Bellamy's up over 50% after takeover bid: ASX tracking 0.2% lower at noon

Market Reports

by Rachael Jones

The Australian share market opened higher after mixed leads from Wall Street and dropped in the first hour of trade and is now tracking 0.2 per cent lower at noon. Bellamy’s Australia (ASX:BAL) shares have shot up today after reports the company is to be bought out by Chinese dairy company for $1.5 billion. Sims Metals (ASX:SGM) shares dropped today after the metals and electronics recycler said first-half results will be "materially lower" than a year earlier due to the US-China trade war and falling demand for cars. The Energy sector is leading the way and the Industrials sector trailing behind in the first two hours of trade.

The S&P/ASX 200 index is 4 points down at 6,665. On the futures market the SPI is 0.3 per cent lower or 19 points lower.

Company news

Monash IVF (ASX:MVF) has bought Fertility Solutions, a Queensland based provider of fertility services. The acquisition was first announced on 10th July 2019. Monash IVF currently has no presence in the markets of the Sunshine Coast and Bundaberg. Chief Executive Officer Michael Knapp says they are delighted to welcome these doctors and staff to the Monash IVF Group. Shares in Monash IVF (ASX:MVF) are trading 0.7 per cent higher at $1.02.

Best and worst performers

The best-performing sector is Energy, adding 4.2 per cent, while the worst performing sector is Industrials, shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 is Bellamy's Australia (ASX:BAL), rising 54.8 per cent to $12.88, followed by shares in Worley Parsons (ASX:WOR) and Eclipx Group (ASX:ECX).

The worst performing stock in the S&P/ASX 200 is Sims Metals Management (ASX:SGM), dropping 16.4 per cent to $10.51, followed by shares in Qantas (ASX:QAN) and Bluescope Steel (ASX:BSL).

Asian markets

Japan’s Nikkei has is closed due to a public holiday, Hong Kong’s Hang Seng has shed 0.9 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,508 an ounce.
Iron ore futures are pointing to a rise of 1.6 per cent.
One Australian dollar is buying 68.72 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.