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-- 19.330 AU Morning Wrap: ASX Gains, Ramsay Leaps 6.7%
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street rallies on economic data
• ASX rallies 0.7%
• Stocks to watch: RHC, Qantas, Harvey Norman
- Moomoo News AU
Wall Street Summary
Wall Street is gaining ground after a round of reports suggested the economy is in better shape than feared.
The $S&P 500 Index (.SPX.US)$ closed 1.1 per cent higher. It's been generally edging lower since a five-week rally carried it to its highest level in more than a year in mid-June. The $Dow Jones Industrial Average (.DJI.US)$ added 0.6 per cent and the $Nasdaq Composite Index (.IXIC.US)$ finished 1.6 per cent higher.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ traded 0.7 per cent higher minutes after opening in broad gains, following a strong lead on Wall Street after upbeat US data boosted investors' optimism about the health of the economy despite sharply higher borrowing costs.
Consumer discretionary and real estate stocks led the gains.
Ramsay Health Care was the clear outperformer with a jump of 6.7 per cent after announcing that it was mulling once again the sale of joint venture in Asia with Malaysian partner Sime Darby Berhad.
Qantas stock rallied 2.1 per cent after reshuffling its executives ranks ahead of CEO Alan Joyce's exit.
Harvey Norman rose 1.9 per cent. It flagged a $670 million in profit after tax in the 11 months through May.
Westgold retreated 2.1 per cent after takeover target Musgrave rejected its offer. Musgrave fell 1.7 per cent.
PointsBet jumped 3.4 per cent after recommending the sale of its US unit to Fanatics for $US225 million ($337 million).
Stocks to Watch
$Pointsbet Holdings Ltd (PBH.AU)$: Wagering group PointsBet is expected to update the market about the sale of its US unit. Earlier this month, DraftKings lobbed an indicative $US195 million ($291 million) bid.
PointsBet was placed on trading halt on Monday pending an announcement.
$Musgrave Minerals Ltd (MGV.AU)$: Gold producer Musgrave Minerals pushed back $Westgold Resources Ltd (WGX.AU)$'s unsolicited buyout offer, telling shareholders to reject the tilt because it is undervalued. Musgrave unanimously reject the scrip offer of one Westgold share for 5.37 Musgrave shares.
$Ramsay Health Care Ltd (RHC.AU)$: Australia's largest private hospital operator, Ramsay Health Care, is exploring a 50/50 joint venture sale with Sime Darby Health Care, following "significant inbound interest" that is worth considering.
Ramsay secured a $1.5 billion three-year loan with one of its two key banks to repay debt.
$Qantas Airways Ltd (QAN.AU)$: Qantas has appointed Markus Svensson as domestic CEO. He is currently chief customer officer. Rob Marcolina will be CFO, moving from his executive role in strategy, people and technology. QantasLink CEO John Gissing will retire in November and a search to fill his role has started.
$Harvey Norman Holdings Ltd (HVN.AU)$: Harvey Norman expects $670 million in profit before tax for the 11 months through May. Net property revaluations fiscal 2023 are forecast to fetch $119 million. Full-year results are scheluded on August 31.
Trading Ex-div: None
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo News AU
Moomoo News Official Account
Australian stock market news that is available at your fingertips
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