AU Evening Wrap: Back-to-back gains for the first time this month

Moomoo News AU wrote a column · May 16, 2022 01:47

G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 closed up Monday, gaining 0.25% to 7,093.00.
• Top gainers: $Brambles Ltd (BXB.AU)$, $Qube Holdings Ltd (QUB.AU)$, $Pilbara Minerals Ltd (PLS.AU)$
• Top losers: $Imugene Ltd (IMU.AU)$, $GQG Partners Inc (GQG.AU)$, $Johns Lyng Group Ltd (JLG.AU)$
- moomoo News AU

The $S&P/ASX 200 (.XJO.AU)$ slashed a 74-point opening surge to 18 points or 0.25 per cent by the close.

Gains in tech, banking and consumer stocks kept the index in positive territory.

Value investors wondering when it was time to re-enter the market were encouraged by an approach for $Brambles Ltd (BXB.AU)$ from Luxembourg-based CVC Capital Partners. The Australian pallets business said it had held "preliminary, incomplete" discussions with CVC regarding an unsolicited proposal to acquire the company. No formal proposal had been received yet.

The company said "there is no certainty that the engagement will lead to a binding proposal being received from CVC." The share price jumped 11.22 per cent.

The tech sector extended its recovery from last week's two-year low. The sector rose 2.1 per cent in the wake of Friday's Nasdaq outperformance.

$Xero Ltd (XRO.AU)$ jumped 4.42 per cent, $Appen Ltd (APX.AU)$ 3.9 per cent and $Block Inc (SQ2.AU)$ 3.79 per cent. $Life360 Inc (360.AU)$ added 3.42 per cent, $Novonix (NVX.AU)$ 3.26 per cent and $Nextdc Ltd (NXT.AU)$ 2.79 per cent.

Healthcare heavyweight $CSL Ltd (CSL.AU)$ retreated 1.05 per cent from Friday's four-month high. $Macquarie Group Ltd (MQG.AU)$'s shares fell 1.88 per cent as they traded without the right to the bank's latest dividend.

S&P/ASX 200 Movers for Monday (5/16)