The S&P/ASX 200 (ASX: XJO) managed to eke out a positive day, gaining 0.1% or just 9 points on Thursday as selling pressure from the ASX banks offset solid gains in the rest of the market.
The financials sector fell 0.6% with the Commonwealth Bank of Australia (ASX: CBA) giving back another 1.6% on top of Wednesday’s 8% fall.
The ASX energy sector was the biggest detractor, falling 1.5% as the oil price moved below US$80 per barrel once again, sending Santos Ltd (ASX: STO) down more than 2%.
Evolution Mining spikes
The highlight of the day was gold miner Evolution Mining Ltd (ASX: EVN), which gained close to 10% after announcing the purchase of the $1 billion Ernest Henry silver and copper mine in Queensland.
The acquisition is the latest in a flurry of corporate activity for the sector as stronger players seek to leverage their position.
Treasury Wine buys up
It was a similar story for Treasury Wine Estates Ltd (ASX: TWE), which finished 2.6% higher after announcing it was seeking to acquire the highly rated Frank Family vineyard in the Napa Valley for $434 million.
The offer continues the trend of growing its exposure to the high end, strong margin sectors of the market after a number of distribution and surplus wine issues.
Sonic’s testing boom
Sonic Healthcare Limited (ASX: SHL) rallied 3%, boosting the healthcare sector which gained over 1%, after the company reported 16% growth in earnings to $991 million for the first four months of the year.
Revenue growth has been closer to 5% with the company seeing a huge tailwind from the 36 million COVID-19 tests it has undertaken during the pandemic.
Despite the strength, the company refused to offer guidance given the difficulty in predicting how long the testing boom will last.
Aristocrat takeover proceeding
Poker machine operator Aristocrat Leisure Limited (ASX: ALL) lost 3.6% after the company confirmed it would be pursuing the purchase of Playtech for $3.8 billion, but that it may take well into 2022 before the deal is settled.
The news came after the company reported a 14.4% jump in gaming revenue to $4.74 billion, with the reopening of casinos slowing growth in the online business.
Nufarm jumps
Nufarm Ltd (ASX: NUF) reversed the previous day’s losses, gaining 5.2% as investors continued to digest the chemical and fertiliser company’s result, in which management delivered a near 200% turnaround from a $73 million loss to a $61 million profit.
The company remains concerned about higher input costs and margin pressure, as many in highly competitive, commoditised spaces are.
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher on Friday, following a mixed lead from US markets overnight. To find out more, check out my US stock market report.