The All Ordinaries (ASX: XAO) was trading 1.9% higher today at lunch Thursday, with shares of TPG Telecom Ltd (ASX: TPM), Fortescue Metals Group Limited (ASX: FMG) and RESMED/IDR UNRESTR (ASX: RMD) moving and shaking the Australian share market.
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1. TPG Telecom – up 7%
TPG Telecom is one of Australia’s largest broadband and mobile phone providers, with around 2 million broadband subscribers. In 2018, TPG planned to merge with the owner of Vodafone Australia, Hutchison Telecommunications (ASX: HTA), in a potential $15 billion deal.
As Rask Media reported last month, TPG and HTA were pleased when the Federal Court of Australia decided their merger would not hurt competition and, therefore, provided hope for TPG and Vodafone Australia to merge and create a substantial competitor to Telstra (ASX: TLS) and Optus.
Today it was announced by the ACCC that it would not appeal the Federal Court’s decision.
“The ACCC remains disappointed by this outcome, which has closed the door on what we consider was a once in a generation chance for increased competition in the highly concentrated mobile telecommunications market,” ACCC Chair Rod Sims said.
2. Fortescue Metals Group – up 6%
Fortescue Metals Group or FMG is a global leader in the iron ore industry, known for its leading development of world class infrastructure and mining assets in the Pilbara region of Western Australia. Fortescue was founded in 2003 by Andrew Forrest, who is now one of Australia’s wealthiest people.
It’s been a tumultuous ride for Fortescue shareholders in the wake of the Coronavirus outbreak. However, that didn’t stop Founder Andrew Forrest from hovering up an additional 22 million shares in the company (worth $243 million) this past month. Forrest’s personal stake is now over 35%. This follows a half-year $US2.5 billion profit posted by the company.
3. ResMed Inc. (CHESS) – up 5%
ResMed Inc is a United States-based business that develops and manufactures medical devices to help people with sleep apnea, chronic obstructive pulmonary disease (COPD) and other chronic diseases. ResMed, which is short for Respiratory Medicine, was founded in 1989 by Dr Peter Farrell and now helps customers & patients in over 120 countries.
ResMed shares jumped despite no market-sensitive information out of the company today. However, it follows a sharp rally in the US-version of its stock overnight. On Wall St (NYSE), the US version of ResMed’s shares climbed 5.8% as the Dow Jones rallied 4.5%.