The Australian sharemarket stayed in positive territory and closed flat at 0.09 per cent or 6.4 points higher at 7,315. The SPI futures are pointing to a rise of 1 point.
Industrials continued as the best-performing sector jumped 4.9 per cent while Information Technology was the worst, down 1 per cent.
Sydney Airport
(ASX:SYD) remained as the best-performing stock soared 34 per cent higher to $7.78 following the announcement of a surprise $22 billion takeover bid from a consortium of investors. Clinuvel Pharmaceuticals
(ASX:CUV) was the worst-performing stock closed 5.2 per cent lower to $28.54.
Elsewhere, Tabcorp
(ASX:TAH) closed 4.4 per cent lower on news regarding the demerger of its Lotteries & Keno business. DGL Group
(ASX:DGL) also got a mention for its acquisition of Labels Connect closed 0.72 per cent higher. Starpharma
(ASX:SPL) closed 7.7 per cent lower while A2 Milk Company
(ASX:A2M) closed 3.1 per cent higher after receiving a tick of approval to acquire 75 per cent interest in Mataura Valley Milk.
IAG
(ASX:IAG) closed flat after the insurer finalised its aggregate reinsurance cover for FY22. The aggregate cover provides protection of $350m in excess of $400m with individual qualifying events capped at $200 million in excess of $50 million per event.
Local economic newsThe Australian Bureau of Statistic (ABS) released their retail trade figures for May. Australian retail turnover rose 0.4 per cent in May 2021. It rose 7.7 per cent compared with May 2020.
Building Approvals was also released for May by the ABS. The seasonally adjusted estimate for total dwellings approved fell 7.1 per cent in May. Private sector houses fell 10.3 per cent, in seasonally adjusted terms, while private sector dwellings excluding houses rose 1.2 per cent. The seasonally adjusted estimate for the value of non-residential building approved rose 28.5 per cent.
Company newsThe a2 Milk Company
(ASX:A2M) has received the tick of approval from the New Zealand Overseas Investment Office to acquire a 75 per cent interest in Mataura Valley Milk.
Sydney Airport
(ASX:SYD) has received an unsolicited takeover bid from a consortium of investors to acquire Sydney Airport at $8.25 per share, which amounts to more than $22 billion.
Starpharma
(ASX:SPL) has received $93,240 worth of infringement notices from the Therapeutic Goods Administration for alleged advertising of the antiviral nasal spray "Viraleze" to Australian Consumers.
Tabcorp
(ASX:TAH) has announced it intends to undertake a demerger of its Lotteries & Keno business. The demerger will create two standalone ASX-listed companies with distinct operating profiles, strategies and growth opportunities.
DGL Group
(ASX:DGL) has announced the acquisition of digital label printing business Labels Connect. DGL, based in Auckland, New Zealand, is a specialist chemicals business that manufactures, transports, stores and processes chemicals and hazardous waste.
FuturesThe Dow Jones futures are pointing to a fall of 60.00 points.
The S&P 500 futures are pointing to a fall of 7.00 points.
The Nasdaq futures are pointing to a fall of 20.25 points.
The SPI futures are pointing to a rise of 1 point when the market next opens.
Best and worst performersThe best-performing sector was Industrials, up 4.93 per cent. The worst-performing sector was Information Technology, down 0.98 per cent.
The best-performing stock in the S&P/ASX 200 was Sydney Airport
(ASX:SYD), closing 33.91 per cent higher at $7.78. It was followed by shares in Chalice Mining
(ASX:CHN) and Auckland International
(ASX:AIA).
The worst-performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals
(ASX:CUV), closing 5.21 per cent lower at $28.54. It was followed by shares in Appen
(ASX:APX) and Nuix
(ASX:NXL).
Asian marketsJapan's Nikkei has lost 0.60 per cent.
Hong Kong's Hang Seng has lost 0.74 per cent.
China's Shanghai Composite has gained 0.04 per cent.
Commodities and the dollarGold is trading at US$1785.39 an ounce.
Iron ore is 0.60 per cent lower at US$217.98 a ton.
Iron ore futures are pointing to a rise of 4.99 per cent.
Light crude is trading $0.08 higher at US$75.24 a barrel.
One Australian dollar is buying 75.15 US cents.
