Skip to main content

Closing Bell 10 November

Grady Wulff
November 10, 2022

The local market’s green run came to an end on Thursday, with the key index closing 0.5% lower, as investor sentiment was dampened by the global sell-off from overnight on the back of tighter than expected results from the midterm US election. The ASX see-sawed throughout the session before closing lower, weighed down by sharp sell-offs in the energy, metals and mining and resources sectors. The utilities sector rocketed more than 13% today after Origin Energy (ASX:ORG), one of Australia’s leading energy companies, soared 34% after receiving a takeover offer worth $18.4 billion from Brookfield Asset Management and MidOcean Energy. The offer for $9 per share is the third revision of the initial offer the takeover partners first approached Origin with. Unsurprisingly, Origin Energy was the winning of today’s session.

It was a big day on the M&A front with fund manager Perpetual (ASX:PPT), also gaining over 12% after announcing it has received an improved takeover offer from the consortium comprising BPEA and Regal Partners, for $33 per share, which has been rejected by Perpetual’s board as the company determines the offer ‘continues to materially undervalue the company’.

Invictus Energy (ASX:IVZ) bucked the trend of the energy sector sell-off today, surging almost 150% after the upstream oil and gas company released a positive drilling update from its Mukuyu-1 well that is currently being drilled at the company’s 80%-owned SG 4571 licence in Zimbabwe’s Cabora Bassa Basin.

The winning stocks from today’s session were led by Origin Energy (ASX:ORG), followed by Perpetual (ASX:PPT) adding 14.82%, and News Corp (ASX:NWS) rallying 8.72%. And on the losing end, investors sold out of Pendal Group (ASX:PDL) fell 10.93% amid Perpetual’s requested delay to its acquisition of Pendal. Xero (ASX:XRO) also fell 10.85% today after releasing a first half trading update that missed expectations, and Block Inc (ASX:SQ2) fell 5.7% today.

The most traded stocks by Bell Direct clients today were Mineral Resources (ASX:MIN), New Hope Corporation (ASX:NHC) and Whitehaven Coal (ASX:WHC).

The Aussie Dollar is buying 64.22 US cents, 56.66 British Pence, 93.85 Japanese Yen and 1 New Zealand Dollar and 9 cents.

In economic data out today consumer inflation expectations data in Australia for November came in at an increase to 6% which beat the market forecast of a decline to 5.1%. Tonight, investors will be awaiting the release of core inflation data for October out of the US with the market expecting a decrease to 6.5% from 6.6% in September.

Morning Bell 23 May

Bell Direct
May 23, 2024

Morning Bell 22 May

Grady Wulff
May 22, 2024

Morning Bell 21 May

Sam Kanaan
May 21, 2024

Morning Bell 20 May

Grady Wulff
May 20, 2024

Weekly Wrap 17 May

Sophia Mavridis
May 17, 2024

Morning Bell 16 May

Sam Kanaan
May 16, 2024

Weekly Wrap 10 May

Grady Wulff
May 10, 2024

Morning Bell 10 May

Sam Kanaan
May 10, 2024

Morning Bell 9 May

Grady Wulff
May 9, 2024

Morning Bell 8 May

Grady Wulff
May 8, 2024

Morning Bell 7 May

Sam Kanaan
May 7, 2024