IRESS Limited yesterday announced an $85 million institutional share placement to fund the acquisition of Financial Synergy, a provider of software to the Australian superannuation industry.
Completion of the share placement bookbuild was announced earlier today. ASX is acquiring approximately 1.4 million shares for consideration of $16.2 million at the placement price of $11.35 per share. ASX's shareholding in IRESS is 19.1%.
The value of ASX-listed stocks, as measured by the All Ordinaries Index, fell 2.0% in August 2016. This performance was in contrast to some major markets, including Hong Kong up 5.0%, Germany up 2.5%, Japan up 1.9% and the UK up 0.8%. Declines were also observed in Singapore, down 1.7% and the US down 0.1%.
Volatility measures for the Australian equity market fell below long-term averages during August:
• Volatility (as measured by the average daily movement in the All Ordinaries Index) was 0.4% in August, down on the previous month (0.5%).
• Expected future volatility (as measured by the S&P/ASX 200 VIX) fell in August to an average of 13.2 (compared to 16.3 in July).