Weekly | PPT Rejected A$3.1B Bid; AWC Upgraded by JPMorgan

As of the close on Friday,$S&P/ASX 200(XJO.AU)$ closed at 7,194.90 points, up 1.72% in the past 5 days.

1. $Chalice Gold Mines(CHN.AU)$ +22.22%

• Chalice Mining's stock surged after receiving approvals for the next phase of exploration drilling in its Julimar project, aiming to discover high-grade nickel, copper, and platinum elements in new areas near the significant Gonneville Deposit discovered in 2020.

• Despite the recent rise, the stock remains down 70% over the past year.

2. $ALUMINA LTD(AWC.AU)$ +14.08%

• Alumina Limited's stock surged after JPMorgan upgraded its rating to overweight, setting a 12-month share price target of $1.

• Despite a challenging year with shares down 51%, Alumina faced setbacks like a recent net loss and challenges with annual permit renewals.

3. $PERPETUAL LTD(PPT.AU)$ +14.02%

• Perpetual Ltd, financial services provider, surged after rejecting a A$3.1 billion takeover bid from Washington H Soul Pattinson (WHSP).

• The offer values shares at A$27 each and proposes to spin off Perpetual's asset management business.

• Analysts anticipate a potential bidding war, considering past rejected bids, and expect Perpetual's shares to reflect prospects of improved offers.

4.  $Home Consortium(HMC.AU)$ +12.32%

• The rise in Home Consortium's stock might be influenced by the decision of Australia's central bank to maintain stable interest rates at the end of 2023.

• Rate hike pause means favorable conditions for property investment firms like Home Consortium, which specializes in retail, commercial, and mixed-use properties.

• This decision might signal stability in borrowing costs, potentially contributing to investor optimism in the property sector.

5. $Magellan Financial GR(MFG.AU)$ +12.13%

• Magellan Financial Group is an investment management company offering global equities strategies to retail and institutional investors.

• Individual investors hold 50% of the company, indicating their potential influence on management decisions.  

• While the general public holds significant ownership, institutions also own a substantial portion, at 44%.