Latest ASX 200 News: BHP, RZI, PAR, BRN, GL1 Shares in Focus

See what’s making news on the S&P/ASX 200 [ASX:XJO] this Wednesday morning.

BHP share price: Noront Resources acquisition update

BHP Group Ltd [ASX:BHPcommences talks with Wyloo Metals regarding its potential to support BHP’s 75 cent per share offer to acquire Canadian miner Noront Resources.

Wyloo has previously placed its own bid to acquire Noront.

As BHP noted last week, its all-cash offer of 75 cents per share is 36% higher than its previous offer and 7% higher than Wyloo’s offer.

Wyloo and BHP are now considering a mutually beneficial arrangement regarding the Noront acquisition.

Granting itself more time to progress discussions, BHP has extended the initial expiry of its offer from 9 November 7pm (Toronto time) to 16 November.

Now, if you are wondering what a falling iron ore price might mean for the sector and Australia’s economy as a whole, I suggest checking out the latest dispatch from our editorial director Greg Canavan.

Raiz share price: October key metrics released

RAIZ Invest Ltd [ASX:RZI] is nearing its oft-cited milestones for calendar 2021 — $1 billion in funds under management and 600,000 active customers.

In its September quarterly published last week, the fintech said it was on track to achieve $1 billion FUM ahead of its previous target of 31 December 2021.

Today, RZI revealed it was only $11 million shy of $1 billion FUM in Australia.

RZI’s management is confident it can make up the gap in the next two months, ‘market willing.

Raiz Managing Director George Lucas commented:

With the flat ASX200 for October, and FUM still increasing 2%, we continue seeing inflows, customer growth and retention.

Our original strategy of Southeast Asian expansion continues to assist with growth in Active Customers across the region. In Indonesia we saw 10.3% growth in October and 38.6% for the past three months, while growth in Malaysia is steady at 3.9% in October and 16.2% for the last quarter. The team is working hard to be operational in Thailand later this year or early next year to accelerate this Southeast Asian growth.

For more on fintechs, see the sector research from our analysts here.

Paradigm Biopharmaceuticals IND application cleared by FDA

Biopharma stock Paradigm Biopharmaceuticals Ltd [ASX:PAR] today announced its initial new drug (IND) application to commence phase 3 clinical trials was cleared by the US FDA.

PAR’s clinical trial will investigate pentosan polysulfate sodium for the treatment of pain related to knee osteoarthritis.

The biopharmaceutical firm said the US central ethics committee already approved the trial, with Australian ethics approval previously announced in September.

Screening for patients to conduct the trial is expected to start ‘prior to the end of CY2021.

BrainChip share price: American Depositary Receipt program launched

BrainChip Holdings Ltd [ASX:BRN], developing low-power AI technology, today announced the launch of its sponsored Level 1 American Depository Receipts program.

Trading will begin via the OTCQX Best Market under the ticker symbol BCHPY at the US market open.

As BrainChip explains, an ADR is a US trading instrument denominated in USD, letting non-US issuers trade on a US trading platform.

Launching on the OTCQX is part of BRN’s strategy to spread the word and make itself more attractive to investors outside Australia.

BRN has set the ratio to 1 ADR for 40 BRN shares listed on the ASX.

No additional shares will be issued, nor any additional capital raised as a result of the ADR program.

For more on AI stock ideas, please see here.

GL1 share price: Marble Bar Lithium project expanded

Pilbara-focused lithium explorer Global Lithium Resources Ltd [ASX:GL1was granted a further two tenements.

The grants expand GL1’s land position of GL1’s MBLP project by 90km2.

GL1 considers the tenements prospective for lithium-bearing pegmatites.

Management today said it looks forward to commencing exploration in the area as it ramps up its activities at the Pilbara project following GL1’s recent $13.6 million equity raising.

Last month also saw the introduction of Yibin Tianyi Lithium Industry as GL1’s cornerstone investor.

For more on the history of lithium, the future of the lithium industry, and comparing lithium stocks, see here.

Regards,

Kiryll Prakapenka,
For Money Morning

 


Kiryll Prakapenka is an investing autodidact who is passionate about conducting in-depth research on investments. Kiryll brings sound analytical skills to his work, courtesy of his Philosophy degree from The University of Melbourne. A student of legendary investors and their strategies, Kiryll likes to synthesise macroeconomic narratives with a keen understanding of the fundamentals behind companies.


Money Morning Australia