Crown Casino shares plunge but ASX opens higher

Shares in casino operator Crown Resorts have plunged after the financial crimes regulator AUSTRAC launched an investigation into compliance with anti-money laundering and counterterrorism financing laws.

Key points:

  • Crown shares plunge amid money laundering probe
  • ASX rises as Victoria relaxes coronavirus restrictions
  • US retail sales rebound 1.9 per cent in September

    New South Wales authorities are also probing allegations of money laundering at Crown’s casinos by criminals with links to junket operators in China.

    Victorian gaming authorities have asked Crown to show cause as to why it shouldn’t face penalties over the allegations.

    At 11:15am AEDT, Crown shares were down 9.1 per cent to $8.17.

    ASX rises on relaxed coronavirus restrictions in Victoria

    The Australian share market has opened higher as Victoria eased its coronavirus lockdown and infections in the state continued to fall.

    There are also renewed hopes of a new US stimulus package ahead of next month’s presidential election.

    At 11:15am AEDT, the ASX 200 index was up 0.7 per cent to 6,221.

    The All Ordinaries index was up 0.7 per cent to 6,429.

    On Friday, the ASX 200 index fell 0.5 per cent.

    Today nearly all sectors gained in early trade on the benchmark index with education stocks, healthcare, technology firms and miners leading the way.

    Big banks and big miners were higher.

    Construction firm CIMIC rose 2.6 per cent to $21.42 after it said it would sell half of its mining services business Thiess to activist hedge fund Elliott Advisors.

    Oil refiner Ampol said its Lytton refinery in Brisbane had made a quarterly loss of $82 million because of the impact of coronavirus.

    The company is reviewing the plant and considering closing it down.

    Its shares came off their lows and rose 0.6 per cent to $25.25 at 11:15am AEDT.

    The Australian dollar remains under pressure amid expectations the Reserve Bank

    Read More Here...

  • Bookmark the permalink.

    Comments are closed.