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-- 43.000 AU Morning Wrap: ASX Rises 0.8%; Liontown Shares Jump 53.4%
G'day, mooers! Check out the latest news on today's stock market!
• Dow outperforms on SVB deal, oil prices surge
• ASX rises 0.8%; Liontown jumps 53.4%
• Stocks to watch: Liontown Resources, Origin Energy, United Malt
- Moomoo News AU
Wall Street Summary
The Dow Jones Industrial Average climbed Monday as concerns about the health of the banking sector ebbed and First Citizens agreed to buy much of Silicon Valley Bank.
The blue-chip index $Dow Jones Industrial Average (.DJI.US)$ rose 194.55 points, or 0.6%, to 32432.08, while the broad-based $S&P 500 Index (.SPX.US)$ gained 6.54 points, or 0.2%, to 3977.53. The technology-heavy $Nasdaq Composite Index (.IXIC.US)$ slipped about 55.12 points, or 0.5%, to 11768.84.
After weeks of turmoil in the banking industry, First Citizens' deal to buy large parts of Silicon Valley Bank lifted shares of U.S. regional banks, a group that has come under intensifying pressure following SVB’s collapse more than two weeks ago.
AU Market Watch
Australian shares rose 0.81 per cent at market open.
The utilities sector was the best performing, up 3.6 per cent. Consumer staples was also in the green, climbing 2.8 per cent.
$Liontown Resources Ltd (LTR.AU)$ surged 53.4 per cent to $2.34 after it rejected a takeover bid from Albemarle Corporation at $2.50 per share.
$United Malt Group Ltd (UMG.AU)$ shares jumped 31.7 per cent to $4.53. BHP shares were also higher, up 1.7 per cent to $44.27.
The financial sector was the worst performing, down 1.5 per cent.
$Atlas Arteria Ltd (ALX.AU)$ fell the most, down 3.6 per cent to $6.23, and Megaport dropped 2.7 per cent to $3.94.
Stocks to Watch
$Origin Energy Ltd (ORG.AU)$: Canadian giant Brookfield has pledged to invest billions of dollars to accelerate the decarbonisation of Origin Energy after sealing a $18.7 billion deal to buy out the Australian electricity and gas supplier together with US partner EIG.
It comes more than four months after Origin first revealed in November it had received a takeover proposal from the North American consortium, which had already increased its price twice, ending at $9 a share. A revised proposal last month, only slightly trimmed the proposed offer price to $8.90 a share.
After further discussions between Origin and its suitors, the bid price has been further refined, and now comprises $5.78 per share and US$2.19 per share for all shareholders, or $8.912 a share based on a US70¢ exchange rate.
That compares with Origin's closing share price on Monday of $8.17, and $5.81 on November 9, the day before the takeover proposal was unveiled.
$SRG Global Ltd (SRG.AU)$: Industrial services company SRG Global has secured a $55 million mine site infrastructure contract with iron ore giant $Fortescue Ltd (FMG.AU)$.
The company said the project involved the building of a 21 kilometre road at Fortescue's Eliwana Mine site in Western Australia.
"[We] look forward to delivering these works for Fortescue in addition to the asset maintenance works we are performing across a number of Fortescue's site locations," Managing director David Macgeorge said in a statement.
$Liontown Resources Ltd (LTR.AU)$: Liontown Resources has rejected a takeover bid from $Albemarle (ALB.US)$ after its board unanimously determined that the offer substantially undervalued the company.
Liontown said it received an unsolicited, conditional and non-binding indicative proposal from Albemarle on Monday, offering $2.50 a share.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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