The ASX is in the red today. The S&P/ASX200 dropped 12 points or 0.15% to 7,851.70.
Over the last five days, the index has gained 1.64% and is currently 0.72% off its 52-week high.
The bottom-performing stocks in this index are James Hardie Industries PLC and The Star Entertainment Group LTD, down 12.63% and 7.41% respectively.
It was a mixed bag today across the sectors. Materials was the worst performed, down 0.84%, with Healthcare losing 0.69%. On the upside was Information Technology with a 1.27% gain, followed by Industrials which gained 0.79%.
Looking at the small cap sector, the S&P/ASX Small Ordinaries gained 0.32% today and over the last five days is 1.26% higher.
Between a rock and a hard place
Star fell after US hospitality giant Hard Rock International quashed acquisition rumours.
“We want to make it clear that Hard Rock International is not involved in, nor has it authorised, any discussions, activities or negotiations on its behalf in connection with a proposed bid for Star,” it said in a statement.
“Hard Rock International has similarly not authorised the use of the Hard Rock brand in connection with any proposed bid for Star by any third party.
“Any misuse of the Hard Rock name in unauthorised business dealings is taken very seriously. We are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation.”
On Tuesday, The Star clarified that it had not received any proposal from Hard Rock International. However, the company did acknowledge receiving an initial approach from a consortium that included Hard Rock Pacific.
“As noted yesterday, The Star has not received any proposal directly from Hard Rock International. The company has received inbound interest from a number of other external parties regarding potential transactions, including a consortium of investors, which includes the entity Hard Rock Hotels & Resorts (Pacific), which The Star understands is a local partner of Hard Rock,” The Star stated.
Five at five
Altech Batteries raises A$3.72 million from share purchase plan to fund flagship battery projects
Altech Batteries Ltd (ASX:ATC, OTC:ALTHF) has successfully wrapped up a share purchase plan (SPP), raising A$3.72 million. The funds raised will support Altech’s ongoing projects and strategic initiatives to strengthen its position in the battery sector.
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Australian Vanadium wraps government-funded work and receives final payment for vanadium electrolyte manufacturing facility
Australian Vanadium Ltd (ASX:AVL, OTCQB:ATVVF) has completed the work for which it received a grant under the Australian Government's Modern Manufacturing Initiative, awarded in 2021.
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Flynn Gold delivers 64 g/t gold assays and new high-grade zone at Golden Ridge; shares up
Flynn Gold Ltd (ASX:FG1) is trading higher on news of a “significant” new zone of high-grade mineralisation with up to 64 g/t gold at Link Zone prospect of the Golden Ridge Project in Northeast Tasmania.
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Premier1 Lithium begins extensive fieldwork in hunt for lithium at Yalgoo projects
Premier1 Lithium Ltd (ASX:PLC) has launched an extensive fieldwork program at the Yalgoo Lithium Projects in Western Australia involving large-scale rock chip and soil sampling with more than 1,000 soil samples to be collected.
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Kali Metals taps experienced mining executive Paul Adams for managing director role
Kali Metals Ltd (ASX:KM1) has appointed highly experienced mining executive and current non-executive director Paul Adams as the company’s new managing director, commencing on July 1, 2024.
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On your six
Gold shines but silver at 11-year highs and flying under investment radar
It is understandable that gold is attracting strong attention with global economic patterns driving the safe-haven to record prices, however, silver is also at 11-year highs and is, as usual, flying under the investment radar.
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The one to watch
Prescient Therapeutics PTX-100 shows promising results in Phase 1b study
Prescient Therapeutics Ltd (ASX:PTX, OTC:PSTTF) CEO and managing director Steven Yatomi-Clarke sits down with Jonathan Jackson in the Proactive studio ahead of a presentation of the results of its PTX-100 Phase 1b study at the 15th Annual T-Cell Lymphoma Forum (TCLF) in California from June 6 to 8.
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