AU Morning Wrap: ASX Swept Up in Iron Ore Rally
G'day, mooers! Check out the latest news on today's stock market!
• US stocks rise to start last trading week of year
• ASX swept up in iron ore rally
• Stocks to watch: Boart Longyear, BHP
- Moomoo News AU
• US stocks rise to start last trading week of year
• ASX swept up in iron ore rally
• Stocks to watch: Boart Longyear, BHP
- Moomoo News AU
Wall Street Summary
Major indexes advanced to start the holiday-shortened trading week, with stocks looking to close out a positive year after a bruising 2022.
The benchmark $S&P 500 Index(.SPX.US$ gained 0.4 per cent Tuesday, leaving it within 0.5 per cent of a record close. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ added 0.5 per cent, and the blue-chip $Dow Jones Industrial Average(.DJI.US$ rose 0.4 per cent, or about 159 points. The small-cap Russell 2000, which has outperformed the leading indexes in December, climbed 1.2 per cent.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ rallied 1.2 per cent in the first session after Christmas, fuelled by a rally in the price of iron ore to a 1½ year high of $US140 ($205) a tonne.
$BHP Group Ltd(BHP.AU$ jumped 1.3 per cent to a record $50.38. Fellow iron ore producers $Fortescue Metals Group Ltd Sponsored ADR(FSUGY.US$ and $Rio Tinto Ltd(RIO.AU$ added 0.8 per cent to $28.58 and 0.6 per cent to $135.24 respectively, resetting their record highs.
The Australian dollar was trading at a five-month high US68.26¢.
Stocks to Watch
$Boart Longyear Ltd(BLY.AU$: Drilling company Boart Longyear surged 57.1 per cent to $2.75 apiece after it agreed to be acquired by an affiliate of private equity firm American Industrial Partners. The deal values the company at $US371 million.
Major Boart shareholders Ascribe II Investments, which currently owns 14.8 per cent, and Centerbridge Partners, which owns 45.45 per cent, will receive $US1.2351 cash for their stock. Other shareholders will receive $US1.9554 apiece, representing a 64 per cent premium to the company’s last closing price.
Source: Dow Jones Newswires, AFR
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