Global markets were very quiet this week as the US celebrated independence day, the UK went to the polls, and the ASX saw some inter-sector shifts with the new FY

Stock highlights

• Santos: Saudi Aramco and Abu Dhabi National Oil Co are considering bids for Santos, reflecting interest in ASX-listed energy firms despite likely disapproval from the Foreign Investment Review Board (FIRB).
• Regal Partners: Achieved $300 million in net inflows for the June quarter, bringing total funds under management to $12.2 billion. Anticipates earning $55-$56 million in performance fees for financial 2024. Valuation increased by 25% over the past year, with full-year results expected on August 26.
• Liontown: Entered a strategic partnership with LG Energy Solution to boost global lithium collaboration. The agreement includes a $250 million investment and a 15-year offtake deal for lithium spodumene from Liontown’s Kathleen Valley Project, with first production expected by the end of July.
• Booktopia: The online book retailer has gone into voluntary administration, with administrators from McGrathNicol Restructuring assessing its assets for a potential sale or restructure. Shares last traded at $0.045, with significant financial losses and operational challenges impacting the business

Trade of the Week

• Amplo (ALD) – Ampol presents a compelling case for investment due to its significantly undervalued status and attractive valuation metrics, suggesting substantial upside potential. Additionally, Ampol offers a superior dividend yield of 8.5%, enhancing income for the portfolio.