At noon, the S&P/ASX 200 is 0.14 per cent higher at 7,324.
Suncorp has confirmed that the Australian Competition & Consumer Commission (ACCC) has requested additional time to review ANZ's merger with Suncorp. The ACCC asked for the review period to be extended from July 28, 2023, to August 4, 2023, on top of a previously agreed extension from June 12, 2023, to July 28, 2023. ANZ has agreed to this request.
Suncorp expressed its support for the merger authorization process, stating that it believes the sale is in the best interests of its customers, shareholders, and employees, and it will also bring public benefits for Queensland and the broader Australian public. If all the necessary approvals are obtained, Suncorp expects the sale of Suncorp Bank to be completed by the end of the calendar year 2023.
The SPI futures are pointing to a rise of 2 points.
Best and worst performersThe best-performing sector is Energy, up 1.82 per cent. The worst-performing sector is Materials, down 0.36 per cent.
The best-performing large cap is Whitehaven Coal
(ASX:WHC), trading 3.0 per cent higher at $7.22. It is followed by shares in carsales.com
(ASX:CAR) and James Hardie Industries plc
(ASX:JHX).
The worst-performing large cap is Allkem
(ASX:AKE), trading 4.55 per cent lower at $15.225. It is followed by shares in Pilbara Minerals
(ASX:PLS) and Liontown Resources
(ASX:LTR).
Asian marketsAsia-Pacific markets were mixed on Monday ahead of a slew of economic data from the region, including inflation numbers from Malaysia and Singapore.
In Japan, the Nikkei 225 gained 0.95% to start the week, while the Topix was also 0.57% up. Japan’s business activity expanded for a seventh straight month, with the purchasing managers index from the au Jibun bank unchanged from June’s figure of 52.1.
South Korea’s Kospi was down 0.44%, while the Kosdaq saw a 1.07% loss after reaching its highest level since April 2022 last week.
Hong Kong’s Hang Seng index looks set to start the week lower, with futures at 18,953 compared to the HSI’s last close of 19,560.57.
Company newsMicro-X
(ASX:MX1) extends contract with U.S. DHS to test self-screening modules at an airport. In response, Micro-X Inc. Chief Executive Officer of Americas and Chief Scientist, Brian Gonzales, commented: “This contract extension fully funds us to build and test the design of a self-screening checkpoint in real airports, demonstrating the improvements and refining the design with real passenger and operator input.” Shares are trading 28.6 per cent higher at 13.5 cents at noon.
European Metals
(ASX:EMH) has reached an agreement with the EBRD, in which they will invest €6 million to support the company’s Cinovec project in the Czech Republic. In response, Keith Coughlan, Executive Chairman, said: “The EBRD investment aims to fund the project’s pre development work and opens a pathway to potentially securing project financing.” Shares are trading 9.21 per cent higher at 83 cents at noon.
Tamboran Resources
(ASX:TBN) has announced that the H&P rig has been mobilised to the Beetaloo Basin for drilling. In response, Managing Director and CEO, Joel Riddle, said, “[H&P’s] rig brings modern US drilling technology to the Beetaloo Basin, a key first step to achieving material reduction in drilling costs and efficiencies.” Shares are trading 3.13 per cent higher at 16.5 cents at noon.
Commodities and the dollarGold is trading at US$2002.20 an ounce.
Iron ore is 0.8 per cent lower at US$115.35 a tonne.
Iron ore futures are pointing to a 0.53 per cent rise.
One Australian dollar is buying 67.28 US cents.
