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ASX Ends the Week in the Red: CVW, LLI and PNV Follows Trend

Published 18/05/2024, 01:10 am
© Reuters ASX Ends the Week in the Red: CVW, LLI and PNV Follows Trend

The Australian stock market is concluding the week on a downward trajectory, with the S&P/ASX 200 Index experiencing a disappointing finish. It 3:07 PM AEST, the benchmark index is recorded a 0.77% decline, standing at 7,820.90 points.

Here's a closer look at three ASX-listed shares that are witnessing notable declines today:

Clearview Wealth Ltd (ASX: CVW)

The Clearview Wealth share price is down by 1.67% to AU$0.59. This decline follows the news of a major shareholder's decision to divest its holdings in the financial services company. Specifically, certain funds managed or advised by Crescent Capital Partners have entered into agreements to sell a total of 73,114,246 shares to sophisticated and institutional investors through a block trade at 59 cents per share. Despite this sell-off, Crescent Funds will still retain ownership of approximately 34.59% of Clearview Wealth shares.

Loyal Lithium Ltd (ASX: LLI)

Loyal Lithium shares have plunged by 3.07% to 26 cents following the announcement of a capital raising initiative. The lithium explorer disclosed that it has secured firm commitments to raise AU$3.3 million by issuing 7,345,744 new shares at an issue price of approximately AU$0.45 per share. Although this price represents a significant premium compared to the current market value, it is worth noting that the premium is attributed to the company's utilisation of "flow-through shares" provisions under Canadian tax law, aimed at incentivising investments in critical mineral mining expenditures.

Polynovo Ltd (ASX: PNV)

The Polynovo share price has declined by 4.09% to AU$2.11, potentially driven by profit-taking activities amidst today's market downturn. Despite this downturn, Polynovo shares have demonstrated a strong performance in recent months, with a remarkable increase of over 50% since six months ago. This surge can be attributed to the company's robust sales growth in the medical device sector, outperforming the broader ASX 200 index, which has recorded an 11% increase over the same period.

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