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ASX 200 morning report – BHP, SYD & SDR shares in focus

The S&P/ASX 200 (ASX: XJO) experienced a rare loss on Monday, falling around five points or less than 0.1% as a sell-off in the technology and healthcare sector offset gains in energy and mining.

Healthcare fell by over 1% with CSL Limited (ASX: CSL) a major detractor, pulled lower by surging global bond yields.

BHP sells coal

On the positive side was BHP Group Ltd (ASX: BHP) which gained 0.8% and contributed to a 0.6% gain for the ASX mining sector after the company agreed to sell two coking coal assets in Australia to Stanmore Coal for US$1.2 billion.

Sydney Airport deal done

Sydney Airport Holdings Pty Ltd (ASX: SYD) surged by close to 3%, reaching $8.46 after the board backed a $23.6 billion takeover from IFM investors.

The deal will occur at $8.75 per share, with a small arbitrage on offer due to potential competition concerns, with Uni Super set to transfer their 15% interest into the consortium’s holding company.

The news, along with border reopening’s boosted Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB), which were both around 5%.

Stockland’s asset sale

Shares in diversified property trust Stockland Corporation Ltd (ASX: SGP) fell by 1.5% after management announced it would be selling over $1 billion in retail and retirement assets to double down on residential property development as it seeks to capitalise on an expected surge in immigration.

Featured: Making money from REITs, ft. Julia Forrest

Incitec closure as Alcoa signs new deal

Fertiliser producer Incitec Pivot Ltd (ASX: IPL) has decided to close its Brisbane-based fertiliser plan for good, blaming high gas prices and an inability to negotiate for the decision. Incitec shares were broadly flat.

On the opposite side of the country, global aluminium giant Alcoa (NYSE: AA) reportedly agreed to a new power deal that will see the Portland smelter continue operations for the foreseeable future.

API backs Wesfarmers bid

The board of Australian Pharmaceutical Industries Ltd’s (ASX: API) recommended shareholders accept the $1.55 bid made by Wesfarmers Ltd (ASX: WES), with shares moving 3.7% higher and finishing at $1.54 per share.

The new owners will seek to leverage their extensive supply chain experience to further expand the footprint of Priceline stores and diversify their earnings base.

SiteMinder share price soars on debut

Hotel bookings website SiteMinder Limited (ASX: SDR) has overcome a difficult travel environment to post a strong gain on listing, finishing at $7.01 per share, a 40% gain on the float price.

Credit card debt hits lows

Economist forecasts may well be tested in the months ahead after the RBA released data that showed credit card debt has fallen to the lowest level since 2003, reaching just $9.31 billion in the September quarter.

Stimulus packages and excess savings have been used to pay off high-cost debt, with the question of whether this will be reversed as lockdowns end.

ASX 200 today

Looking ahead, the ASX 200 is expected to edge higher on Tuesday after US markets eeked out a small gain overnight. To find out more, check out my 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.

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

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