Market Open: US tech giants drive rally

The US tech giants were in rally mode overnight, and in line with that, the ASX200 is expected to pick up just over a quarter of a per cent (0.28%) on open.

The Nasdaq added 1.6 per cent, the S&P500 1.2% and the Dow Jones closed its session about 0.7% higher.

Back home, March quarter inflation figures are due to drop from the Bureau of Statistics at 11.30am (AEST) – the insights will be key to the Reserve Bank’s next interest rates decision in early May (May 7).

Waste disposal giant Cleanaway Waste Management (ASX:CWY) has quelled suggestions it’s being acquired by media, energy and industrial services investment company Seven Group Holdings (ASX:SVW).

In a statement to the ASX Cleanaway’s denied it’s in discussions with Seven or has even been approached by the media play.  

Cleanaway shares jumped more than 15% to above $3 yesterday, to its highest point in a couple years after Bloomberg suggested Seven had been seeking financing for a takeover proposal. Seven has yet to issue a response.

Last night it was announced trade in property cleaning and security firm Millennium Services Group (ASX:MIL) would be suspended following a bid by MS Journey Pty Ltd to acquire all its shares; and, Locality Planning Energy Holdings (ASX:LPE) is urging its shareholders to reject an unsolicited takeover offer from River Capital.

And West Cobar Metals (ASX:WC1) has retracted its announcement from yesterday which said a study suggested its Newmont deposit was standout from its peers – it admits that claim did not meet requirements of the JORC code peer comparison guidelines.

One Australian dollar is buying US64.8 cents.

Gold is down half a per cent to US$2322 an ounce; iron ore is steady around US$108.60. Brent crude oil has been just below US$88.40 a barrel and natural gas is trading around US$1.83 per million British thermal units.