AU Morning Wrap: ASX Falls; Silk Strikes Deal With Wesfarmers' API

The $S&P 500 Index(.SPX.US)$ fell 0.8 per cent, pulling back further from last week when it reached its highest level in more than a year. The $Dow Jones Industrial Average(.DJI.US)$ dropped 0.6 per cent and the $Nasdaq Composite Index(.IXIC.US)$ sank 1 per cent. The Australian sharemarket is set to retreat, with futures pointing to a fall of 16 points, or 0.2 per cent, at the open.

The $S&P/ASX 200(.XJO.AU)$ fell 0.32 per cent to 7076.6 at market open as investors continue to grapple with the instability in Russia.

$Qantas Airways Ltd(QAN.AU)$: Qantas is urging Australians to use their outstanding COVID-19 flight credits, totalling over $400 million, or seek a refund before they expire at the end of this year.

$SILK Laser Australia Ltd(SLA.AU)$: $Wesfarmers Ltd(WES.AU)$ today announced API, has entered into a Scheme Implementation Deed (SID) with SILK Laser Australia Limited to acquire 100% of SILK's shares outstanding for $3.35 cash per share, by way of a Scheme of Arrangement.

$Metcash Ltd(MTS.AU)$: Food wholesaler Metcash delivered record annual sales and earnings despite facing increasing challenges in the final quarter from the rising cost of living squeezing Australian shoppers.

$Tamboran Resources Corp(TBN.AU)$: Beetaloo Basin gas explorer Tamboran Resources was making the most out of its freshly minted offtake agreements with giants Shell and BP, putting a $70 million raising to investors on Monday morning.

$Incitec Pivot Ltd(IPL.AU)$: EnergyAustralia and fertiliser maker Incitec Pivot have separately been fined a total of more than $630,000 by the Australian Energy Regulator for alleged breaches of conduct in the east coast gas market.