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ASX 200 morning report – SYD, AMA & ASX gold miners in focus

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.

Domestic player Cooper Energy Ltd (ASX: COE) also added 4.4% after inking a new gas sale agreement with AGL Energy Limited (ASX: AGL) which covers the Casino, Henry, Netherby and Otway assets.

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

BHP Group Ltd (ASX: BHP) and Rio Tinto Limited’s (ASX: RIO) copper play in Arizona looks to be on hold after the government passed a bill to cancel its development; neither share price was impacted.

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.

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Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

Not only are we offering these 11 investment ideas completely FREE, we've also released an in-depth podcast to go with the report!

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

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