The ASX is in the red today.
The S&P/ASX200 dropped 73.90 points or 0.89% to 8,195.90 after setting a new 52-week high. Over the last five days, the index has gained 0.53% and is currently just over 1% off of its 52-week high.
The bottom performing stocks were The Star Entertainment Group Ltd and Tabcorp Holdings Ltd (ASX:TAH), down 8.48% and 4.95% respectively.
It seems there’s no love for gambling today.
The worst performed sectors were Materials and Financials down 2.45% and 1.52% respectively. In the green, Health Care and Utilities were the best performed each gaining1.20% and 0.85%.
Looking at the small cap index, the S&P/ASX Small Ordinaries (XSO) ended slightly higher, up 0.05%. Over the past five trading days, the index has gained 3.13%.
What’s making news
Less in the Treasury
Shares in Treasury Wine Estates have fallen 2.96% to A$11.65 following the company's decision to comply with demands from proxy advisor CGI Glass Lewis to impose more stringent long-term incentive targets for CEO Tom Ford.
In a letter to investors released on Tuesday, Chairman John Mullen acknowledged the revisions, stating that the company had made adjustments to the targets in response to investor feedback. "While we stand by our original assessment of the FY25 LTIP (long-term incentive plan) targets as being fair and reasonable," Mullen said, "the amendments were made with careful consideration of investor comments and concerns."
CGI Glass Lewis had advised shareholders to vote against both the remuneration report and the CEO’s LTIP grant at Treasury Wine Estates’ 2024 Annual General Meeting, scheduled for October 17.
"If other proxy advisors were to align with CGI Glass Lewis and their recommendations for this year’s AGM are followed by investors, and the performance rights grant to the CEO is voted down, this will potentially leave us without a LTIP programme for the CEO for the FY25 year," Mr Mullen said.
"This is a situation which we cannot possibly see as being beneficial for shareholders. TWE's CEO, Tim Ford, is an excellent executive doing an excellent job. The board firmly believes in aligning executive rewards with strong performance, and we see the CEO's motivation and continued leadership as crucial to delivering value for all shareholders."
Experion acquires illion
UK-listed Experian (LSE:EXPN) has finalised its A$820 million acquisition of credit reporting bureau illion, following approval from the Australian Competition and Consumer Commission (ACCC) in August.
As part of the acquisition, Experian (LSE:EXPN)'s local head Andrew Black will oversee both operations, with illion’s 500 employees now reporting to him. Illion's Chief Executive Officer John Banfield will step down from his role.
This acquisition strengthens Experian's global portfolio, which now includes 23 credit bureaus across key markets such as the United Kingdom, the United States, and Brazil.
Qantas nosedives
The Qatar-Virgin alliance has impacted Qantas shares, which closed down more than 4% to $7.12.
Rival Virgin Australia confirmed its plans to open its doors to Qatar Airways, which will take a 25% stake after months of negotiation between the airline, its US owner Bain Capital and the Gulf carrier.
The deal is subject to Foreign Investment Review Board and the Australian Competition and Consumer Commission approval, but is expected to allow a “measured entry” by Virgin Australia into long-haul international flying.
Five at five
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Anson Resources delivers mineral resource estimate at Surprise Deposit; discovers critical minerals
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American Rare Earths confirms high-grade rare earth mineralisation at Cowboy State Mine; more drilling planned
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Walkabout Resources secures sale orders for 800 tonnes of graphite in September
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On your six
Qatar Airways to acquire 25% stake in Virgin Australia, expanding long-haul services
Qatar Airways is set to invest in a 25% stake in Virgin Australia (ASX:VAH), marking the latest instalment in the Australian carrier’s turbulent post-pandemic recovery and growth strategy.
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The one to watch
Australian Rare Earths expands Koppamurra Resource by 27% to 236 million tonnes
Australian Rare Earths Ltd (ASX:AR3) managing director and CEO Travis Beinke joins Proactive’s Tylah Tully after the company has announced a significant 27% expansion of its Koppamurra mineral resource estimate (MRE), increasing to 236 million tonnes at 748 ppm total rare earth oxide (TREO).
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