ASX 200 falls in early trade; Bingo leaps on takeover deal

The markets opened on a weak note on Tuesday morning. The benchmark ASX 200 was trading lower by 49 basis points at 7011.20. Of 11 sectors, 9 were trading lower today, with Materials being the best performing sector by lunchtime.

Also read: Why ASX 200 Is Expected To Open On A Positive Note

Shares of Bingo Industries Limited (ASX:BIN) jumped by 6.55% – their highest level since 20 February. Bingo's shares traded higher after the waste management company agreed to an acquisition offer by Macquarie Group (ASX:MQG) for AU$2.30 billion.

Must read: Bingo says yes to Macquarie takeover deal

Market movers on Tuesday

Universal Store Holdings (ASX:UNI) reported strong sales growth for the sixth consecutive year. The company posted outstanding sales performance across the in-store and digital platforms, with headline sales growing by 39.6 percent.

Store sales increased by 16.1 percent to AU$104.0 million. Online sales increased by a whopping 128.3 percent to AU$14.0 million. Shares, however, remained unchanged at AU$7.030.

Also read: Earnings season: Robust ASX footwear and apparel stocks

Viva Energy Group Limited (ASX:VEAannounced an operational update for Q12021 ended on 31 March 2021. 

CEO and Managing Director Scott Wyatt highlighted that despite the impact of continued flooding and lockdowns on some markets, the group delivered an overall strong sales performance.  He added that the company was making strong progress on the recovery program, delivering encouraging results.

The total group sales volumes declined by 17 percent on the previous corresponding period. Alliance sales volumes improved and reached 61 million litres per week in March. Furthermore, despite the sharp rise in oil prices at the starting of the year, the retail fuel margins remain strong. Shares of Viva were trading higher by 1.098 percent.

Image source: © Kentoh | Megapixl.com

SomnoMed Limited (ASX:SOM) announced the quarterly activities report for the period ended on 31 March 2021. The revenue remained flat at AU$15.7 million, showing certain stability in the underlying markets. It remained the biggest oral appliance company internationally, with total patients treated worldwide exceeding 615,000.

On 31 March 2021, SomnoMed’s net cash position was AU$19.3 million. Operating activity improved considerably, and the company remained well placed to benefit from the market’s expected recovery to normalcy over the coming quarters. March delivered exceptionally robust results with product volume growth experienced across key regions. Shares of the company were slightly up by 0.515%.

Morgan Stanley said a sale of Downer EDI Limited’s (ASX:DOW) open-cut business in Eastern Australia is the last piece of the puzzle in Australian company's mining divestment strategy. It also stated that the unit, which generates nearly AU$600 million in revenue annually, would yield nearly A$180 million-A$240 million. Downer agreed to sell its tyre management business Otraco to Bridgestone Corp for A$79 million. Shares dipped by 1.661%.

Also read: ASX 200 today: What to expect ahead of US Fed meet

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