ASX closes slightly higher
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The news: The Australian sharemarket ended the day slightly higher after a late rally.
The numbers: The benchmark ASX 200 ended the trading day up 0.14% to 7,804.5, with seven out of 11 sectors finishing in green.
The best performing sector was industrials, up 0.73%, followed by IT (0.59%) and AREITs (0.45%). Outside the ASX 200, industrials QANTM Intellectual Property (5.36%) and Namoi Cotton (2.74%) enjoyed solid gains. Both are takeover targets with QANTM receiving a takeover offer from IPH and Namoi receiving an improved bid from Olam Agri and its largest shareholder declaring support for the offer.
Meanwhile, Flight Centre gained 1.8% after announcing it was on track to deliver record sales.
Nine Entertainment rose 1.33% after announcing it expected total television costs to trend down marginally, while GPT Group gained 0.95% after maintaining its full-year guidance. Arcadium Lithium increased 0.14% as it reported that it was expecting production capacity to be four times greater than 2023.
Elsewhere, minnow EQ Resources increased 2.04% after announcing that QIC had agreed to provide a $20 million funding facility for its tungsten mine in Queensland.
The worst performing sector was consumer discretionary, down 0.36%, followed by materials (-0.14%) and energy (-0.04%).
Perpetual (-6.95%) was the worst performer across the ASX 200, after announcing that KKR was set to buy its corporate trust and wealth management arms for $2.2b. Analysts were unimpressed by the lack of key basic information provided on the deal.
Domain, down 3.67%, was also one of the worst performing stocks after mixed Q3 results, while GMG fell 0.03% after upgrading its full-year earnings guidance. Jarden analysts said profit taking in the near term was expected given GMG's premium valuation compared to other REIT fund managers.
The Australian dollar is lower buying 65.80 US cents.
The context: Thursday will see the Commonwealth Bank post its Q3 earnings. Offshore, Uber will report its earnings.
