ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

ASX News Market Summary
20 Jun 2024 13:03 (AEST)

It’s looking like another red day on the market, with the ASX flattish around intraday trades.

Sector performance is mixed, with healthcare leading the decline at 0.7%, followed closely by IT which is down half a percent.

Today represents a milestone for Australian cryptocurrency investors as Bitcoin (CRYPTO: BTC) prepares to make its debut on the ASX via the VanEck Bitcoin ETF (ASX: VBTC).

This marks the first opportunity for investors to access Bitcoin on the Australian Securities Exchange.

Company news

All attention is on today’s ASX debutant, fast casual dining retailer Guzman y Gomez (ASX: GYG), which has seen its shares surge nearly 40% within the first hour of listing.

The company raised $335 million at $22 per share, reflecting an indicative market capitalisation of $2.2 billion, making it the largest IPO in 11 months.

The company expects to make $10 million in FY2025.

Guzman and Gomez trades under the ticker code GYG.

GYG has been trading at $30.20.

DroneShield (ASX:DRO) has secured a $4.7 million order from a prominent non- government Swiss international customer, to deliver several vehicle-based counter-drone systems.

These systems are versatile, supporting operations in both static and On-The-Move (OTM) modes for convoy and mobile VIP protection.

The end customer, anticipates payments spread across 2024, with the final payment scheduled for Q1 2025.

DRO is trading at $1.59.

Haranga Resources (ASX: HAR) is up 13% following an upgraded mineral resource estimate for the Saraya Uranium Deposit in Senegal, West Africa.

The update reveals an Indicated Mineral Resource of 6.04 million pounds of equivalent uranium oxide at 752 parts per million, and an Inferred Mineral Resource of 10.1 million pounds at 484 parts per million.

Further updates to the estimate are expected after receiving laboratory assay results from 29 RC drill holes completed in Q1.

HAR has been trading at 9.6 cents.

Botanix Pharmaceuticals (ASX: BOT) has received FDA approval for its Sofdra gel, used to treat excessive underarm sweating in adults and children aged 9 and above.

The company intends to initiate its patient experience program in Q3 CY2024, aiming to generate initial revenue from Sofdra in early Q4 CY2024.

BOT’s current trading price stands at 33.5 cents.

That’s market update, we’ll see you later for a market close.

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