Karoon Energy Rises, Accent Group Falls, and ASX Entrusts TATA for CHESS Replacement

Highlights:

• Karoon Energy sees a 5.1% surge, reaching $2.16, after facing a more than 12% dip last week.
• Accent Group, owner of Athlete's Foot, experiences a setback with a 5.6% decline to $1.83.
• The Australian Securities Exchange (ASX) has enlisted TATA Consultancy to design the replacement for the 29-year-old CHESS system.

Image Source: Kapitales Research

Karoon Energy Rebounds with 5.1% Surge

In a remarkable comeback, Karoon Energy (ASX: KAR) sees a 5.1% surge, reaching $2.16, after facing a more than 12% dip last week. The oil and gas producer recently concluded a successful capital raise at $2.05 per share, earmarked for strategic acquisitions in the Gulf of Mexico. This bounce demonstrates resilience amid market fluctuations.

Accent Group Faces Another Setback: 5.6% Decline

Contrastingly, Accent Group (ASX: AX1), owner of Athlete's Foot, experiences a setback with a 5.6% decline to $1.83. This follows a 10% drop last week, prompted by indications of poor performance within the retailer's stores. The group, encompassing brands like Hype and Platypus, reports negative like-for-like sales in the first 19 weeks of the fiscal year, attributing the decline to softer demand from shoppers.

Shares continue to tumble, falling 5.4% to $1.83 in morning trading, marking a substantial 18% decline over the past six months.

ASX Turns to TATA for CHESS Replacement

In a bid to address its share settlement and clearing infrastructure, the Australian Securities Exchange (ASX) has enlisted TATA Consultancy to design the replacement for the 29-year-old CHESS system. This move comes a year after the abandonment of plans for a blockchain-based system, leaving the market operator in a state of uncertainty.

The ASX, handling millions of trades daily, opted for a "product-based solution" from the Indian technology group, signaling a shift in strategy. The decision follows a re-assessment of how to modernize the outdated CHESS infrastructure, which was initially slated to remain until 2032.

The market awaits the implementation of these changes, as the ASX strives to bring stability to its operations and regain investor confidence after the previous setback in its CHESS replacement project.

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