ASX opens in positive territory and pushes above the 7800 level

Market Reports

by Manny Anton

The S&P/ASX 200 opened in positive territory and continued to push higher during the morning session led by mining and energy names. The S&P/ASX 200 was 0.7 per cent higher as the market approached midday.

The SPI futures are pointing to a rise of 91 points.

Materials, Metals & Mining and Energy names were the key drivers of the morning session, with iron ore miners BHP and RIO both up over 1 per cent and FMG rising over 4 per cent. Whilst in the energy space large cap oil & gas names Woodside and Santos Energy were both up over 1 per cent.

In company news the board of property company McGrath has backed a takeover offer from Knight Frank and Bayleys. MEA shares were trading 20 per cent higher at 58.5 cps.
In more M&A news MMA Offshore confirmed it has received a takeover offer from Cyan Renewables. MRM shares were trading 10 per cent higher at 2.60 per share.
Best and worst performers

All sectors are in the black. The best-performing sector is Information Technology, up 1.33 per cent. The sector with the fewest gains is Consumer Staples, up 0.17 per cent.

The best-performing large cap is Fortescue (ASX:FMG), trading 4.18 per cent higher at $25.67. It is followed by shares in BlueScope Steel (ASX:BSL) and Meridian Energy (ASX:MEZ).

The worst-performing large cap is ALS (ASX:ALQ), trading 5.06 per cent lower at $13.04. It is followed by shares in Mercury NZ (ASX:MCY) and Newmont Corporation (ASX:NEM).

Commodities and the dollar

Gold is trading at US$2188.60 an ounce.
Iron ore is 1.4 per cent lower at US$109.10 a tonne.
Iron ore futures are pointing to a 1.36 per cent rise.
One Australian dollar is buying 65.14 US cents.

Manny Anton

Sequoia Financial Group
Manny has over 30 years’ experience in financial markets, banking and corporate advisory. He previously worked at UBS, Credit Suisse and RBC, covering equities and equity derivatives, both domestically and internationally, based in London, Hong Kong and Sydney. Manny has also worked with corporates in IR and development in the energy and resources sectors.

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