The ASX200 is trading lower than predicted, down 0.2 per cent.
The discretionary sector has gained the most, up around 0.6%. Energy on the other end, has dipped 0.9%, followed by real estate, down 0.75%.
Company News
Southern Cross Media Group (ASX:SXL) was down around 9% during morning trades. ARN Media (ASX:A1N) also saw a dip of nearly 4% dip. This comes off the back of a failed proposed merger deal between both companies.
ARN Media consortium partner Anchorage Capital Partners Pty Ltd (ACP) pulled out of the deal, unconvinced that Southern’s regional TV assets would be beneficial.
SXL has been trading at 86.8 cents.
ARN has been trading at 80 cents.
Magnum Mining & Exploration (ASX:MGU) is up around 36% upon entering into an agreement with V Capital Consulting (VCCL) and 2×1.Digital Private (2×1.Digital) to undergo a capital raising of no less than US$210M to advance its Green Pig Iron Project in Saudi Arabia.
From this, Magnum will receive no less than US$10M as working capital for its Buena Vista Project.
MGU has been trading at 1.9 cents.
West Australian gold producer Ramelius Resources (ASX:RMS) has seen its mineral resource for the Eridanus project near Mt Magnet jump 64%.
It now holds 1.2 million ounces of gold – as drilling and other mining activities have enabled the Lone Pine and Theakston deposits to be brought under its umbrella.
RMS is up 3.5% trading at $2.07.
And, todays ASX Debutant, D3E Energy (ASX:D3E), a natural gas and helium explorer has seen shares leap as much as 15% on it first day on the market.
The company raised $10 million for its launch at 20 cent shares.
It intends to initially focus on exploration and potential development work at the Exploration Right at its flagship project in South Africa.