The S&P/ASX 200 (ASX: XJO) overcame another negative lead to finish 0.3% higher with both energy and materials central to the positive result.
The energy sector was 1.2% higher as the likes of Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) gained on the back of approximately 1 million barrels of supply being switched off due to Hurricane Ida in the US.
The iron ore price fell to a seven month low, but still a remarkably strong price given the pandemic.
ASX gold miners continue to run
But it was the ASX gold miners standing out, Silver Lake Resources Limited (ASX: SLR) jumping 5.4% and Evolution Mining Ltd (ASX: EVN) up 4% despite the US dollar gold price, with investors seemingly turning to the inflation hedge following last week’s stronger than expected producer price inflation result.
Sydney Airport deal increased
The hard-line played by Sydney Airport Holdings Pty Ltd (ASX: SYD) board appears to have paid off with shares rallying 4.6% on an improved offer from the Industry Funds Management consortium.
The group improved their $8.45 per share offer to $8.75, valuing the company at over $23 billion, making it one of the most expensive airports in the world.
The Australian Super and Q Super backed buyers have been approved to undertake due diligence but Sydney Airport shares continue to offer a small margin of profit, trading at $8.37.
AMA completes recapitalisation
Meanwhile, AMA Group Ltd (ASX: AMA) looks to be recovering from a near-death experience, successfully raising a highly dilutive $50 million from institutional investors with a similar amount to be requested from retail shareholders.
The company was placed into a trading halt following its auditor flagging concerns in its annual report, but management has acted quickly to reposition the company. The AMA share price finished 6% higher.
Copper mine paused, Redcape bought out
Meanwhile, listed pub group Redcape Hotel Group Pty Ltd (ASX: RDC) will be taken private in a buy back deal just a few short years after listing. The Redcape share price jumped 9.6% on the news.
ASX 200 today
Looking ahead, the ASX 200 is tipped to open lower on Tuesday despite a mostly positive lead from US markets overnight. To find out more, read Rask Media’s US stock market report.