AU Morning Wrap: ASX Climbs Amid M&A Deals; Pact Group Jumps 23%

Moomoo News AU joined discussion · Dec 10, 2023 17:42

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 posts sixth straight weekly gain
• ASX climbs amid M&A deals; Pact Group jumps 23%
• Stocks to watch: Platinum Asset Management, Dexus, Bubs Australia
- Moomoo News AU

AU Morning Wrap: ASX Climbs Amid M&A Deals; Pact Group Jumps 23%

Wall Street Summary

Markets ticked higher to end the week after closely watched jobs data came in slightly hotter than expectations.

U.S. employers added 199,000 jobs in November, the Labor Department said, a slowdown from earlier in the year but more than economists expected. The unemployment rate slipped to 3.7%.

The $S&P 500 Index(.SPX.US)$ closed 0.4% higher to post a weekly gain, its sixth straight. The $Nasdaq Composite Index(.IXIC.US)$ and $Dow Jones Industrial Average(.DJI.US)$ also added 0.4%. All three major indexes closed at their highest level of the year.

For traders, Friday's data added to optimism that the economy is gliding toward a soft landing. Stocks have rallied and bond yields have dropped since the beginning of November as investors have bet that the Federal Reserve will get inflation under control without causing a steep recession.

AU Market Watch

Australia's sharemarket ticked higher at the open, tracking modest gains on Wall Street, amid a flurry of M&A deals to hit the ASX on Monday.

The benchmark $S&P/ASX 200(.XJO.AU)$ rose 23.3 points, or 0.3 per cent, to 7218.2 in the first 10 minutes of trade as nine out of 10 industry groups climbed. That was after modest gains on Wall Street, ahead of a week filled with major central bank policy decisions. The Australian dollar dipped to US65.75¢.

Stocks to Watch

$Sigma Healthcare Ltd(SIG.AU)$: Sigma Healthcare has agreed to a "transformational merger" with Chemist Warehouse, a move which will place the country's most prominent retail pharmacy brand on the ASX and create an $8.8 billion retail giant. The shares last traded at 76¢.

$Pact Group Holdings Ltd(PGH.AU)$: And Kin Group has upped its buyout bid for Pact Group to 84¢ a share, from a previous 68¢-a-share offer. The shares jumped 23 per cent to trade at the new bid price.

$Whispir Ltd(WSP.AU)$: Whispir says it's in ongoing talks with Pendula regarding its offer to either buy the shares or its main operations, which is expected top Soprano Design’s off-market takeover bid announced in November which it rejected last week. The shares fell 1.9 per cent to 51¢.

$Platinum Asset Management Ltd(PTM.AU)$: The board of Platinum Asset Management has appointed Jeff Peters as chief executive. The shares fell 1.6 per cent to $1.27.

$Dexus(DXS.AU)$: Dexus has promoted chief investment officer Ross Du Vernet to CEO. The shares added 0.9 per cent to $7.35.

$BUBS Australia Ltd(BUB.AU)$: Bubs Australia rallied 4 per cent to 13¢ after the infant formula company forecast US revenue to double in the 2024 financial year, to $48 million.

Trading Ex-div: $Advanced Share Registry Ltd(ASW.AU)$

Dividends Paid: None

Listing: $LTR Pharma Ltd(LTP.AU)$

Economic Calendar (AEST):

No major economic announcements.

Source: Dow Jones Newswires, AFR

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