Market Snapshot

The S&P/ASX 200 closed 35.1 points lower, down 0.42%.

The winning stocks from Monday to Friday were led by Insignia Financial Ltd adding 16.38%, SIMS LTD rising 10.38% and Arcadium Lithium plc gaining 9.9%.

On the losing end, STAR ENTERTAINMENT GRP LTD/T tanked 42%, LOVISA HOLDINGS LTD lost 14.88%, WESTGOLD RESOURCES LTD lost 9.3%.

Market News

CC Capital bids $2.9b for Insignia in private equity shootout

Insignia Financial, the ASX-listed wealth giant put in play by Mike Murphy’s Bain Capital last month, is assessing a $2.9 billion cash offer from another private equity firm, instigating a bidding war for the owner of MLC.

Insignia told shareholders on Monday that New York-headquartered CC Capital Partners had lobbed a competing bid, trumping Bain Capital’s December 13 offer and sending the stock rallying 12 per cent to $3.97 a share.

Australia's Star Entertainment hits record low on cash burn concerns

Shares of Star Entertainment fell further on Friday to hit a record low, after the Australian casino operator raised concerns about liquidity and cash months after securing a debt lifeline.

After trading hours on Wednesday, the embattled casino operator said it had A$79 million ($48.90 million) in available cash at the end of the December quarter, having burned through A$70 million from the September-quarter balance of A$149 million.

Star said it continues to work towards fulfilling the conditions precedent to draw down the second tranche of the A$200 million debt facility executed in late September.

Arcadium Lithium secures CFIUS clearance for Rio Tinto acquisition

Arcadium Lithium (ASX:LTM), a company in lithium chemicals, announced a milestone in its proposed acquisition by mining giant Rio Tinto (ASX:RIO).

The Committee on Foreign Investment in the United States has completed its review and confirmed there are no unresolved national security concerns related to the deal, originally announced on Oct. 9, 2024.