• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Australia’s Star Entertainment pares losses after slipping to record low

by January 13, 2025
written by January 13, 2025

By Sneha Kumar

(Reuters) – Shares of Australian casino operator Star Entertainment jumped 13.6% higher on Monday, with analysts citing the rise to investors buying the stock at a cheaper price after it fell to a record low last week.

The stock rose to A$0.125, surging as much as 22.7% during the session. It fell to a record low of A$0.10 on Friday, and has slumped nearly 50% in the last two sessions.

“The rise in Star’s share price today is likely buying the dip and traders working the market as opposed to fundamental news flow driving the share price rise,” said Grady Wulff, a market analyst at trading platform Bell Direct.

“The combination of speculating a turnaround and shorting are likely the drivers behind Star’s most recent share price volatility and today’s rise.”

The company’s shares tanked last week after it a flagged liquidity and cash crunch in the wake of an ongoing debt agreement.

The firm has already drawn down A$100 million ($61.4 million) of its new A$200 million debt facility from lenders.

Star’s current financial situation makes it difficult for the company to fulfill requirements for the second drawdown, it said earlier this month as it explores other liquidity options.

Star said that the cash available at the end of December stood at A$79 million, down from A$149 million at the end of September.

“I think investors who are seeing a chance to buy at these levels may be hoping that an outside party/company can be found to come in and save the day for Star Entertainment. Whether that possible scenario comes to fruition remains to be seen,” said Tim Waterer, a market analyst at KCM Trade.

Overall, the historically low price levels for Star Entertainment have caught the attention of buyers despite the current negativity surrounding the stock, he said.

Star’s stock was down more than 63% in 2024. It has so far lost about 34% this year.

($1 = 1.6289 Australian dollars)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Hong Kong to expand yuan trade finance, Bond Connect schemes, HKMA says
next post
India may record FY25 fiscal deficit at 4.7%-4.8% of GDP, Mint reports

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Drugmakers to raise US prices on over 250 medicines starting Jan. 1
    • Starbucks strike to expand to over 300 US stores on Christmas Eve, union says

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy