The Australian share market is expected to open fairly flat this morning, in line with US markets, as reporting season winds down and investors shift their attention to interest rates.
The Nasdaq was up around 0.04 per cent. The Dow Jones, similar, but in the opposite direction, and the S&P 500 closed lower, dipping 0.2 per cent.
Tesla recovered nearly 4 per cent, after reducing its year-to-date loss to less than 20 per cent. Nvidia climbed a little more, gaining 0.6 per cent.
Amazon’s stock fluctuated as it officially joined the Dow Jones, replacing Walgreens Boots Alliance, slipping 0.16 per cent.
In the tech sector, semiconductor company Arm Holdings surged another 10 per cent, making it about 100 per cent over the last month.
Deals underway
After negotiations, Aluminium company Alcoa Corporation (NYSE:AA) is moving forwards with the acquisition of lumina (ASX:AWC). in a $3.3 billion deal – representing a 13 per cent premium to its closing price last week. The companies have entered a Transaction Process and Exclusivity Deed which gives Alcoa 20 days of exclusivity.
The deal is supported by Alumina’s directors and major shareholders. Alcoa took a hit on market overnight, but Alumina might be one to watch today.
And another aluminium and building manufacturer and supplier CSR (ASX:CSR) has entered into a binding Scheme Implementation Deed with French multinational corporation Compagnie de Saint-Gobain, for a deal including cash consideration of $9 per share, with the board unanimously recommending shareholders to vote in favour.
Companies reporting
Companies reporting today include: Oil and gas operator Woodside Energy (ASX:WDS), the previously mentioned Alumina (ASX:AWC). Buy now, pay later company, Zip Co (ASX:ZIP) and grocery juggernaut Coles (ASX:COL).
And in capital raising, mineral explorer Orion Metals (ASX:ORM), has issued nearly 300 million shares at $0.0046 to three private investors, raising $1.3 million for working capital and evaluating acquisition opportunities.
$ and commodities
The Aussie dollar is buying US65 cents. Bitcoin is up nearly 6 per cent, hitting a two-year high of A$83,500.
Iron ore is sitting at US$123.50, up nearly a per cent. Crude oil’s gained 1.6 per cent to US$77.74, Gold has dipped a touch to US$2033. With natural gas gaining nearly 1.5 per cent to just below US$1.63.