AU Morning Wrap: ASX Opens Lower; Bid Targets Adbri, Link Group Soar 30%
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 logs seventh straight week of gains
• ASX falls; bid targets Adbri, Link Group soar
• Stocks to watch: Adbri, Link Group, Stockland
- Moomoo News AU
• S&P 500 logs seventh straight week of gains
• ASX falls; bid targets Adbri, Link Group soar
• Stocks to watch: Adbri, Link Group, Stockland
- Moomoo News AU
Wall Street Summary
The Dow Jones Industrial Average set a record for a third straight day Friday to cap a strong week for stocks.
The $S&P 500 Index(.SPX.US$ advanced for a seventh consecutive week, its longest winning streak in six years.
The broad-market benchmark stalled Friday, slipping 0.01 per cent, but closed up big for the week after the Federal Reserve hinted Wednesday it could slash interest rates next year. Rate cuts would mark a major turning point in the Fed's roughly two-year campaign to control inflation.
The $Dow Jones Industrial Average(.DJI.US$ rose 0.2 per cent to a record 37305.16 points, while the $Nasdaq Composite Index(.IXIC.US$ was 0.4 per cent higher.
AU Market Watch
The Australian sharemarket fell at the opening bell in a broad decline, as central bank officials tempered investor enthusiasm for interest rate cuts next year.
The $S&P/ASX 200(.XJO.AU$ fell 0.4 per cent, or 32.7 points, in the first 10 minutes of trade to 7410.9. That was after the New York Federal Reserve president John Williams told CNBC on Friday (Saturday AEDT) that it was too soon to talk about unwinding the tightening cycle.
Stocks to Watch
$Adbri Ltd(ABC.AU$: Adbri soared 29 per cent to $2.92 after CRH and major shareholder Barro Group agreed to buy the building materials company for $3.20 per share. The deal values Adbri at $2.1 billion.
$Link Administration Holdings Ltd(LNK.AU$: Link Group soared 28 per cent to $2.18 after it was announced that Mitsubishi UFJ is set to acquire the company for $2.10 cash a share, plus pay a dividend of 16¢, which will be franked at 25 per cent.
$Stockland Corp Ltd(SGP.AU$: Stockland dropped 3.1 per cent to $4.37, after agreeing to buy 12 Masterplanned Communities from Lendlease for around $1.06 billion via the establishment of the Stockland Residential Communities Partnership (SRCP) with Supalai. $Lendlease Group(LLC.AU$ shares rose 0.7 per cent to $7.56.
$Santos Ltd(STO.AU$: Energy giant Santos fell 1.2 per cent to $7.66 despite securing approval from the national offshore petroleum regulator for its revised plan to drill its $5.8 billion Barossa gas project in the Timor Sea.
$Zip Co Ltd(ZIP.AU$: Zip Co slid 1.6 per cent to 62¢. The ASX-listed buy now pay later company has secured a $150 million loan from US funds management giant Ares at a 15 per cent interest rate.
Trading Ex-div: None
Listing: None
Economic Calendar (AEST):
No major economic announcements.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
3280Followers
6Following
96KVisitors
Follow