Welcome to the halfway point of a busy Wednesday, with a lot happening on the market today. Here’s the big headlines:
Commonwealth Bank’s new record high
Commonwealth (ASX:CBA) has continued its analyst-defying climb to a new all-time high share price of $176/sh intraday
For over a year now, a vast majority of analysts have rated Commonwealth a sell
However, amidst a Chinese economic downturn and subsequent Chinese equities exit, and new volatility stemming from the Trump 2.0 Administration, CBA is considered a safe haven asset
Sentiment is apparently unchanged even after the RBA’s rate cut on Tuesday, where typically one may predict a bank would make less on mortgage payments
Mayne Pharma (ASX:MYX), a womens’ pharmaceutical products brand, has sunk -30% to $4.48/sh as U.S.-based Cosette walked away from a proposed $672M takeover of Mayne
Mayne was required to inform Cosette of a material change to its underlying fundamentals, and despite having received information satisfying that, it did not inform Cosette
Investors have responded by exiting Mayne Pharma stocks as it now appears it won’t be part of any $627M deals
Further compounding issues, this follows a letter of concern from the FDA, ultimately alleging Mayne has been dishonest in advertising commercial risks associated with its products
Mayne’s 1Y share price performance (Market Index)
Adriatic Metals jumps as takeover talks confirmed
Adriatic Metals (ASX:ADT), currently exploring for silver in Bosnia and Serbia, has caught the eye of Canadian gold miner Dundee Precious Metals
Adriatic investors clearly see the takeover (or buyout) as a beneficial step towards maximising value
This is evidenced in that shares have jumped $1 in value from ~$3.65 to ~4.65/sh on Wednesday
The +25% share price jump on Wednesday has levelled out Adriatic’s 1Y returns to a loss of only -3%
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