The local sharemarket started the week strongly, with the All Ordinaries (INDEXASX: XAO) managing a 0.5% gain, and the S&P/ASX200 (INDEXASX: XJO) up 0.6%.
The move was driven by positive sentiment in the materials and energy sectors, up 2% and 1.6%, as acquisition activity continues to grow.
Liontown Resources Ltd (ASX: LTR)
This time, it was lithium miner Liontown Resources Ltd (ASX: LTR) adding 8.8% after global giant Albemarle Corporation (NYSE: ALB) increased its bid for the company to $6.6 billion, which management indicated they would be willing to accept.
The staples sector was the biggest detractor, falling 0.6%, as formula producers including A2 Milk Company Ltd (ASX: A2M) were sold off on growth concerns.
Shares in Qantas Airways Limited (ASX: QAN) continue to sink, falling another 2.9%, as the public relations nightmare continues. Confirmation of proceedings by the regulator couldn’t have been more poorly timed, coming just as the Federal Government had sought to protect the airline carriers profit by blocking Qatar Airways’ bid for more airspace.
Skycity Entertainment Group Ltd (ASX: SKC) falls on suspension risk
Australian company profits, which looks beyond ASX-listed companies, fell heavily in the June quarter, down 13.1%.
This was nearly 10 times worse than the 1.9% expected by economics, while inventories also fell slightly as discounting swept the market.
Shares in casino operator Skycity Entertainment Group Ltd (ASX: SKC) were the worst performing, down 14.8% after informing the market that the license in its NZ casino could be suspended for ten days due to a failure to comply with the country’s Host Responsibility Programme.
Shares in BHP Group Ltd (ASX: BHP) supported the market, gaining 2.7% on the back of another round of monetary support for the Chinese economy, which is the incremental buyer of iron ore.
EFTPOS terminal provider Tyro Payments Ltd (ASX:TYR) fell more than 4% is suing one of its local counter parties, Kounta, for breach of contract pertaining to seeking to install competing terminals with Tyro customers.
US markets were closed for Labour Day.
