Intellectual property law firm IPH saw its shares rise 3 per cent to $7.12 a share, after regulators announced they would not oppose the firm’s proposed takeover of its smaller rival Xenith IP group.
The market response to the Australian Competition and Consumer Commission’s ruling was mixed: shares in IPH dipped to $6.76 in the early morning, before rallying for the rest of the day.
IPH moved in early March to acquire a blocking stake in Xenith, and to use the purchase to block a proposed $300 million merger between Xenith and its competitor Qantm.
For a measure of overall business sentiment, look to the job vacancies figures released earlier today.
Job vacancies were up 1.4 per cent in the three months to February 2019 in seasonally adjusted terms, beating the expectations of economists who were forecasting a smaller increase.
NAB’s Kaixin Owyong doubled down on her forecast that despite strong jobs numbers, the Reserve Bank would have to cut costs.
«We still believe the RBA is too optimistic on the economic outlook given the slowdown in growth,» she said.
Full story here.
The ASX’s modest afternoon rally has moved up the market by 22 points.
Materials and industrials continue to consolidate their gains; the energy sector is now up by 3 points.
Real estate is the only sector that continues to drag, down by 1 point.
Shares in Pilbara Minerals have inched up to a 7 per cent gain, and are trading at $0.75. Platinum Asset Management has moved in the opposite direction, falling 4 per cent to $4.55 per share.
Here are the big movers driving the market, which has gained 18 points in the early afternoon.
Wesfarmers is up 1.4 per cent and trading at $34.53, recouping some of the losses from earlier this week when the retail and chemicals giant unsuccessfully bid for rare earths producer Lynas.
Macquarie Group is up 1.35 per cent; BHP is also up 0.5 per cent.
On the other end, Westpac Banking Corporation is dragging, trading down 0.4 per cent at $25.84.
ASX is ticking up, having recovered its losses from the morning, and now posting a fifteen point gain since market’s open.
The materials and industrials sectors have seen gains of six points and three points, respectively.
Healthcare and communications are back in the black. Real estate lags behind and is down one point.
Platinum Asset Management has continued its week-long slide, trading down 3 per cent at $4.60 per share.
The fund manager has been under scrutiny after its billionaire founder Kerr Neilson and philanthropist ex-wife Judith Neilson sold a $300 million stake in the business.
The Neilsons sold their stake at $5 a share, a 9 per cent discount to its then previous closing price of $5.50.
Full story here.
A modest rally in the early afternoon saw the ASX recoup its losses from the morning.
The biggest winner remains Pilbara Minerals. Flight Centre and G8 Education are just behind, each posting gains of more than 2.5 per cent.
Eclipx has regained some of its losses, and is now down 2.14 per cent. Seven West Media and Platinum Asset Management are now posting the biggest losses, respectively falling 4 per cent and 3 percent.
The market has returned to the level at which it opened.
Despite the quiet day on the ASX 200, concerns about the global economic backdrop linger, with Ambrose Evans-Pritchard seeing warning signs all over.
Korean semiconductor shipments fell 25 per cent year-on-year in February; US yield curve has inverted, and the 10-year German bund yield has crashed below zero.
Can Chinese fiscal stimulus, or the US Federal Reserve’s dovish turn, save the day?
Full article here
Here are the winners and losers from this morning.
Eclipx’s losses are edging on 5 percent; Seven West Media is down 2.5 per cent.
Pilbara Minerals are gaining at 4 per cent; Pact group holds steady on its increase of 3.4 per cent.
The number of job vacancies in Australia increased by 1.1 per cent in trend terms over the February 2019 quarter, according to the Australian Bureau of Statistics.
The seasonally adjusted number of job vacancies increased by 1.4 per cent over the February 2019 quarter, down from a 5.2 per cent gain recorded in the same quarter a year ago. On a trend basis, job vacancies rose 1.1 per cent in the February quarter.
The data for February was «consistent with the recent slowing in other economic indicators,» said ABS chief economist Bruce Hockman.
On an annual basis, job vacancies increased by 9.2 per cent, with private sector vacancies increasing by 9.2 per cent and public sector vacancies by 9.4 per cent.