AMP's second chance of a revivalĪMP shares jumped after the company signed a non-binding joint venture (JV) agreement with US-based Ares Management, valued at $1.35 billion.Īt this stage, Ares is planning to buy a major stake (60 per cent) in the private markets business of AMP Capital (the asset management division of the AMP Group). That was despite a massive fall in spot gold prices overnight. On the flip side, AMP (+7.5c) posted solid gains, along with gold stocks like Silver Lake Resources (+7pc), Perseus Mining (+4.5pc) and Gold Road Resources (+3pc). Other big-name companies like Coles (-4.3pc), BlueScope Steel (-4.3pc), Woodside Petroleum (-3.4pc), REA Group (-3.9pc) were also caught in the slump. Mining giants also experienced big losses, like BHP (-2.6pc), Rio Tinto (-1.3pc) and Fortescue Metals (-4.5p), along with utilities companies AGL Energy (-3.2pc) and Origin Energy (-3.6pc). Some the worst performers on the ASX 200 were Orica (-18.1pc), Service Stream (-14.2pc), Afterpay (-11pc), PointsBet (-10.6pc), Kogan (-10.4pc) and Flight Centre (-6.6pc).Ĭommonwealth Bank, Westpac, NAB and ANZ dropped between 2 and 2.6 per cent. That stake is currently owned by venture capital firm Matrix Partner Some of that cash (about $373 million) will be used to buy an extra 35 per cent stake in its US business. What are hedge funds, and how did they (accidentally) send GameStop's stock flying 'to the moon'? Read more