Aust shares struggle for direction

A takeover offer for Crown Resorts was one of the talking points on the Australian share market, which was little changed.

Crown shares surged by more than 16 per cent on Friday after US investment giant Blackstone bid $12.50 for each share.

This is more than Blackstone’s previous offers of $11.85 in March and $12.35 in May.

Consumer staples shares were the top performers on a mixed market. Woolworths was up 1.2 per cent to $40.40.

The heavyweight financials category rose 0.2 per cent but was offset by materials falling 0.3 per cent.

The benchmark S&P/ASX200 index was up 5.1 points, or 0.06 per cent, to 7384.3 points at 1200 AEDT.

The All Ordinaries was higher by 2.1 points, or 0.02 per cent, to 7715.3 points.

In the US, the S&P 500 and Nasdaq eked out record closing highs after investors focused on upbeat retail and technology earnings.

Stocks initially slipped after New York Federal Reserve Bank President John Williams said inflation was becoming more broad-based and expectations for future price increases were rising.

On the ASX, Treasury Wine Estate continued to improve after revealing the previous day it will buy a US vineyards company for about $433 million.

Treasury shares rose 4.63 per cent to $12.07.

Technology stocks were the poorest performers.

Cargo software vendor WiseTech Global said supply chain disruption was expected to continue impacting trade until coronavirus vaccines were widely available.

There was no change to the full-year earnings forecast of between 26 and 38 per cent growth.

Shares were down 3.84 per cent to $56.47.

The big miners were mixed. BHP and Rio Tinto lost less than half a per cent. Fortescue gained by about the same measure.

In banking, the Commonwealth was best of the big four and higher by almost one per cent. NAB fared worst and lost 0.41 per cent. ANZ and Westpac were little changed.

Elsewhere, the boss of asset manager Janus Henderson will retire at the end of March.

Dick Weil has been chief executive for 12 years and the company is looking for his replacement.

Shares were up 2.22 per cent to $63.40.

Data centre provider Next DC said it had made a strong start towards meeting its full-year earnings forecast.

The company has resources available to accommodate a rise in earnings of between 19 and 23 per cent.

Shares were little changed at $12.62.

The Australian dollar was buying 72.74 US cents at 1200 AEDT, lower from 72.75 US cents at Thursday’s close.

Aust shares struggle for direction
Independent Information