AU Morning Wrap: ASX Slumps 1.5% in Broad Losses, Costa Group, News Corp Rally

The $S&P 500 Index(.SPX.US)$ fell 1.6% on Thursday, as all 11 sectors finished the day lower. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ fell 1.8%, while the blue-chip $Dow Jones Industrial Average(.DJI.US)$ dipped 1.1%, or around 370 points. All three indexes are on pace to finish the week in the red.

The $S&P/ASX 200(.XJO.AU)$ tumbled 1.5 per cent minutes after opening, following Wall Street's lead on concerns that high interest rates will remain in place for months to come.

Miners $BHP Group Ltd(BHP.AU)$ and $Rio Tinto Ltd(RIO.AU)$ shaved off more than 2 per cent. All the major banks retreated.

In contrast, fruit and vegetable processor $Costa Group Holdings Ltd(CGC.AU)$ leapt 6.6 per cent and was the biggest outperformer after accepting a $3.20 cash per share takeover offer by US buyout company Paine Schwartz Partners.

$News Corp(NWS.AU)$ shares rallied 1.6 per cent following news that Rupert Murdoch will step aside as chairman.

Pathology group $Australian Clinical Labs Ltd(ACL.AU)$ fell 1.4 per cent after the competition watchdog requires more information about its planned merger with Healius. Healius shares dropped 2.5 per cent.

Gas pipeline owner $APA Group(APA.AU)$ retreated 1 per cent. The company released a report on its climate transition plan.

$Costa Group Holdings Ltd(CGC.AU)$: Fruit and vegetable processor Costa Group has agreed to the $3.20 cash per share takeover offer of the consortium led by US buyout company Paine Schwartz Partners.

$APA Group(APA.AU)$: Gas pipeline owner APA Group cut 6.7 per cent in gas infrastructure emissions and 5.3 per cent in power generation infrastructure emissions intensity in fiscal 2023, from a year ago. APA said the result was a solid progress towards its 2030 interim targets and goals.

Trading Ex-div: $Vita Life Sciences Ltd(VLS.AU)$, $BSP Financial Group Ltd(BFL.AU)$

Dividends Paid: $Helloworld Travel Ltd(HLO.AU)$, $McPherson's Ltd(MCP.AU)$, $Jumbo Interactive Ltd(JIN.AU)$, $SkyCity Entertainment Group Ltd(SKC.AU)$, $Auswide Bank Ltd(ABA.AU)$, $SDI Ltd(SDI.AU)$, $McMillan Shakespeare Ltd(MMS.AU)$