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ASX 200 morning report – Fortescue goes ex-dividend, BGH cuts Hansen bid

The S&P/ASX 200 (ASX: XJO) recovered from a loss of as much as 1% to register a five-point gain on Monday. A broader market rally with every sector but materials and energy finishing higher was enough to send the market into positive territory.

Fortescue Metals Group Limited (ASX: FMG) was the biggest drag on the market, falling $2.28 or 11% after paying out $2.11 in cash as a special dividend.

The afternoon bump came from news that the Chinese Government may be considering loosening monetary policy in response to signs of their slowing economy as the Delta variant hit growth and manufacturing.

Gold was a major winner, with Newcrest Mining Ltd (ASX: NCM) adding 2.4%. Telstra Corporation Ltd (ASX: TLS) also added 1.3% after news emerged that CEO Andy Penn was visting the PNG Government to discuss the acquisition of Digicel.

In a somewhat unexpected result, shares in Home Co’s new Wellness Property Trust (ASX: HCW) jumped 16% on listing, which given it owns a diverse portfolio of property assets suggests they may have been undervalued in the float price.

BGH cuts Hansen bid

Aggressive private equity group BGH Capital pulled their offer for Hansen Technologies Limited (ASX: HSN), which provides billing and other software support to a diverse range of major businesses. Hansen shares fell 9.2% on the news.

Santos merger extended

Both Santos Ltd (ASX: STO) and Oil Search Ltd (ASX: OSH) fell by around 2% after announcing the extension of their exclusive due diligence discussions around a potential merger. A slowing global economy continues to push the oil price lower.

Magellan assets up

Magellan Financial Group Ltd (ASX: MFG) saw retail assets under management increased just 0.3% in August on the back of stronger global markets, with institutional assets 1% higher. Magellan shares finished the day down 0.6%.

Soul Patts to double profit

Washington H Soul Pattinson and Co Ltd (ASX: SOL) fell another 1.8% despite indicating it expects 2021 profit to double once again, based on the strong performance of a number of underlying investments.

Specifically, management highlighted the strong coal price as benefitting New Hope Corporation Limited (ASX: NHC), along with copper miner Round Oak and Brickworks Limited (ASX: BKW), which is benefitting from the Home Builder renovation boom.

US markets closed for Labour Day, Europe delivers best day in months

US market futures rallied on what was a strong day for European markets, with last week’s weaker than expected payroll data increasing hope that the Federal Reserve will be forced to delay tapering.

The Euro Stoxx was the strongest in six weeks buoyed by technology shares, whilst alumina miners are set to benefit from a price spike as unrest grows in Guinea.

ASX 200 today

Looking ahead, the ASX 200 is expected to open higher on Tuesday. Aussie Broadband Ltd (ASX: ABB) is making moves with shares entering a trading halt in preparation for a capital raising.

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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.

Disclosure: At the time of publishing, Drew owns shares in Magellan.

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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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