Every sector barring energy and industrials finished higher on Wednesday, with the S&P/ASX 200 (ASX: XJO) jumping 0.9%.
ASX buy now pay later shares were among the top performers, with Zip Co Ltd (ASX: Z1P) and Afterpay Ltd (ASX: APT) adding 6.5% and 4.5%, respectively.
Private equity buys into Challenger
Challenger Ltd (ASX: CGF) was the top performer on Wednesday, jumping over 8% after disclosing that global retirement income specialist Athene Holdings in combination with private equity firm Apollo Global Management had acquired a 15% to 18% stake in the group.
According to the announcement, they ‘share the same mission – to provide customers with financial security for retirement’.
Either way, it is a positive step for this underappreciated Australian leader.
Seven Group closing in on Boral
Seven Group Holdings Ltd (ASX: SVW) is seemingly getting a steal in Boral Limited (ASX: BLD) with the group amassing a 34.5% stake over the last 12 months without paying a premium price.
Analysts suggest it has been a masterclass by the Stokes family in gaining control over a business struggling for direction.
Magellan FUM up $7 billion
Magellan Financial Group Ltd’s (ASX: MFG) investment in Barrenjoey seems to be gaining traction with the group apparently behind the block trade for Challenger mentioned above.
Magellan reported a $7 billion increase in funds under management for the June quarter, all of which came from performance with $351 million in outflows following a weak period of performance.
E-commerce booming for MyDeal
Recent listee MyDeal.com.au Pty Ltd (ASX: MYD) announced a full-year trading update, delivering record sales of $218 million an 111% increase on the prior financial year, with active customers hitting 894k, an 83% increase.
Investors reacted favourably to the update, sending the MyDeal share price 8.6% higher.
CleanSpace takes another hit
Pandemic beneficiary CleanSpace Holdings Ltd (ASX: CSX) fell over 10% after announcing it was hit by difficult trading conditions in the second half of the financial year, with an oversupply of disposable masks impacting on its sales.
The company now expects second half revenue of $10.2 million, down from $39.7 million in the first half; an example of why extrapolating short-term trends is fraught with risks.
Cobram Estate IPO squashed
Finally, the listing of olive oil producer, Cobram Estate has been pulled after it struggled to gain bidders at the preferred price.
ASX 200 today
The ASX 200 is expected to open higher on Thursday following a positive lead from US markets overnight.