AU Morning Wrap: ASX Rallies as Miners Jump; Origin Energy Slides

The $Dow Jones Industrial Average (.DJI.US)$ added 2.4 per cent for week, notching a fifth weekly gain to mark its longest winning streak since late 2021. The $S&P 500 Index (.SPX.US)$ added 0.8 per cent and closed at its highest level since March 2022. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ added 0.4 per cent.

The $S&P/ASX 200 (.XJO.AU)$ added 1.1 per cent, or 74.8 points to 7148 at the start of trade of Monday, following a robust Friday session in New York on the heels of the S&P 500’s 9 per cent gain in November.

The miners and interest-rate-sensitive technology stocks led the gains in local shares. The materials sector jumped 1.7 per cent, with ASX heavyweight $BHP Group Ltd (BHP.AU)$ up 1.7 per cent and $Rio Tinto Ltd (RIO.AU)$ increasing 1.6 per cent.

$Origin Energy Ltd (ORG.AU)$: Origin Energy dropped 1.5 per cent and was among the worst performers on the ASX 200. Shareholders are expected to reject the proposed $20 billion buyout of the ASX utilities giant by Brookfield and EIG on Monday, ending a protracted battle that failed to overcome the resistance of Origin's No.1 shareholder, AustralianSuper.

$Pact Group Holdings Ltd (PGH.AU)$: Pact Group rose 0.7 per cent after Rich Lister Raphael Geminder extended his lowball takeover bid for the rest of the packaging company again, this time until December 21.

$Metcash Ltd (MTS.AU)$: IGA parent Metcash rallied 2.3 per cent following positive interim results. The retailer declared its fully franked financial year 2024 interim dividend at 11¢ a share. Group revenue increased 1.3 per cent to $7.8 billion.

$Orora Ltd (ORA.AU)$: Cans and bottles maker Orora added 0.7 per cent after it appointed a new non-executive director, Claude-Alan Tardy, as it officially assumes ownership of premium bottlemaker Saverglass, following a $2.16 billion acquisition. Tardy has been an executive with French multinational Saint-Gobain Group for 40 years.

Trading Ex-div: $Incitec Pivot Ltd (IPL.AU)$, $Collins Foods Ltd (CKF.AU)$, $Stanmore Resources Ltd (SMR.AU)$