The S&P/ASX 200 (ASX: XJO) finished just 2 points higher on Tuesday, barely continuing the run of positive days.
The ASX tech and consumer sectors were the only real positive contributors, the former gaining over 1%, with the utilities sector the biggest detractor falling by a similar amount.
Crown ‘unfit’ for license
Shares in Crown Resorts Ltd (ASX: CWN) nearly topped the market for the session, gaining 8.7% after the recommendations from the Victorian Royal Commission were announced.
The Commissioner found the company was not suitable to hold its casino license following a litany of anti-money laundering, organised crime and other activities been run through the casino without being identified.
Despite the finding, the Commission recommended a ‘special adviser’ be installed in the business to assess and support the rebuild of the company over the next two years.
GQG IPO sets sail
Highly touted fund manager GQG Partners Inc (ASX: GQG) listed on the ASX on Tuesday. But despite the fanfare, the largest IPO of the year finished broadly flat. For a primer on GQG and its IPO, check out this deep dive.
Featured: Your guide to initial public offerings (IPOs)
Suncorp flags insurance pain
Shares in Suncorp Group Ltd (ASX: SUN) fell 1% after the owner of AAMI and Apia brands flagged the cost of recent storm and earthquake claims could exceed half of the $980 million internal budget after a busy 12 month period. The result highlights the growing difficult facing insurance companies.
Ampol earnings boost
Ampol Ltd (ASX: ALD) reported a 75% increase in earnings for the September quarter, hitting $102 million as the global energy crisis sent refining volumes and margins higher.
With the release of restrictions in Victoria and NSW, the company is well-positioned to benefit from a return to normal levels of travel, including aviation. Ampol shares finished flat.
Reliance to acquire EZ Flo
Plumbing supplier Reliance Worldwide Corporation Ltd (ASX: RWC) gained 0.4% after delivering a solid trading update whilst announcing the acquisition of EX-FLO for $325 million.
The ‘complementary’ businesses addition highlights the foresight and understanding of management who continue to make accretive decisions amid their global expansion.
Mineral Resources goes top to bottom
Finally, Mineral Resources Limited (ASX: MIN) went from top of the pops to bottom of the pile, falling 7% after delivering weaker than expected iron ore shipments and a 13% fall in lithium production.
ASX 200 today
Looking ahead, the ASX 200 is heading towards a flat open on Wednesday as US markets offer little direction overnight.
