The local market is trading higher this afternoon with the benchmark ASX200 index up 0.3%. Tech stocks and Utilities are leading the gains while Materials and Consumer Staples are lower.
Suncorp sale gets greenlight
Treasurer Jim Chalmers approved the proposed $4.9 billion acquisition of Suncorp Bank by ANZ Banking Group (ASX:ANZBY) in a press conference on Friday morning.
"Today, we are announcing that the ANZ acquisition of Suncorp bank can go ahead, but subject to strict and legally enforceable conditions," said Chalmers.
"The conditions that I am proposing and imposing on the transaction are all about ensuring access to vital banking services, particularly in the regions, and also making sure that employees aren't left behind in this transaction."
Suncorp Group Ltd was trading up to 5.5% higher on the news.
Nine Entertainment staff cuts
'Economic headwinds' are behind a decision by Nine Entertainment to axe up to 200 jobs across the network, following similar moves by Seven West Media and News Corp (NASDAQ:NWSA). Nine is 1.9% higher in afternoon trading.
An email to staff from Nine chief executive Mike Sneesby pointed to a 'weaker advertising market' and a deal with Meta coming to an end as the reason behind the cut jobs.
Household wealth rises again
It may be hard to believe, but new data from the ABS reveals household wealth continues to increase and has now risen for the sixth straight quarter, largely due to an increase in home values.
Household wealth rose by 2.7% ($431 billion), over the March quarter 2024, bringing total household wealth to $16.2 trillion — 10.2% ($1.5 trillion) higher than a year ago.
Five at Five
Sipa Resources prepares for extensive exploration across Western Australian portfolio
Sipa Resources Ltd (ASX:SRI) is gearing up for drilling programs, gravity surveys and a site visit across its Western Australian portfolio of projects, preparing for a busy drilling season ahead.
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Celsius Resources' MCB Project Looks to transform energy transition
Celsius Resources Ltd (ASX:CLA, AIM:CLA)’s MCB Project has the potential to significantly impact the energy transition sector.
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Silver Mines identifies several new potential Caldera structures at Bowdens Silver Deposit
Silver Mines Ltd (ASX:SVL, OTC:SLVMF) has leveraged a seismic survey carried out over the Bowdens Silver Deposit to identify several new potential Caldera structures within the Rylstone Volcanics belt, similar to those hosting the current 396Moz silver resource on the project.
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Triangle Energy and Pilot Energy (ASX:PGY) negotiate extension for Cliff Head JV sale completion
Triangle Energy (Global) Ltd is in discussions with Pilot Energy (ASX:PGY) Ltd to extend the completion date of their Sales and Purchase Deed (SPD) for the Cliff Head Joint Venture
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Latrobe Magnesium extends entitlement offer amid “strong support” for equity raise
Latrobe Magnesium Ltd (ASX:LMG, OTC:LTRBF) has extended the closing date for its fully underwritten $6 million entitlement offer, which is part of a $18 million equity raise to help fund its demonstration plant in the Latrobe Valley of Victoria, Australia.
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On your six
Navigating Inflation: is it time to consider commodity-related stocks on ASX?
Already burdened by the high cost of living, Australians are anxiously awaiting next month's RBA meeting and whether a rate hike is possible, writes Wealth Within chief analyst Dale Gillham.
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One to Watch
Lithium Australia completes initial LieNA® piloting stage
Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO Simon Linge sits down with Proactive’s Jonathan Jackson following the completion of the initial stage of the company’s LieNA® piloting at the Australian Nuclear Science and Technology Organisation (ANSTO), under a joint development agreement with Mineral Resources Ltd (ASX:MIN) (MinRes).
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