Stocks of the Hour: Commonwealth, Carsales & Evolution Mining

Banking giant Commonwealth (ASX:CBA) has reported a twofold increase year on year to $2.4 billion in net cash earnings for the March Quarter of FY21, representing a 24 per cent hike from average quarterly profits in the first fiscal half. Commonwealth Bank revealed rapidly strengthening business confidence and conditions prompted the bank to trim the second quarter’s credit provisions by $300 million to $6.5 million in the third quarter. The company has also reported a depletion in bad debts of $400 million from the previous quarter. Shares in Commonwealth Bank (ASX:CBA) are trading 0.16 per cent lower at $94.43

Automotive e-commerce platform carsales.com is calling on institutional and retail investors to back its equity-raising campaign to generate $600 million to boost its footprint in the US market. The $4.8 billion company intends to pay $800 million to acquire a 49 per cent interest in Virginia-based digital marketplace developer Trader Interactive. The company is offering shares at $17 per security, which represents a markdown of $2.51 from the previous session’s closing price. Shares are on trading halt and last traded at 19.51

Gold player Evolution Mining (ASX:EVN) has received the the tick of approval from Battle North Gold’s shareholders to take over the Canadian-based mineral explorer. Evolution has offered $361.7 million to rally shareholder support for the deal to acquire the company dual-listed in Canada and the US. The $8.6 billion ASX-listed gold miner is now awaiting the greenlight from Supreme Court of British Columbia before it can finalise the deal. Shares in Evolution Mining (ASX:EVN) are trading 1.19 per cent lower at $4.99

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