The Australian share market
and All Ordinaries (ASX: XAO) is currently trading up 1.28%, with shares of Crown Resorts Ltd (ASX: CWN), National Australia Bank Ltd. (ASX: NAB) & Coles Group Ltd (ASX: COL) moving the Australian share market.
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1. Crown Resorts Ltd – up 8%
Crown Resorts is one of Australia’s largest gaming and entertainment groups. Today, Crown shares lead the pack in terms of percentage gains. A short while ago Crown shares were seen trading at 12% higher.
This is likely to be due to Crown reporting that an entity owned by funds managed or advised by The Blackstone Group Inc. and its affiliates have purchased 67,675,000 shares in Crown, representing 9.99% of the issued capital of Crown. It bought this stake from Melco Resorts & Entertainment Limited at a price of $8.15 per share.
To find out more about this gain, read the Rask Media article: Here’s why the Crown (ASX:CWN) share price has jumped 12%.
2. National Australia Bank – done deal
NAB has been creating a stir in the media recently with the news of its $3.5 billion capital raise. This plan was a $3 billion fully underwritten institutional share placement plan, and a non-underwritten share purchase plan targeting approximately $500 million.
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NAB has now announced that it has completed the institutional portion of its raise. It will now issue approximately 212 million new fully paid ordinary shares. You can read our in-depth NAB article from earlier this week for a better understanding.
3. Coles Group Ltd
Coles shares were seen trading down 5% today after it announced its third-quarter sales update covering the 12 weeks from 6 January to 29 March 2020.
Total third-quarter sales revenue rose by 12.9% to $9.2 billion with comparable sales growth of 12.4%.
Looking at the individual divisions, Supermarkets increased revenue by 13.8% with comparable growth of 13.1%. Liquor revenue grew by 6.1% with comparable growth of 7.2% and Express (convenience store) revenue rose by 5% with comparable growth of 4.3%. Want to keep Reading? Click here.
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