ANZ off chasing the SUN: Aus shares 0.5% higher at noon

Market Reports

by Tim McGowen

ANZ Bank (ASX:ANZ) has confirmed that it proposes to buy Suncorp’s (ASX:SUN) banking business for $4.9 billion and will ask its shareholders to cough up $3.5 billion via a one for 15 fully underwritten renounceable issue. The issue will be made at $18.90 a share, a 12.7% discount to the last sale for ANZ shares of $21.47 on Friday. Trading in ANZ shares will be halted until July 21 to get the bulk of the raising done with big shareholders.

At noon, the S&P/ASX 200 is 0.47 per cent or 31.30 points higher at 6636.90.

The SPI futures are pointing to a rise of 32 points.

Best and worst performers

The best-performing sector is Energy, up 1.58 per cent. The worst-performing sector is Consumer Staples, down 0.98 per cent.

The best-performing stock in the S&P/ASX 200 is Brainchip (ASX:BRN), trading 6.94 per cent higher at $0.93. It is followed by shares in Suncorp Group (ASX:SUN) and EML Payments (ASX:EML).

The worst-performing stock in the S&P/ASX 200 is Kelsian Group (ASX:KLS), trading 3.27 per cent lower at $5.62. It is followed by shares in Megaport (ASX:MP1) and Lynas Rare Earths (ASX:LYC).

Commodities and the dollar

Gold is trading at US$1714.21 an ounce.
Iron ore is 3.6 per cent lower at US$96.60 a tonne.
Iron ore futures are pointing to a rise of 0.82 per cent.
One Australian dollar is buying 68.11 US cents.

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