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ASX 200 rallies on takeovers & deals – ALL, CL1 & Z1P shares in focus

After the unexpected end of Victoria’s lockdown the only way was up for the market, with the S&P/ASX 200 (ASX: XJO) gaining 0.3% to start the week.

Whilst not a large gain it hid a further divergence in cyclical versus defensive sectors with materials, energy, financials and utilities all up strongly, but healthcare, tech and real estate left behind.

The standouts were in base metals with more stimulus expected after China’s GDP printed at ‘just’ 4.9%, with Nickel Mines Ltd (ASX: NIC) and Orocobre Limited (ASX: ORE) both gaining close to 5%.

Aristocrat’s big acqusition

But it was all about the ASX takeovers and deals on Monday, led by Aristocrat Leisure Limited (ASX: ALL). The maker of poker machines entered a trading halt after agreeing to purchase gambling software company Playtech for $3.9 billion; $1.3 billion in new equity will be raised to fund the deal.

Hub24 sends the Class share price soaring

Meanwhile, platform provider Hub24 Ltd (ASX: HUB) fell 0.9% after announcing the acquisition of complementary service provider Class Ltd (ASX: CL1). Class is known for its ownership provision of the Class Super SMSF accounting platform and ownership of Top Docs.

The Class share price soared 61.3% on the news as it looks to be a perfect bolt-on acquisition for Hub as the platform expands its services to financial advisers.

Featured: Every SaaS & software investing term explained – DBNR, CAC, LTV & more

Zip hands in quarterly numbers

Second-tier buy now pay later provider Zip Co Ltd (ASX: Z1P) reported record transaction revenue in the first quarter, which hit $136 million, up nearly 100% on the prior year.

The strength came from a similar doubling of quarterly transactions processed through the platform to $1.9 billion on a record 14.7 million total transactions.

Customer numbers and merchants continue to show resilience in the face of huge competition, up 82% and 71%, respectively, with the US rebranding from Quadpay to Zip now complete. Zip shares fell 1.5% despite the positive news.

Praemium delivers

Hub 24 competitor Praemium Ltd (ASX: PPS) rallied 6.9% after joining Netwealth Group Ltd (ASX: NWL) with record quarterly platform inflows of $1.66 billion, taking total assets under administration 46% higher than 2020’s levels. Managed accounts remain the most popular destination, up 58%.

NZ inflation hits record

Finally, New Zealand inflation hit a multi-decade high of 4.9% year-on-year as fuel, housing and food prices hit the closed border economy. Bond rates shot up after the recent interest rate decision.

ASX 200 today

Looking ahead, the ASX 200 is set to take a backwards step when the market opens on Tuesday. This comes following a mixed lead from US markets overnight.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Disclosure: At the time of publishing, Drew owns shares in Zip Co.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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