News Snapshot:
Abacus Property Group was the best performer on the ASX, climbing 5.8 per cent to $2.73 as it said it had completed the institutional component of an equity raising for Abacus Storage King, which it intends to spin off. Citi said the implied value on Abacus shares remained enticing. “The unbundling unlocks value separating the self-storage business which we expect to trade at approximately/slight discount to [net tangible assets], unlocking the high implied discount on the underlying commercial portfolio,” the broker said. Energy, materials fall The only two sectors to finish lower were materials, which fell 0.6 per cent, and...
