A day of M&A 💵
It's a day that will be remembered for BHP’s move to acquire Oz Minerals rather than corporate earnings. The local market inched up 0.07% to 7021, boosted by strong gains across the materials and energy sectors. M&A activity, along with a lessening of global recession concerns following Friday’s big US employment beat, clearly benefitting the mining space. Oz Minerals was the standout performer, soaring 35% after swatting away BHP’s initial approach. Curiously, Sandfire Resources was also in demand, climbing 7%. Lithium plays Lake Resources and Liontown rose 16% and 7% respectively, while Fortescue Metals jumped 4.6% following a large bounce in Chinese iron ore futures. The gains across resources helped to offset a weaker performance from other sectors, most notably consumer discretionary and REITs; the former reacting to similar moves in US retailers on Friday while the latter was undermined by another big increase in global bond yields. At the individual level, Suncorp and Aurizon were both marked down following the release of their full-year results, falling 4.3% and 3.5% respectively to sit near the foot of the scoreboard. Newscorp slid 3.1% ahead of its results tomorrow. Results from REA Group, Megaport and Coronado Global Resources headline the domestic reporting season calendar tomorrow. The NAB will also release a quarterly trading update.
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