ASX higher as financials gain
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The news: The Australian sharemarket started the week higher as gains from financials led the market.
The numbers: The benchmark ASX 200 finished 0.77% higher at 7,761, with nine out of 11 sectors finishing in green.
The best-performing sector was financials, up 1.54%, followed by utilities (1.47%). The big four banks, Commonwealth Bank (1.26%), NAB (1.33%), Westpac (2.12%) and ANZ (1.24%) all gained.
One of the best-performing companies across the ASX 200 was Coronado Global Resources, which gained 4.71% despite reporting an employee fatality.
Mineral Resources ended 0.64% higher while Galileo Mining surged 14.29% after they announced a lithium exploration joint venture.
APM Human Services shares soared 10% after its board recommended an improved takeover offer from Madison Dearborn Partners.
Despite the federal government ordering Yuxiao Fund and four associates to cut their shareholdings in rare earths explorer Northern Minerals, the company’s shares gained 2.78%.
Meanwhile, Nuix ended 0.97% higher after lifting its full-year earnings guidance due to lower legal costs.
Elsewhere, Generation Development Group is in a trading halt after announcing it would buy the remaining shares of investment research and consultancy Lonsec for $197.4 million.
The worst performing sector was IT, down 0.72%, followed by telecommunication services (-0.04%).
Lovisa shares plunged 10.53% after it announced that CEO Victor Herrero will leave the company and be replaced by Smiggle boss John Cheston next year.
Regal Partners fell 0.32% after announcing it would acquire private credit and alternative investment manager Merricks Capital.
The Australian dollar is lower, buying 66.42 US cents.
The context: Tuesday will see the Australian Bureau of Statistics will release the latest business indicator figures along with government finance statistics.
