Azzet reports on three ASX stocks with price moving updates today.
AMP leaps after releasing 3Q update ~
Shares in AMP (ASX: AMP) were up 9.5% by 2:45 pm AEDT (3:45 am GMT), with the market finding favour in the wealth manager’s third quarter update, which included a 3.6% increase in total assets under management (AUM) to $159.5 billion, despite the Superannuation & Investments division continuing to disappoint.
Underscoring today’s 3Q update was strong performance in AMP’s Platforms business, with net cash flows up an impressive 61.6%.
Commenting on the underlying strength in platforms, AMP's CEO Alexis George told the market that the North proposition continues to be recognised by advisers, with net cash flows up over 60% on the previous period to $1.2 billion, while AUM was around $87 billion.
“We continue to innovate in the areas we know advisers value, such as Managed Portfolios, where AUM is now $23.8 billion,” said George.
“Our recently launched 'Grow' feature allows advisers to meet a broader range of client needs on North by blending across menus – a market-first.”
The platform will reportedly enable faster credit decisions, fewer touchpoints and less rework for brokers and customers.
While the Superannuation & Investments division reported net cash outflows for the quarter of $241 million, this was an improvement of 27.8% on the previous period.
Overall, due to positive investment markets, the division’s AUM was $60.5 billion, up 3.4% on the June quarter $58.5 billion result.
“We are continuing to drive member retention by providing exclusive access for AMP members to our intuitive digital advice journeys and our innovative retirement income solution, AMP Lifetime Super,” said the Super business.
“In August we enhanced our proposition even further when AMP Super became the first major super fund to offer cashback rewards that can boost members' super balances – leveraging Citro's established rewards platform.”
Meantime, while AMP's NZ Wealth Management business recorded net cash flows of $64 million, down 29% and steady AUM of $12.2 billion, AMP Bank business' total loan book continued to be managed for value, leading to a modest 1.3% increase to $23.8 billion.
Meanwhile, Total deposits of $20.8 billion kicked up marginally from $20.5 billion in the June quarter.
During the quarter, the company announced the settlement of the superannuation class action for $120 million, with AMP contributing $75 million and the rest paid by insurance.
AMP also announced that it had received approximately $44 million in AMP’s proceedings against insurers for its historical remediation programs.
Since that announcement, AMP has reached agreements to settle with remaining insurers and conclude the legal proceedings. AMP will receive a further $24 million, taking total proceeds of the settlement of the claim to approximately $68 million.
AMP provided no guidance for the remainder of the financial year.
Early October, Macquarie confirmed its neutral rating on AMP shares but raised its target price to $1.72 per share, up from $1.70 in August.
The stock was trading at $1.96 this afternoon.
AMP has a market cap of $4.9 billion; the share price is up 44% in one year and up 18% in the last week.
While AMP's 200-day moving average is trending upwards and highlights long-term investor interest in the stock, the 20-day moving average is falling as upwards momentum wanes.
Consensus is Moderate Buy.
Mayne Pharma soars following takeover court victory
Shares in Mayne Pharma (ASX: MYX) were up 11.3% following revelations that the Supreme Court of NSW ruled that the New Jersey-based diversified drugmaker Cosette Pharmaceuticals was not in a position to terminate its $672 million takeover of the ASX pharmaceutical mid-cap.
Given that the deal was passed soundly by 99.06% of shareholders, today’s decision means the deal between Adelaide-based contraceptives and menopause medication manufacturer Cosette is now in the hands of the Foreign Investment Review Board FIRB).
However, the deal also needs to be approved by the Supreme Court at a hearing scheduled for 22 October.
Mayne Pharma brought court action against Cosette to enforce a $672 million takeover that the U.S. company was trying to bail on due to what it regarded as a “material adverse change” in the company’s performance.
Cosette, which owns a stable of medicine and pharmaceutical products, claimed that Mayne consciously chose to withhold information that should have been disclosed before the takeover bid was made.
However, back in May, Mayne Pharma maintained that all information relevant to the financial position of the company had been disclosed to the market in the earnings announcement released on 22 April and that there is now new information required to be disclosed in light of the contents of the Cosette notice.
Assuming the deal proceeds next month, Mayne Pharma shareholders stand to make another 16% based on the takeover offer of $7.40 a share, which at the time was a 37% premium to the prevailing share price.
Following the court’s decision yesterday, Mayne Pharma told the market it will now take all steps within its power to implement the scheme, which is expected to become effective on 23 October.
While Mayne Pharma's share price is currently up 12% to $6.31, it remains well short of the $7.40 takeover price, which may suggest the market still has reservations about the deal’s final execution.
While FIRB intervention is unlikely, there’s still the likelihood that its reluctant suitor could dig its heels in.
Meantime, Mayne Pharma advised the market today that it will apply for shares to be suspended from trading on 23 October, with the scheme implemented and $7.40 per Mayne share paid to shareholders on or around 3 November.
It’s understood that Cosette has until 22 October to lodge an appeal.
Mayne Pharma is expected to delist from the ASX once the takeover by Cosette Pharmaceuticals is successfully implemented.
Mayne Pharma has a market cap of $510 million; the share price is up 33% in one year and up 40% in the last month.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Consensus is Strong Buy.
Meeka Metals rallies first drilling update at Turnberry North
Shares in Meeka Metals (ASX: MEK) were up over 14.6% this afternoon after significant drilling results from the northeastern flank of Turnberry at the Murchison Gold Project revealed high-grade gold zones that are likely to expand resources and extend both open-pit and underground mining operations.
Maiden drilling at Turnberry North within its Murchison Gold Project has intersected wide zones of high-grade gold, including 22m at 3.25 g/t Au with 10m at 6.03 g/t Au.
These results lie outside the planned Stage 1 open pit and are expected to expand resources, extend pit life beyond two years, and boost underground production potential.
Drilling is continuing across Turnberry, while underground diamond drilling is also underway at Andy Well.
September quarter production exceeded ramp-up forecasts, with further results due in the quarterly update.
Commenting on today’s update, Meeka’s managing director, Tim Davidson, told the market that the pervasive nature of high-grade gold in this drilling - the first by Meeka in this area – warrants expansion of the planned Stage 1 open pit at Turnberry North to help capture this additional mineralisation.
“This drilling also highlights increased grade in the fresh rock below the planned pit, including intervals of 10m @ 6.03g/t Au and 17m @ 2.53g/t Au, and is likely to grow underground production,” he said.
Today’s update follows Meeka’s full-year earnings announcement last week, which showed a net loss of $4.24 million for the year ended June 2025, up from $2.94 million the prior year.
Meeka Metals is a gold and rare earths company with a portfolio of high-quality 100% owned projects across WA.
The miner’s flagship Murchison Gold Project has a combined 343km² landholding in the prolific Murchison Gold Fields and hosts a large high-grade 1.2Moz Mineral Resource.
In addition to Turnberry, the miner owns the Circle Valley Project in the Albany-Fraser Mobile Belt (also host to the Tropicana gold mine – 3Moz past production).
Gold mineralisation has been identified in four separate locations at Circle Valley and presents an exciting growth opportunity for the company.
In the rare earths space, Meeka controls the Cascade Rare Earths Project (2,068km²) and Circle Valley Project in a region of WA that is rapidly emerging as a highly prospective clay rare earths province.
The Company ended the June quarter with $56 million in cash, no debt (other than underground mining equipment finance) and no hedging
Meeka Metals has a market cap of $738 million; the share price is up 300% in one year and up 30% in the last month.
The stock is in a strong bullish trend, confirmed by multiple indicators.
Consensus doesn’t cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
