The crown jumps, the miners gather, Sonic sinks
Image source: Getty Images
At lunch on Thursday, the S&P/ASX 200 Index (ASX:XJO) is back in shape and pushing higher. The benchmark is currently up 0.5% at 7,477.5 points.
Here’s what’s happening on the ASX 200 today:
Crown shares jump on improved Blackstone bid
the Crown Resorts Ltd (ASX: CWN) The stock price soared today after receiving an enhanced takeover bid from Blackstone. The private equity firm raised its offer from $12.50 cash per share to $13.10 cash per share. While the previous offer ‘did not represent compelling value for Crown shareholders’, this time around the Crown Counsel believe it would be acceptable if it became binding. All eyes are now on Star Entertainment Group Ltd (ASX: SGR), which is interested in a merger with Crown.
Sonic shares the sink
the Sonic Healthcare Limited (ASX:SHL) The stock price tumbles today despite the lack of news from the healthcare company. However, as Sonic has been a big winner in COVID testing, the shift to rapid antigen testing is expected to weigh on his performance in the months to come. There appear to be concerns that this could see it fall below high market expectations.
Mining stocks rally
The mining sector was on fire Thursday thanks in part to a brokerage note from Goldman Sachs. Its analysts have spoken very positively about the sector’s outlook and actions, including South32 Ltd (ASX:S32) (here) and Whitehaven Coal Ltd (ASX: WHC) (here). Both mining stocks are showing significantly higher prices at lunchtime.
The Best and Worst Performers of the ASX 200
The best performer on the ASX 200 on Thursday was the Crown share price with an 8% gain following Blackstone’s takeover bid. Going the other way, the PolyNovo Ltd (ASX:PNV) the stock price is the worst performer with a decline of 6.5%. This appears to have been driven by profit taking after a very strong gain on Wednesday following the release of a trade update.