Insights

ASX 200 rises by 0.7%, Cleanaway (ASX:CWY) shares dumped

The S&P/ASX 200 Index (ASX:XJO) has risen by 0.7%. One highlight was the Cleanaway Waste Management Ltd (ASX:CWY) share price falling 7%.
The post ASX 200 rises by 0.7%, Cleanaway (ASX:CWY) shares dumped appeared first on Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX:XJO) rose by 0.7% to 5,900 points.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price was the worst performer in the ASX 200 today, it dropped 7.1%.

The company has announced its response to reports of misconduct after claims of workplace behaviour involving CEO Vik Bansal. The company did an independent investigation.

Cleanaway has implemented a range of measures after the investigation including executive leadership monitoring, enhanced reporting and monitoring of the CEO’s conduct.

Cleanaway said that Mr Bansal has acknowledged that his behaviour should have been better and expressed contrition. The company said he has discussed this openly with the board and with his colleagues and has embraced changes in his approach.

Mark Chellew, Cleanaway Chair, said: “Mr Bansal had some issues with overly-assertive behaviour in the workplace and has acknowledged that he needed to address them. The board is disappointed in the circumstances but has taken appropriate action. We have noted the committed and sincere manner in which Mr Bansal has responded. The board will not tolerate any further instances of unacceptable conduct.”

The ASX 200 business also announced the retirement of its CFO, Brendan Gill. Paul Binfield will become the new CFO.

Citadel Group Ltd (ASX: CGL)

The Citadel share price rocketed higher by 40% today after news of a takeover announcement.

Pacific Equity Partners are proposing to buy Citadel for a cash offer of $5.70 per share, reduced by any special dividend. That’s a 43.2% premium to the last closing price and a 51.4% premium to the 3-month volume weighted average price.

Citadel’s board intends to declare a fully franked special dividend of up to 15 cents per share to enable shareholders to receive up to 6.4 cents per share of franking credits.

The ASX share’s board has unanimously recommended that shareholders vote in favour of the scheme assuming an independent expert thinks it’s a good idea and unless a better offer comes in.

Citadel Chair Peter Leahy said: “The scheme is an attractive transaction which provides an all-cash option for Citadel shareholders. The Citadel board has unanimously concluded that the scheme represents a compelling outcome for our shareholders, customers, suppliers and staff.

“The price is a very tangible measure of the value and quality of Citadel’s industry leading expertise in specialist software and critical secure information management…At a significant premium to the current trading price, PEP’s offer provides Citadel shareholders with certainty of value and the opportunity to realise their investment in full for cash.”

Macquarie Group Ltd (ASX: MQG)

Macquarie announced an update for its FY21 first half profit expectations.

The ASX 200 investment bank business said that COVID-19 is causing significant and unprecedented uncertainty, which makes short-term forecasting extremely difficult.

Macquarie said it’s unable to provide meaningful earnings guidance for FY21. However, for the first half of FY21 it’s expecting profit to be down by 35% compared to the first half of FY20 and down 25% on the second half of FY20.

The business said it continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions the business well for the current environment.

Monadelphous Group Ltd (ASX: MND)

The Monadelphous Group share price went up 3% after the company won some contracts from commodity giant BHP Group Ltd (ASX: BHP).

The ASX 200 engineering business said that the construction and maintenance contracts have a combined value of approximately $120 million.

One of the contracts is to provide structural, mechanical and electrical upgrades at the Newman Hub site in Pilbara. Another contract is for the dewatering of surplus water at the Jimblebar mine site in Western Australia.

These 3 stocks could be the next big movers in 2020

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

More reading

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Citadel Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 rises by 0.7%, Cleanaway (ASX:CWY) shares dumped appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!