It was another good start to the week for the S&P/ASX 200 Index (INDEXASX: XJO) as the benchmark Aussie index climbed higher on Monday.
The ASX 200 gained 0.24% to close at 6,862.30 points yesterday afternoon. Here’s a recap of 3 events you may have missed yesterday.
1. IMF Bentham shares rocket 10% higher
The Aussie litigation funder rocketed higher after a favourable result from its 2011 Brisbane Floods Class Action on Friday.
IMF was the leading ASX 200 stock on Monday as it announced an expected $100 million to $130 million payout from the case.
2. ASX 200 petroleum stocks smashed on Monday
Santos closed 0.61% to $8.10 while Woodside shares fell 0.84% and closed at $34.22 per share.
The big catalyst was falling oil prices as investors factored in lower sales revenue to the companies’ valuations.
The West Texas Intermediate (WTI) oil price fell 4.7% to US$55.42 a barrel while the Brent crude benchmark slipped 2.6% to US$62.47 a barrel.
Oil prices fell on fears of an oversupply of crude despite attempts from Saudi Arabia to support oil prices. The Gulf nation wants to keep oil prices high as it looks to complete its initial public offering of state oil company Aramco.
3. Woolworths shares climb despite class action update
The Woolworths Ltd (ASX: WOW) share price landed in the ASX 200 gainers on Monday after a class action update.
Woolworths received notice of an employee class action in relation to payment shortfalls to salaried team store members.
The retailer committed to “fully rectify all payment shortfalls to current and former salaried team members” on 30 October.
Woolworths believes the class action proceedings are without merit and will fully defend the proceedings. The one-off impact for Woolworths’ remediation plans is expected to be $200 million to $300 million before tax.
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