Its failure to land a tender on the pre-works portion of the Melbourne Metro Rail Project led to a 27% tumble in the value of shares in Nagambie Resources Ltd (ASX:NAG). The company said it is “very confident” it will pick up other contracts.
Shares in home furnishings group Adairs Ltd (ASX:ADH) shot up 35% after the company guided the market that its revenues and earnings would be at the very top end of forecasts.
Royal Wolf hunted
Containers group Royal Wolf Holdings Ltd (ASX:RWH) is about to be taken out in a bid that values the business at a 41% premium to Tuesday’s closing price. The shares shot up 38% to $1.80 – just 3 cents below the value of the bid from GFN Asia Pacific Holdings, which already owns 51% of the business.
We’ve heard plenty of market chatter about Nuheara Ltd (ASX:NUH) after the earbuds company extend its deal with an American retailer on Tuesday. Kibaran Resources (ASX:KNL), Kin Mining NL (ASX:KIN) and Lithium Power International Ltd (ASX:LPI) are also receiving a lot of airplay.
Consumers glum
Losses on the ASX 200 deepened as it dropped 43 points to 5,685.9 after a survey gave a pessimistic assessment of consumer sentiment.
The monthly questionnaire of 1,200 people, compiled by the Melbourne Institute and Westpac Bank, delivered a reading of 96.6, which meant pessimists outnumbered optimists.
"The Index is not sending encouraging signals about the outlook for consumer spending," Westpac chief economist Bill Evans told the Reuters newswire.