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ASX 200 set to fall – WES, API & ASX travel shares in focus

The S&P/ASX 200 (ASX: XJO) followed a positive global lead to post a strong opening to the week, finishing 0.6% higher. Most sectors improved outside of the ‘defensives’ with healthcare, down 1%, and consumer staples underperforming.

Globally, markets were buoyed by a resurgent oil price as weaker supply collides with strong demand across a highly vaccinated population. The oil price reached $78.09, a three-year high.

Naturally, the energy sector finished 1.8% higher with financials also outperforming, up 1.5%. Woodside Petroleum Limited (ASX: WPL) and Commonwealth Bank of Australia (ASX: CBA) were the standouts, up 3.2% and 2.8%, respectively.

ASX travel shares recover on NSW guidance

It was all about the travel sector, which had been trading strongly despite closed borders around the country. Flight Centre Travel Group Ltd (ASX: FLT) jumped 7.5% and Webjet Limited (ASX: WEB) 5.2% after the NSW government offered more guidance around their reopening plan that would see domestic travel return in the coming months.

The Queensland Government also noted that people should ‘hope’ that borders will reopen by Christmas, something that has significantly boosted sentiment in a struggling tourism sector.

Meanwhile, the Qantas Airways Limited (ASX: QAN) share price gained 2.8% after announcing plans to ramp up domestic flights from NSW. Its Perth to London flights will be grounded until next April, with departures to be from Darwin due to WA’s strict border position.

Wesfarmers faces bidding war for API

Wesfarmers Ltd’s (ASX: WES) all-conquering growth strategy has been hit with a setback after Sigma Healthcare Ltd (ASX: SIG) swooped in and delivered a higher bid for Australian Pharmaceutical Industries Ltd (ASX: API).

The new deal values the company at $773 million. It includes both 35 cents in cash and 2.05 SIG shares, reflecting a 2 cent improvement on Wesfarmers’ $1.55 per share offer. The board has entered into due diligence with both suitors, with API shares over 3% higher on the news.

ASX 200 today

The ASX 200 is expected to fall when the market opens on Tuesday, following a mixed lead from US markets overnight. To find out more, check out my US stock market report.

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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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