plugin<\/a>
\n<\/span><\/p>\n

The post ASX Large Caps: Origin takes more stake in Octopus, Azure may accept Rinehart and SQM\u2019s joint bid<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The ASX surged almost 1% on Tuesday , despite the RBA warning that it may raise rates again. 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