ASX Market Update: Bourse falls as Bain Capital ups the ante in fight for Insignia Financial | January 13, 2025

The Market Herald
01-13

The Aussie market has kicked off the week lower after an unexpected jump in new U.S. jobs jettisoned any near-term hopes of a rate cut by the Fed Reserve.

Back home, jobs ads rose by just 0.3%, having a negligible impact on the bourse.

The Australian dollar has extended its losing streak against the US Dollar for the fourth straight day, with the Aussie battler hovering near two-year lows at around 61.6 cents.

IT has been leading the market down, giving up 2%, followed by Financials, down 1.6%, and Health Care 1.4%. Energy has been bucking the trend and is the best performing sector, up 2%, followed by Utilities, up 0.6%.

Company News

Insignia Financial (ASX:IFL) has been up 2.4% after Bain Capital increased its takeover offer. Bain has offered $4.30 per share; a 7% increase on its December offer that now matches the competing bid from CC Capital Partners.

Insignia has been $4.22.

Nova Minerals (ASX:NVA) has been up 1.3% after unveiling new drill-ready zones rich in gold and antimony at its Stibium prospect in Alaska. Assays from soil and rock chip samples uncovered gold grades reaching up to 141 grams per tonne and antimony levels of up to 60.5%.

Nova Minerals has been 38 cents.

Telix Pharmaceuticals (ASX:TLX) has been up 0.5% has acquired antibody engineering company ImaginAb through a $372M asset buy agreement.  

Telix Pharmaceuticals has been $24.11.

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