Caltex (ASX:CTX) confirms takeover offer: Aus shares close 0.8% higher

Market Reports

by Ortenzia Borre

It's been a mostly positive day for the Australian share market with shares closing higher at the end of trade. Shares in Caltex Australia Limited (ASX:CTX) skyrocketed past 13 per cent after the company confirmed its takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc. (ACT). Bank of Queensland came in last with the close of their $250 million share placement at a discount to its previous close, with brokers speculating investors are unimpressed at the outlook. As for the sectors today Health Care led the day and Consumer Discretionary came in last – the only sector to end the day in the red.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 56 points higher to finish at 6,788.

Futures market

Dow futures are suggesting a gain of 23 points.
S&P 500 futures are eyeing a rise of 3 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 52 point rise tomorrow morning.

Economic News

Reserve Bank Governor Philip Lowe will give a speech at the Australian Business Economists annual dinner.

Company news

EML Payments Limited (ASX: EML) has appointed Sonya Tissera – Isaacs as Company Secretary. Mrs Tissera – Isaacs has a broad range of experience in company administration and corporate governance across listed companies, and together with Group General Counsel and Company Secretary Mr Paul Wenk, will act as Joint Company Secretaries. Earlier this month EML Payments Limited (ASX: EML) entered into a binding agreement to acquire Prepaid Financial Services in Europe for an upfront enterprise value of $423 million plus an earn-out component of up to $103 million. Shares in EML Payments Limited (ASX: EML) closed 4.4 per cent higher at $4.56.

Looking at some more headlines:

Westpac (ASX:WBC) CEO Brian Hartzer will step down at the end of this week and longstanding chairman Lindsay Maxsted will bring forward his retirement to early next year as the bank goes into damage control in the wake of the AUSTRAC scandal.

Caltex Australia Limited (ASX:CTX) confirmed its takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc. (ACT).

Bank of Queensland (ASX:BOQ) completed its $250Mshare placement at a discount to its previous close.

A fire has ripped through Cleanaway’s (ASX:CWY) Guildford Materials Recycling Facility. Fortunately no employees were injured in the incident.

Best and worst performers of the day

The best performing sector was Healthcare closing 2 per cent higher while the worst performing sector was Consumer Discretionary, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Caltex Australia (ASX:CTX), rising 13.4 per cent to close at $33.79 Shares in Bravura (ASX:BVS) and Orocobre (ASX:ORE) followed higher.

The worst performing stock in the S&P/ASX 200 was Bank of Queensland (ASX:BOQ), dropping 5.8 per cent lower at $8.14. Shares in Hub24 (ASX:HUB) and Bingo Industries (ASX:BIN) followed lower.

Asian markets

Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has lost 0.01 per cent and the Shanghai Composite has gained 0.03 per cent.

Commodities and the dollar

Gold is trading at US$1,455 an ounce.
Iron ore price is 3.2 per cent higher at US$90.92.
Iron ore futures are 1.5 per cent lower.
Light crude is 10 cents lower at US$57.91 a barrel.
One Australian dollar is buying 67.83US cents.