Genesis Minerals Gets Takeover Boost as Gold Weakens
Genesis Minerals Ltd is set to wrap up its Magnetic Resources deal as the ASX opens Wednesday, but shares slipped with other Australian gold stocks in the last session. GMD closed at A$5.21 on Tuesday, down 2.8%, after the Supreme Court of Western Australia cleared the scheme of arrangement for Genesis to buy Magnetic Resources NL. ASX was sitting in pre-open at the dateline. Regular trading in Sydney starts at 09:59:45 AEST, so orders placed before that don’t match. That means Tuesday’s close remains the current price until the market kicks off.