The S&P/ASX 200 (ASX: XJO) added just 2.4 points on Thursday after the Victorian Government sent the entire state into another lockdown.
The news is expected to hit the economy to the tune of $1 billion but the market remains immune, with the IT sector once again leading the charge, up 1.9%.
Link receives another offer
Link Administration Holdings Ltd (ASX: LNK) looks to have finally received the offer it was seeking, with private equity firm KKR teaming up with Domain Holdings Australia Ltd (ASX: DHG) to lob a bid for the property settlement platform PEXA, which values the entire business at $3 billion.
Link shares moved 1.2% higher with the ~$1.3 billion valuation of Link’s 44% share nearly half its current market cap. The group has set a deadline of 30 May to accept the offer with DHG shares jumping 2.1% on the news.
AMP sued
AMP Ltd (ASX: AMP) was the top performer on Thursday, jumping 8.5% despite being lodged with court proceedings from ASIC in relation to its charging of deceased customers in the past.
AMP is said to have already repaid over $5 million in remediation.
Costa smashed
Avocado and berry producer Costa Group Holdings Ltd (ASX: CGC) was one the worst-performing companies on the ASX on Thursday, falling 24.1% on a trading update after what had been a strong run in 2020.
The sell-off came despite management suggesting second-half performance was ‘marginally ahead’ of the first half.
The international business, including China and Morocco, is beginning to perform well but it was the domestic business struggling with a mixed performance from tomato and citrus farming spooking investors.
Ramsay doubles down on the UK
Ramsay Health Care (ASX: RHC) couldn’t overcome the Victorian shutdowns with a strong acquisition in the UK.
Shares fell 3.5% as the company announced the $1.82 billion acquisition of UK competitor Spire Healthcare (LSE: SPI) as it doubles down on a European recovery.
The deal was at a multiple of 11 times earnings and is expected to deliver significant cost savings with greater scale.
Fisher & Paykel struggles with expectations
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) fell 6% after releasing FY21 results, announcing an 82% increase in profit to NZ$524 million on 56% revenue growth.
The company refused to provide guidance for FY22, which given its major products including breathing apparatus, was of concern. The dividend was increased 42% to 22 cents per share.
ASX 200 today
According to SPI futures, the ASX 200 is tipped to push 0.8% higher when the market opens on Friday.
