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ASX 200 set to rise – BHP, RIO & UWL shares in focus

It was another difficult day for the domestic market with the Nasdaq entering a bear market and Chinese technology continuing to sell off, putting further pressure on sentiment and the ASX’s position as a ‘risk on’ market.

Ultimately the S&P/ASX 200 (ASX: XJO) fell another 0.7% on Tuesday with energy and materials the biggest detractors, down 2.9% and 3.7%.

BHP & Rio Tinto shares weaken

The materials sector was hit heavily by the announcement of lockdowns throughout Shanghai and Shenzen with the market reminded that both supply and demand have a role in setting commodity prices. BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) were among the hardest hit, falling 4.2% and 3.9%, respectively.

Uniti share price soars on takeover bid

On the positive side, the financials and communications sector joined three others in posting positive returns of 1% and 0.7%, with a bid for Uniti Group Ltd (ASX: UWL) sending the share price more than 27% higher.

The bid came from NZ-based infrastructure group Morrison & Co, who put a $4.50 value on the company when launching a non-binding, conditional bid for one of the fastest-growing broadband networks in the country.

Zip freefall continues, Healius begins buyback

Shares in Zip Co Ltd (ASX: Z1P) fell another 9.3% as the technology selloff showed no signs of slowing down, with concerns about the company’s access to cheap capital in the US overcoming its still significant growth.

Private hospital group Healius Ltd (ASX: HLS) gained 3.3% after announcing a $100 million on market share buyback that suggests management view the business as being undervalued by the market.

Rio lobs offer for Mongolian asset

The highly difficult and increasingly expensive Oyu Tolgoi copper mine part-owned by Rio Tinto in Mongolia is in focus once again, with the group lobbing a bid to purchase the asset outright for $3.7 billion; analysts have viewed this as a positive given the outlook for copper and difficulties with their partners in the project.

Meanwhile, the takeover of underperforming long-short manager VGI Partners Ltd (ASX: VGI) by Regal has been extended to the end of March as the two parties try to agree on terms at a time when equity performance continues to struggle.

In positive news for the tourism sector, the cruise ship ban was lifted this week.

ASX 200 today

Looking ahead, the ASX 200 is expected to rise when the market opens this morning, following a positive lead from US stock markets overnight. To find out more, check out my US stock market report.

The Golden Rules of Investing

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In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

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You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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 Zip Co.

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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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