Azzet reports on three stocks with price moving updates today.
Pengana Capital jumps after appointing Antipodes Partners to help run PIA ~
Shares in Pengana Capital (ASX: PCG) were trading 4.2% higher by 2:10 pm AEDT (3:10 am GMT) after the Australian-based funds management company told the market it had entered an agreement with Antipodes Partners to assist in managing the portfolio of Pengana International Equities (ASX: PIA) in line with the Antipodes Global SMID Strategy.
While PIA will continue to invest in a diversified, ethically screened portfolio of global equities, management expects the transition to materially enhance long-term outcomes for shareholders.
It’s understood that the Antipodes has built a strong performance track record by focusing on undervalued small-to-mid cap global companies.
Commenting on today’s update, management told the market that this transition significantly improves its investment management proposition and aligns with the best interests of PIA shareholders.
As an Australian-based global equities investment manager, Antipodes has $21 billion in assets under management recently won Overall Fund Manager of the Year at the 2026 Morningstar Awards for Investing Excellence in Australia.
The Antipodes Global SMID Strategy offers an eclectic portfolio of attractively valued small-to-mid-sized companies listed on global stock exchanges, with a focus on companies with a market capitalisation between US$1-30 billion.
This Strategy has delivered best-in-class absolute and benchmark relative returns of 29.4% p.a. (net of fees) since inception in 2022 and has demonstrated market-leading downside capture in periods of drawdown.
Coinciding with the parent company’s (PCG) announcement today was the decision by listed investment company (LIC) Pengana International Equities to request a trading halt to ensure the market is fully and accurately informed and to prevent the emergence of a false market.
The trading halt will remain in place until 6 March.
Today’s appointment of Antipodes to help run PIA follows a recent decision by shareholders to reject plans to pivot into private markets.
Last October, PIA shareholders voted against proposed borrowing by the LIC from a major international bank – secured against its existing global equity portfolio – to invest in a diversified portfolio of global private credit funds managed by top U.S. and European private credit managers.
Within its half-year update for the period ending 31 December 2025, the LIC reported a substantial decrease in both income from ordinary activities and profit after tax, with income dropping by 76.5% to $9.655 million and profit declining by 82.9% to $4.611 million compared to the corresponding period in 2024.
Basic and diluted earnings per share also fell by 82.9% to 1.79 cents per share.
The LIC declared a second interim dividend of 1.40 cents per share, fully franked at 25%, payable on 16 March 2026.
Clearly, the appointment of Antipodes Partners to assist in managing the LIC’s portfolio is a direct response to what was a fairly dismal result.
Pengana International Equities has a market cap of $213 million; the share price is up 6% in one year and down 5% year to date.
The stock’s shares are in a downtrend confirmed by multiple indicators.
Consensus does not cover this stock.
Battery Age Minerals falls on El Aguila gold-silver project update
Despite confirmation of high-grade mineralisation and expansion of the known mineralised footprint at its El Aguila gold-silver project in Argentina, Battery Age Minerals (ASX: BM8) appears to have experienced an unwarranted amount of selling pressure, with the share price down 12.7%.
This suggests investors remain jittery over outgoing CEO Nigel Broomham handing over the reins to Sebastian Kneer, former General Manager – Geology & Exploration at Leo Lithium - or were simply unimpressed with today’s update.
Results from its maiden reverse circulation drilling campaign at the El Aguila gold-silver project show multiple shallow gold and silver intercepts that confirm preservation of the upper epithermal system and continuity of mineralisation along strike.
Step-out drilling extended the Aguila Main trend eastward by about 300 metres to roughly 2.7 kilometres, which remains open, and the company is now planning a follow-up diamond drilling program in the second quarter of 2026 to test depth extensions and other priority targets, pending permits.
Commenting on today’s update, Sebastian Kneer, who picked up the mantle as CEO last month, told the market that this maiden RC program validates the miner’s structural targeting model, with step-out drilling having extended the system to approximately ~2.7 km and ~1.5 km of strike at El Aguila Main and South, respectively.
Mineralisation remaining open along strike and at depth.
“We are highly encouraged by the thicker zones of mineralisation intersected along strike, particularly in the eastern step-out holes,” he said.
“These results strengthen our geological model and clearly identify priority deeper targets for immediate follow-up drilling. With multiple mineralised trends now confirmed, we look forward to advancing to the next phase of exploration.”
Sitting within Argentina's Deseado Massif - a prolific Jurassic-aged epithermal gold and silver district hosting several major producing operations – the El Aguila system shows classic epithermal characteristics with strong structural control and minimal base metal content, which suggests excellent preservation and exploration upside.
Battery Age has outlined a comprehensive follow-up programme for Q2 2026, focusing on deeper potential and structural targets. The programme will build on successful maiden drilling results to unlock system potential.
Within its latest quarterly activity report, the miner also highlighted:
- The first modern diamond drilling program at the Bleiberg Zinc–Germanium Project in Austria.
- Secured 100% ownership of the Falcon Extension at Falcon Lake, Ontario.
- Completed a $5.5 million capital raising.
- Advanced early-stage exploration at the Apex Germanium–Gallium Project in Utah.
Battery Age Minerals has a market cap of $22 million; the share price is up 44% in one year and down 20% in the last week.
Since 15 October 2025, when the share price peaked at $0.265, the stock is now trading around 37% lower, much of which can be attributed to a broader bear market in battery metals, which may have triggered a shift in investor sentiment.
While the stock’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 upward momentum wanes.
Consensus does not cover this stock.
Bapcor sinks after opening retail offer
Shares in Bapcor (ASX: BAP) were trading 2.6% lower this afternoon, after the beleaguered aftermarket auto parts and accessories group gave up some early gains (3.6% up) as investors struggled to make sense of today’s update.
What appears to have irked the market was a realisation that the retail component of its proposed $200 million equity raising - offering new shares at $0.60 – represents a whopping 65% discount to the share price prior to today’s announcement in late February.
To put that price in context, the company rejected a $5.40 per share bid by private equity firm Bain in 2024.
The pro rata placement and institutional entitlement offer, which closed on 27 February, raised gross proceeds of around $157 million.
Today’s update follows the group's disappointing 1H FY26 loss of $104.8 million.
Recently appointed CEO Chris Wilesmith told the market that the first half was challenging, with parts of the business impacted by increased competition and cost pressures, the loss of industry knowledge, and pricing and inventory issues.
“Our immediate focus is on lifting financial performance… improving the customer experience through competitive pricing and having the right stock in the right places, and rebuilding capability across the business, particularly in the Retail and Trade segments,” he said.
The company guided to FY26 earnings of between $150 million and $160 million.
After three failed attempts by different CEOs to execute a Bapcor recovery, the market clearly wants to see Wilesmith get some early runs on the board.
Bapcor has a market cap of $230 million; the share price is down 86% in one year and down 60% in the last week.
Since 23 July 2025 the share price has fallen from $5.03 to $0.69 this afternoon.
The stock’s shares appear to be in a long-term bearish trend confirmed by multiple indicators.
Long-term, the 200-day moving average is falling and shows that demand for this stock is low.
Consensus is Hold.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
