AU Evening Wrap: Australia Shares Rise 1%, Paring Recent Losses
Market Performance
Australia's S&P/ASX 200 closed 1.0% higher at 7701.7, paring its recent losses but still slipping to a second straight weekly loss. Ten of eleven sectors finished higher as the benchmark index bounced from three straight daily losses that straddled the release of hotter-than-expected inflation data for April. The ASX 200 lost 0.3% for the week but eked out a 0.5% monthly rise.
Consumer stocks were among Friday's largest gainers, with travel-related companies, discretionary retailers and supermarkets all rising.
The heavyweight financial sector added 1.0% as banks $National Australia Bank Ltd (NAB.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $ANZ Group Holdings Ltd (ANZ.AU)$ put on between 0.2% and 1.3% despite concerns that interest rates are likely to stay elevated for longer.
Top News
ANZ Group Holdings Sells Remaining Stake in AmBank for 4.10 Ringgit Per Share
$ANZ Group Holdings Ltd (ANZ.AU)$ has sold its remaining 5.2% stake in Malaysian bank $AMBANK (1015.MY)$ through a block trade at a price of 4.10 ringgit per share. This transaction signifies ANZ's complete departure from AmBank and is in line with the bank's ongoing efforts to streamline its operations and concentrate on its core businesses.
Namoi Cotton Advises Shareholders to Accept Olam Agri's Acquisition Offer of AU$0.70 Cash Per Share
$Namoi Cotton Ltd(Delisted) (NAM.AU)$ has recommended that its shareholders accept Olam Agri Australia's acquisition offer of AU$0.70 cash per share. The company has deemed the offer fair and reasonable, as confirmed by an independent expert's evaluation. Namoi Cotton's independent directors have also expressed their intention to accept the Olam offer. The company has advised its shareholders to reject a competing offer of AU$0.67 cash per share from Louis Dreyfus, which is AU$0.03 lower than Olam's offer.
Source: Dow Jones Newswires, AFR, ASX
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