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ASX 200 set to rise – BIN, BSL & RWC shares in focus

The S&P/ASX200 (ASX: XJO) remains stubbornly anchored to the 7,000 point level, falling 0.2% on Tuesday as most sectors were once again hit by the threat of increasing inflation.

The materials sectors was the biggest positive contributor, with the likes of BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) all adding 1% on the back of Vale’s quarterly earnings update.

Tabcorp receives improved offer

Tabcorp Holdings Limited (ASX: TAH) jumped 4.2% after informing the market that Entain (LON: ENT) had increased their offer for Tabcorp’s Wagering and Media business to around $3.5 billion despite still not being granted due diligence.

Bingo agrees to Macquarie takeover deal

Activity in the waste disposal sector continued, with Bingo Industries Ltd (ASX: BIN) entering into a sale deed with Macquarie Group Ltd’s (ASX: MQG) Infrastructure and Real Asset (MIRA) division at a price of $3.45 per share. The Bingo share price jumped 6.3% on the news.

Featured video: Portfolio construction essentials

Dexus wins bid for AMP Capital property fund

It appears Dexus Property Group (ASX: DXS) has been successful in its pursuit of the AMP Capital Diversified Property Fund, with the two groups set to merge and Dexus offering to provide $400 million in liquidity for those still wishing to redeem their investments.

AMP Ltd (ASX: AMP) fell another 1.8%, while Dexus dropped 1.1% on the news.

Strong steel prices deliver for BlueScope

BlueScope Steel Limited (ASX: BSL) continued its solid run, with huge infrastructure projects boosting steel demand, forcing management to upgrade its earnings expectations from $750-$830 million to $1.0-$1.08 billion for the second half of 2021.

Steel prices continue to rise strongly as supply remains under pressure.

Plumbing supplies remain strong

Plumbing supplies producer Reliance Worldwide Corporation Ltd (ASX: RWC) confirmed that sales had reached $359.4 million in the March quarter, more than 14% higher than the corresponding period.

The group has been a more cyclical beneficiary of the ‘Stay at Home’ trend of 2020, with more people in the US and Australia renovating their homes.

In constant currency terms, US revenue was up 39% and Asia 11%, however, the stronger AUD has impacted the translated profit.

Management highlighted recent increases in copper and zinc costs, in the first signs of cost inflation, however, they expect to be able to pass these onto customers.

ASX 200 today

Looking ahead, the ASX 200 is set to open higher on Wednesday despite a mostly negative lead from US markets overnight. For all the latest, check out Rask Media’s daily US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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