AU Morning Wrap: Banks, Miners Lift Shares; Patriot Battery Metals Jumps on Lithium Hit
G'day, mooers! Check out the latest news on today's stock market!
• US stocks jump, led by growth shares
• AU miners, banks, tech lift shares in broad rally
• Stocks to watch: Block, Patriot Battery Metals, Macquarie
- Moomoo News AU
• US stocks jump, led by growth shares
• AU miners, banks, tech lift shares in broad rally
• Stocks to watch: Block, Patriot Battery Metals, Macquarie
- Moomoo News AU
Wall Street Summary
U.S. stock indexes rose across the board Wednesday, aided by easing global banking concerns.
The $S&P 500 Index(.SPX.US$ added 56.54 points, or 1.4%, to 4027.81. The $Dow Jones Industrial Average(.DJI.US$ gained 323.35 points, or 1%, to 32717.60. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ rose 210.16 points, or 1.8%, to 11926.24. All of the S&P 500's 11 sectors finished in the green.
After a string of bank collapses and mergers, lack of news might be good news for stocks. American-traded shares of UBS Group AG rose $0.83, or 4.3%, to $20.10 after the bank said Sergio Ermotti would return as chief executive following its recent takeover of Credit Suisse. The lender's Swiss-listed shares also advanced.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ is up 0.94 per cent in early trade led higher by gains among the miners and banks. A 2.2 per cent gain for BHP Group has helped the materials sector add 1.4 per cent, with financials up 1 per cent thanks to gains for $Macquarie Group Ltd(MQG.AU$ and $National Australia Bank Ltd(NAB.AU$.
Shares in Patriot Battery Metals are up 9.4 per cent to $1.63 on strong lithium drilling results, with takeover target Liontown Resources up 0.8 per cent to $2.61 at a premium to its $2.50 per share takeover offer.
Afterpay-owner and short seller target $Block Inc(SQ2.AU$ is also up 2.6 per cent to lead a small rally among tech stocks.
Stocks to Watch
$Metcash Ltd(MTS.AU$: Food wholesaler Metcash has appointed Grant Ramage as chief executive of its Food pillar, following the resignation of Scott Marshall early this year.
Mr Ramage,who takes up the new role on May 1, has been executive general manager merchandise in Metcash's Food business for the past four years. Previously he was state GM Supermarkets in Western Australia, after joining Metcash in 2015.
$HealthCo Healthcare and Wellness REIT(HCW.AU$: ASX-listed REIT HealthCo Healthcare and Wellness has announced a deal to acquire 11 private hospitals from Healthscope for $1.2 billion.
HCW will finance $730 million of the purchase price and raise $320 million from investors to help finance the deal. ASX-listed HMC Capital will contribute $123 million to the capital raising.
HCW upgraded guidance for dividends per unit from 7.5¢ to 7.6¢ as a result of the proposed deal.
HCW said it expects to join the S&P/ASX 300 Index as a result of the deal.
$Link Administration Holdings Ltd(LNK.AU$: Link Group has told investors it's yet to reach a settlement agreement with the UK financial services regulator the Financial Conduct Authority (FCA) over the role of Link's Fund Solutions Business in the collapse of an investment fund run by Neil Woodford.
Link said it would extend the deadline for a sale of its Fund Solutions business in the UK as a result of the ongoing negotiations with the regulator. It said there was no guarantee it would reach a settlement with the UK regulator.
$Patriot Battery Metals Inc(PMT.AU$: Canadian hard rock lithium prospect Patriot Battery Metals has released more high-grade drilling results at its Corvette tenement in British Columbia.
Patriot said its latest drilling hit 83.7 metres of lithium deposits at a 3.13 oxide grade, with 19.8 metres at 5.28 per cent.
Broker Macquarie has previously compared the Corvette tenement to the world-leading open pit hard rock Greenbushes mine in Western Australia.
$Liontown Resources Ltd(LTR.AU$: Broker Bell Potter has lifted its valuation on takeover target Liontown Resources from $2.81 per share to $3.35 per share. On Tuesday, Alebmarle lobbed a $2.50 per share takeover offer for Liontown worth about $5.2 billion, which Liontown's board rejected.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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