ASX rises; Crown jumps 8% on Blackstone bid

Australian shares opened 0.3 per cent higher on Thursday, buoyed by solid gains across the materials and energy sectors. Crown Resorts led the market, jumping 7.7 per cent – a six-month high – on news that Blackstone has increased its takeover offer to nearly $8.9 billion. The resources sector benefited from gains across the commodity market; South32 added 2.2 per cent, Nickel Mines rose 3.4 per cent, Liontown Resources jumped 3.7 per cent and BHP advanced 2.1 per cent. PolyNovo was the biggest laggard, dropping 4.1 per cent, while Appen fell 2.5 per cent and Afterpay tumbled 2.4 per cent.

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