- The benchmark ASX 200 index was up 23.3 points or 0.3% to 7,385.3.
- The Dow Jones marked its biggest weekly percentage gain on Friday since June 2021, rising 1.09% to 35,294.76.
- A heavy fall in gold prices led gold miners to tumble today, but the losses were offset by gains in other mining stocks.
The Australian share market opened on a higher note on Monday, supported by gains in energy and metal stocks as commodity prices kept on soaring. A strong closing on Wall Street on Friday, also helped sentiments to turn positive. The benchmark ASX 200 index was up 23.3 points or 0.3% to 7,385.3.
Image Source: © Embe2006 | Megapixl.com
Global shares rallied on Friday in their one of the best days in recent times as strong US corporate earnings fuelled optimism about the economic recovery, though three-year-high crude oil prices remained a concern for inflation risks.
The Dow Jones marked its biggest weekly percentage gain since June 2021, rising 1.09% to 35,294.76, while the S&P 500 was up 0.75% to 4,471.37. The NASDAQ Composite ended the session 0.5% up at 14,897.34.
How has the market performed so far?
As of 11:00 AM AEDT, the ASX 200 had lost all of its early gains and was trading in the red zone. The ASX 200 fell 5.4 points from Friday’s closing to 7,356.6, while the ASX All Ordinaries index was down 3.9 points to 7,670.3.
Data Source: ASX Website (as of 18 October 2021, 11:00 AM AEDT)
The top ASX 200 contributors were OZ Minerals Limited (ASX:OZL) and IGO Limited (ASX:IGO), both gaining 3.35% and 3.19%, respectively. On the flip side, Ramelius Resources Limited (ASX:RMS) and Regis Resources Limited (ASX:RRL) were the biggest laggards, shedding 4.61% and 3.26%, respectively.
A heavy fall in gold prices led gold miners to tumble today, but the losses were offset by gains in other mining stocks. Silver Lake Resources Limited (ASX:SLR) fell 3.3% to AU$1.61, St Barbara Mining Limited (ASX:SBM) was down 3.2% to AU$1.50 and Evolution Mining Limited (ASX:EVN) took a hit of 2.8% to AU$3.79.
Coming to the market breadth, only three sectors are trading higher so far, while the remaining eight sectors are trading negative for the day. The Energy sector is leading with a gain of 0.85%, while the IT sectors is losing the most with a 0.84% fall.
Read More: Three ASX penny stocks shining this month
- HomeCo Daily Needs REIT (ASX:HDN)
- The REIT has agreed to merge with Aventus Property Group.
- HDN will acquire all of Aventus’ securities via schemes of arrangements.
- The merged entity will have a combined portfolio of AU$4.1 billion and market capitalisation of AU$3.2 billion.
- IVE Group Limited (ASX:IGL)
- IVE Group has agreed to acquired AFI Branding Solutions and Active Display Group for a total of AU$6.5 million.
- AU$5.2 million will be paid upon completion of the acquisition, while the remaining AU$1.3 million achievement of agreed revenue target over 2 years.
- GPT Group (ASX:GPT)
- It has acquired a portfolio of one office and 23 logistics assets from Ascot Capital.
- The total consideration paid for the acquisition is AU$681.7 million.
- Approximately 70% of the total portfolio acquired is leased to the government.
- Ramelius Resources Limited (ASX:RMS)
- RMS has agreed to take over Apollo Consolidated for AU$138 million.
- The company has offered to buy shares of Apollo Consolidated for 56 cents a share, representing a 27% premium to Apollo’s three-day volume weighted average price.
- Lark Distilling Co Limited (ASX:LRK)
- LRK plans to raise AU$53 million to acquire Pontville Distillery and Estate in Tasmania for AU$40 million.
- According to the management, the deal is at least 19 per cent accretive to net sales value per share.