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Live ASX Coverage Summary – Thursday, April 2
Welcome to our live coverage of the ASX on Thursday, April 2. We anticipate a busy pre-market period, with ongoing updates throughout the day. The blog will conclude earlier than usual around 12:00 pm AEST. We value your feedback—share your thoughts with us here.
Duratec Expands Footprint with $12 Million Acquisition
Time: 8:46 am
Duratec (DUR) is set to acquire Newcastle’s Pacific Welding Australia for a total of up to $12 million. This strategic move will strengthen Duratec’s presence in the Hunter Region and broaden its energy and mining capabilities.
The deal involves an immediate payment of $6 million, with the potential for an additional $6 million based on performance metrics through FY27–FY28. PWA reported revenues of $14.8 million and an EBITDA of $1.67 million in FY25, accompanied by valuable client relationships and specialist fabrication expertise. This acquisition will bolster Duratec’s self-perform model, supporting its expansion into high-value infrastructure and industrial markets, with finalisation expected by July 2026.
Northern Star Announces $500 Million Share Buyback
Time: 8:46 am
Northern Star Resources (NST) plans an on-market share buyback programme worth up to $500 million, starting around April 23, 2026, and extending for a year. This programme, representing approximately 1.6% of the company’s issued capital, reflects the management’s perspective that the current share price does not adequately represent the true value of the business.
This buyback initiative complements the company’s existing capital allocation strategy, which encompasses dividends (with a payout ratio of 20–30%) and investments in growth, all underpinned by increasing cash flow from the KCGM Mill Expansion. The execution of this buyback will hinge on market dynamics, allowing the company to maintain control over timing and scale.
Market Overview
Time: 8:43 am
ASX 200 futures have opened up by 19 points (+0.21%) as of 8:30 am AEDT.
Key Highlights:
- US markets have started April on a positive note as traders speculate on a resolution to the conflict in the Middle East.
- Attention will be focused on a speech by Donald Trump scheduled for 12 pm AEDT.
- The federal government is poised to announce new restrictions on fuel usage for motorists and non-essential industries soon post-Easter.
- In notable market news, SpaceX has confidentially filed for an initial public offering, as reported by sources familiar with the matter.
This summary encapsulates the essential market movements and developments currently shaping the ASX landscape.
