ASX rallies as real estate gains
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The news: The Australian sharemarket started the week on a high with a rally led by real estate gains.
The numbers: The benchmark ASX 200 ended 0.53% higher at 7,811.9, with 10 out of 11 sectors finishing in green.
The best-performing asset class was AREITs, up 1.76%, followed by energy (1.13%) and healthcare (1.01%). McGrath enjoyed gains of 24.47% after it announced that its board agreed to a takeover offer from global rivals Knight Frank and Bayleys. Major property company Goodman Group also finished up 3.93%.
Large tech companies also rose, including Wisetech (0.81%), Xero (1.52%), and NextDC (2.39%).
Meanwhile, MMA Offshore surged 10.64% after its board agreed to a takeover by Singapore-based Seraya Partners subsidiary Cyan Renewables.
Perseus Mining gained 0.99% after gold miner Orecorp recommended its shareholders accept an improved bid from Perseus after terminating a bid from rival suitor Silvercorp. Orecorp fell 0.86%.
The only sector to fall was consumer discretionary, down just 0.01%. The Star Entertainment Group dropped 1.85% after it announced that the NSW Independent Casino Commission inquiry hearings would be held primarily in public and that its CEO Robbie Cooke would step down.
Elsewhere, laboratory testing giant ALS shares fell 4.66% after it agreed to acquire full control at zero cost of troubled European pharmaceutical research and development business Nuvisan. ALS was also the worst performer within the ASX 200.
The Australian dollar is higher, buying US65.25 cents.
The context: This week will see the Australian Bureau of Statistics release the latest consumer price index, job vacancies, retail trade and national accounts data. The latest quarterly GDP figures for the US will also be released this week.
