AU Morning Wrap: Australian Stocks Open Higher, Telstra Rises Over 2%

The $Nasdaq Composite Index(.IXIC.US)$ rose 0.28% to close at 18403.74, and the $S&P 500 Index(.SPX.US)$ gained 0.10%. The $Dow Jones Industrial Average(.DJI.US)$ fell 0.08%, ending at 39,344.79.

The $S&P/ASX 200(.XJO.AU)$ escalated by 0.7 percent, climbing 52 points to reach 7815.2 shortly after opening, with a unanimous uptick across all 11 sectors.

Leading the charge, the communication services sector emerged as the top performer. Notably, $Telstra Group Ltd(TLS.AU)$ saw its shares surge by over 2 percent following the announcement of a forthcoming price hike in its mobile plans. Meanwhile, $REA Group Ltd(REA.AU)$ strengthened by 1.1 percent, contributing to the sector's robust performance.

The $AUD/USD(AUDUSD.FX)$ is trading at US67.46¢, an increase of 0.13%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $56,627, up by 1.54% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,018, up by 2.60% in the past 24 hours.

$Bapcor Ltd(BAP.AU)$, the prominent automotive parts distributor listed on the Australian Securities Exchange (ASX), has formally turned down a substantial acquisition offer from private equity firm Bain Capital, valued at $1.83 billion. In a statement to the ASX, Bapcor asserted that Bain Capital's proposal "did not represent fair value" for the company. Concurrently, the firm has announced the appointment of Angus McKay, the esteemed chief executive of 7-Eleven Australia, to the dual roles of CEO and executive chairman of Bapcor. McKay is scheduled to begin his leadership tenure on August 22.

$Resimac Group Ltd(RMC.AU)$, a leading non-bank mortgage lender, has disclosed the departure of its chief executive, Scott McWilliam, after a notable nine-year term at the helm.