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3 ASX events you missed on Thursday

The S&P/ASX 200 Index (INDEXASX: XJO) slumped lower yesterday, falling 0.63% to 7,088 points.

The broader All Ordinaries Index (INDEXASX: XAO) was also down, falling 0.69% to 7,199 points in yesterday’s trade.

There weren’t many strong sector performances with A-REITs (+0.23%) and Information Technology (+0.32%) the only gainers. ASX Industrials (-1.87%) was the hardest hit after a couple of big names crashed lower on Thursday.

Here’s a recap of the biggest news, announcements and market movements on another big day of trade for Aussie equities.

1. National Storage REIT shares rocket higher on takeover news

The National Storage REIT (ASX: NSR) share price surged higher yesterday as the ASX REIT confirmed takeover talks.

National Storage shares led the ASX winners board and closed 6.31% higher at $2.19 per share. The company confirmed it is a takeover target and that it has received a non-binding indicative proposal.

The news sent the ASX REIT’s shares rocketing to a new 52-week high on Thursday in a good day for shareholders.

2. ASX Industrials stocks crash on Thursday

While National Storage shares surged, shareholders in some of the largest ASX Industrials stocks weren’t so lucky.

The Downer EDI Limited (ASX: DOW) share price went into freefall and closed 18.06% on Thursday. The news wasn’t much better for CIMIC Group Ltd (ASX: CIM) shareholders, as the Aussie construction group’s shares closed 19.87% lower.

CIMIC provided an update on its strategic review of the Middle East-based BIC Contracting (BICC). The group is looking to offload its stake and has flagged a $1.8 billion post-tax impact on its FY19 results.

Downer downgraded its FY19 guidance, which sent the group’s shares crashing as much as 26% on the ASX on Thursday.

3. Commonwealth Bank slapped with class action

The Commonwealth Bank of Australia Ltd (ASX: CBA) share price gained 0.08% on Thursday despite being the latest bank to be hit with a class action.

Shine Corporate Ltd (ASX: SHJ) filed a class action against Commonwealth Bank subsidiary Colonial First State Investments (CFSIL).

The law firm alleges that CFSIL tipped its superannuation members into the bank’s insurance arm CommInsure, which then charged excessive insurance premiums.

The news comes just days after Maurice Blackburn hit National Australia Bank Ltd (ASX: NAB) with a class action over its superannuation members.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended National Storage REIT. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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