AU Morning Wrap: Nearmap soars 30% on takeover bid; Beach dives 8.4%

Wall Street Summary
US stocks ended a strong week with another up-leg on Friday amid growing hopes inflation has peaked and a new bull market has commenced.

A broad rally lifted the $S&P 500 Index (.SPX.US)$ 73 points or 1.73 per cent. All 11 sectors advanced.

The $Dow Jones Industrial Average (.DJI.US)$ put on 424 points or 1.27 per cent. The $Nasdaq Composite Index (.IXIC.US)$ led with a rise of 267 points or 2.09 per cent, thanks to strength in Apple and a rebound in chipmakers.

Market sentiment was boosted by signs consumers were less fearful about the future. The University of Michigan's preliminary August consumer sentiment index improved to 55.1 from 51.5 in July. Sentiment slumped to a record-low of 50 in June.

AU Market Watch
ASX futures advanced 39 points or 0.56 per cent. The S&P/ASX 200 fell 38.5 points or 0.54 per cent on Friday as investors booked profits after four weeks of gains.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.57 per cent to 7072.9 as of 10:20 am.

Stocks to Watch
$JB Hi Fi Ltd (JBH.AU)$: JB Hi-Fi has reported total sales of $9.23 billion for the 12 months ending June 30, up 3.5 per cent on the prior year. Online sales increased 52.8 per cent to $1.63 billion.The company declared a final dividend of $1.53 per share, up 43 per cent. Bring the total FY22 dividend to $3.16 per share, an increase of 10.1 per cent.

$Beach Energy Ltd (BPT.AU)$: Beach Energy's total revenues increased 13 per cent to $1.8 billion in FY2022, while its underlying earnings lifted 17 per cent to $1.1 billion.

$Oz Minerals Ltd (OZL.AU)$: OZ Minerals has announced that the Western Australian government has granted the third and final key regulatory approval required to allow construction of the West Musgrave project located near Jameson in WA.

$Nearmap Ltd (NEA.AU)$: Nearmap has received a non-binding indicative proposal from software investment firm Thoma Bravo, to acquire all the shares at $2.10 cash apiece.

$CAR Group Ltd (CAR.AU)$: Carsales has reported a 23 per cent increase in net profit after tax to $161 million for the year ended June 30.Reported earnings per share rose 8 per cent to 56.9¢ for the 12-month period while revenue climbed 19 per cent to $509 million.

Dividends paid: $NB Global Corporate Income Trust (NBI.AU)$, $Qualitas Real Estate Income Fund (QRI.AU)$

Commodities
• Iron ore futures fell -0.8% to US$109 a tonne. Chinese iron ore inventories climbed to a 3-month high, up 1.3% week-on-week to 138.9m tonnes between August 5-11, according to Mysteel.
• Oil prices prices slumped around -2% after a downbeat week of rising US inventories, higher US output and a global demand growth downgrade from OPEC.
• Gold recaptured the key US$1,800 level.

Source: Dow Jones Newswires, AFR