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The ASX200 closed the day down 0.3 of a per cent.

Aside from consumer discretionary and healthcare, all other sectors ended in the red.

The latest data from ANZ on Australian consumer spending shows that activity has increased 5.7% over the last year.

Consumer spending jumped 0.2% in April of 2024, clashing with narratives surrounding a weaker Australian consumer. A better picture of local inflation is expected next Wednesday.

Tonight, all eyes will be on the 2024 federal budget, set to be announced at 7:30pm AEST –investors will be keeping a close eye on the critical minerals and housing sectors.

In the green

Australian auto parts company GUD Holdings (ASX:GUD) was up 12% after confirming the group’s FY24 underlying EBITA is in line with expectations, forecast to be at least $193.5 million.

GUD closed at $10.96.

Race Oncology (ASX:RAC) was up around 6% after it reported progress on its ability to kill cancer cells – to be further explored in a proposed Phase I and II leukaemia trial.

This came from studies looking at a combination of chemotherapeutic drugs that, when used together, are more effective at killing cancerous cells.

RAC closed at $1.65.

And precious and base metals explorer Antipa Minerals Ltd (ASX: AZY) shot up nearly 18% on news that it hit intersections of more than 15 grams per tonne of gold through drilling of an initial six holes at its Minyari Dome Copper Gold project in Western Australia.

In one hole, intersections included 66 metres at 1.4 grams per tonne gold and 0.04% copper from 118 metres.

AZY closed at 1.3cents.

In the red

The industrial sector suffered the most today… it shed nearly a per cent – as real estate giants dragged:  Goodman Group (ASX:GMG) and Scentre Group (ASX:SCG) were down around 1.2 per cent and Stockland (ASX:SGP) shed nearly 0.8 of a per cent.

BHP Group’s (ASX:BHP) was down 0.23% – and the big story of the day revolved around confirmation of a second unsuccessful takeover offer to London listed, Anglo American.

BHP proposed a deal valuing Anglo American’s share capital at £34 billion, offering Anglo American shareholders a greater stake in the combined entity.

This follows an earlier rejected proposal made on April 16th.

Despite the dip in morning trading, BHP remains optimistic about the potential value a merger could create for shareholders and has until May 22nd to decide if it will submit another firm offer.

BHP closed at $43.15,

ARN Media (ASX:A1N) was also one to watch today – the company continues to face challenges following its failed partnership and takeover attempt involving Southern Cross Media yesterday.

Today the company reported that its statutory profits fell 95% compared to the previous corresponding period.

Despite this, ARN’s chair, Hamish McLennan, remains optimistic about the potential benefits of merging with Southern Cross.

ARN closed flat at 85 cents.

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