End of Day Report – Monday 26 Feb: M&A fever - AWC and SLC

Marcus Today Market Updates

ASX closed up 9 at 7653 (0.1%) after a very solid start evaporated. Big Monday with M&A and results in focus. First up Alcoa bid for AWC after a 20-year life on the ASX, ABB bid for SLC and CSR in a trading halt pending an announcement on a material transaction. Banks mixed, CBA firing another 1.0% ahead with the Big Bank Basket up to $204.23 (0.6%), MQG rose 0.6% and GQG up 0.9%. Insurers gained as SUN came out with better-than-expected insurance results, up 3.5%. QBE up 0.6% and NHF down 5.6% on its results. REITs mixed, GMG up 0.7% and SCG taking a break down 0.7%. Healthcare better, CSL up 0.7% and RMD gaining 0.9% as Barnaby set to star in SBS health show. Industrials firm but focus on results. WES continued higher up 1.8% with tech better, WTC up 1.4% and XRO up 2.1%. Retail mixed, KGN results and dividend restored kicked 23.7% higher. In resources, iron ore stocks on the nose again, BHP down 1.3% and FMG off 1.3%. Lithium stocks caught a bid, PLS up 5.7% after results last week. LYC rose 1.0% on no bad news, MIN also doing OK, up 2.8%. Gold miners were better on bullion price increases, NST up 1.2% and EVN up 1.4%. Oil and gas smashed, WDS down 1.7% and STO ex-dividend down 5.3%. In corporate news, results the key, NAN fell 16.0% on Trophon2 slow down, TPG fell 8.0% on results, ADH rose 15,0% on its results, SLC up 14.3% on the bid and AWC up 6.9% on its bid from Alcoa. Both scrip bids. Nothing on the economic front. In Asia, Japan returned after a holiday up 0.6%, China down 0.4%, and HK off 0.4%. 10-year yields slid to 4.10%.
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