Genesis Minerals Gets Takeover Boost as Gold Weakens
Genesis Minerals closed down 2.8% at A$5.21 Tuesday after the Supreme Court of Western Australia approved its takeover of Magnetic Resources. Magnetic shares are set to be suspended from trading at Wednesday’s close, with new Genesis shares to begin trading on a deferred-settlement basis Thursday. Spot gold fell 1.5% to $4,264.70 an ounce, pressuring Australian gold stocks and the S&P/ASX 200 index.