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ASX closed green; Link Administration soared 15% on acquisition; Step One plunged 34% on GST overclaim.

  • The ASX200 closed 0.13% higher on Wednesday at 7364.80 points.
  • Link Administration Holding soared 15% on acquisition news.
  • Step One clothing nosedived 34% today on GST overclaim notice.

The Australian market see-sawed throughout Wednesday’s session before finishing the day 0.13% higher at 7364.80 points as a rally for tech stocks boosted the key index into positive territory.

The tech sector surged more than 2.5% on Wednesday as Link Administration Holdings rocketed 15%, while Afterpay added 5.4%.

Bitcoin is trading 1.13% higher over the last 24-hours at US$49,249.04 at 4:15pm AEDT.

Link Administration Holding skyrocketed 15% today after announcing it has entered into a Scheme Implementation Deed with Canadian group Dye & Durham Corporation to be acquired for $2.9bn. Under the acquisition, Dye & Durham will also buy Link Group’s 43% stake in Property Exchange Australia.

Making headlines, just a month after debuting on the ASX, Step One clothing has taken a 34% dive today after announcing a potential overclaim of GST credits on an Australian supply made by a foreign corporation to Step One which was not previously identified. The financial implication of the Overclaim in FY22 is estimated to be $1.1m after tax, the overclaim in FY21 is estimated to be $900,000 after tax and $200,000 in FY20 and prior years. The company also provided a trading update noting challenges have been encountered in the UK and Australia associated with logistics during the Black Friday period.

And the most streamed song of 2021 is Olivia Rodrigo’s song ‘drivers license’ with more than 1.1 billion streams this year, while Taylor Swift was named as the most streamed artist of 2021.

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