The ASX 200 (ASX: XJO) has stormed higher today, it’s up 2.5%.
The ASX is adding to weeks of gains since the March 2020 crash. It follows on from the gains in overseas share markets on Monday.
CSL (ASX: CSL) makes an acquisition
CSL has announced it has agreed to exercise its right to acquire Vitaeris, a clinical-stage biotechnology company focused on the phase III development of a treatment for rejection in solid organ kidney transplant patients.
The two healthcare businesses entered into a partnership in 2017 to accelerate the development of the program with the option for CSL to acquire Vitaeris in full.
The cost of the acquisition was described as “modest and does not materially change the company’s profit expectation for FY20.”
Wesfarmers (ASX: WES) retail trading update
This morning Wesfarmers gave a retail trading update.
Following the easing of trading restrictions in New Zealand and north-western Tasmania, the company’s retail networks have returned to full operation.
Bunnings sales growth in the second half to date was 19.2%, with 11.3% growth in the FY20 YTD.
Kmart sales growth in the second half to date was 4.1%, with 6.1% growth in the FY20 YTD.
Target sales decline in the second half to date was 1.8%, with a decline of 3.4% in the FY20 YTD.
Catch’s gross transaction value growth in the second half to date was 68.7%, with 43.7% growth in the FY20 YTD.
Officeworks sales growth in the second half to date was 27.8%, with 19.3% growth in the FY20 YTD.
Wesfarmers said that significant demand growth has continued in Bunnings and Officeworks as customers continue to spend more time working, learning and relaxing at home.
G8 Education (ASX: GEM) government funding update
The G8 Education share price is up more than 10% after announcing an update.
The government has announced that the package would cease the week ending 12 July 2020 and that normal subsidies would resume after that.
To support the sector during this period of lower occupancy levels, early learning and care providers will get a transition payment equal to 25% of each centre’s fee level prior to COVID-19, based on the fees in the fortnight prior to 1 March 2020.
This will be about half of the support of the current ECEC package, but is paid in addition to the normal government subsidies. It will be paid from 13 July 2020 to 27 September 2020.
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