The S&P/ASX 200 (ASX: XJO) added another 0.2% on Tuesday, with the materials sector the biggest detractor, falling 0.1% under the weight of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO).
The IT sector continues to surge, adding 1.3%, along with the real estate sector which jumped 1% on somewhat positive news for the Melbourne lockdown.
The highlights across the market were EML Payments Ltd (ASX: EML), which added 6.3%, NextDC Ltd (ASX: NXT) up 4.4% and Vicinity Centres (ASX: VCX), which was 2.1% higher.
More mixed economic data was released, with CBA’s household card spending over the last fortnight printing 14.5% above 2019 levels. Although impressive on the headline, this was the slowest growth rate seen thus far in 2021.
Boral continues buyback
Boral Limited (ASX: BLD) has continued its on-market share buyback, which is having the reverse effect of seeing acquirer Seven Group Holdings Ltd (ASX: SVW) increase their shareholding by default.
Seven’s offer of $6.50 is now being formalised with the Boral share price well above the proposed price at the current time.
Superloop to acquire Exetel
Internet service provider Superloop Ltd (ASX: SLC) entered a trading halt before the market opened, announcing its intention to acquire all the shares of private market leader Exetel.
The group is Australia’s largest independent service provider with the deal to include $100 million in cash and $10 million in Superloop shares.
Management suggests that $5 million in synergies will be released in year one, with the deal to be funded via a $100 millon institutional and retail capital raising.
Commenting on the deal, management highlighted the opportunity to bring super-fast, easy and reliable connections to three times more homes and businesses.
National Storage launches capital raising
National Storage REIT (ASX: NSR) delivered record occupancy for its storage units in Australia and New Zealand, after undertaking 27 acquisitions totalling $373 million in 2020.
Yesterday, the company flagged a $325 million capital raising in order to replenish its ‘investment capacity’ and reiterated its expectation to deliver 8% growth in FY21.
ASX 200 today
The ASX 200 is expected to open higher on Wednesday following a mixed lead from US markets overnight. For all the latest, check out Rask Media’s US stock market report.
