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All Ordinaries (INDEXASX:XAO) jumps on Regal acquisition: GQG bids for parent

The Australian share market staged a strong rally to begin November, with the S&P/ASX 200 (INDEXASX: XJO) gaining 0.9% and the All Ordinaries (INDEXASX: XAO) 0.8% as just two of the 11 sectors posted losses.

The property sector was among the highlights, gaining 1.9%, with the likes of Charter Hall Group (ASX: CHC) up 3.5% as the residential property market posted another month of price increases, up 0.9%.

Healthcare was next, adding 1.5%, as CSL Limited (ASX: CSL) posted a 1.1% gain, marking a small reversal of challenge year.

CSL share price

Fund managers were the key focus, with Regal Partners Ltd (ASX: RPL) jumping 7.7% after the company announced it had acquired a 50% stake in global commodities group Taurus Funds, taking assets under management to $8 billion; the stake cost just $28 million.

GQG Partners Inc (ASX: GQG) part-owner Pacific Current Group Ltd (ASX: PAC) gained 1.1% after Pacific Current Group confirmed it had received a bid from GQG itself that valued the company at $11 per share.

River Capital was said to have blocked the deal.

Amcor bounces on upgrade: Orica down on contract dispute

Share prices in Orica Ltd (ASX: ORI) which produces explosives, dropped 1.4% after management confirmed it was in the process of suing CF Industries Holdings, Inc (NYSE: CF). The US supplier of ammonium nitrate and Orica have struggled to continue their relationship under current terms, fortunately their will be no impact on supply in the US, nor will the 2023 results be impacted.

Defensive stalwart Amcor CDI (ASX: AMC) gained 1.7% after the company affirmed guidance of free cash flow between $850 and $950 million despite a 5% fall in earnings in the September quarter. Amcor flagged destocking as a major issue ahead of an expected lower growth period.

Amcor share price

Domino’s Pizza Enterprises Ltd (ASX: DMP) added 2.3%, bucking the challenging retail trend with management confirming sales were 12.7% higher than this time 12 months ago. The result is a significant upgrade in earnings and an ambitious target of 7,100 stores by 2033.

Fed keeps rates on hold: WeWork halves on bankruptcy concerns

News that the Federal Reserve had once again kept rates on hold sent major benchmarks around the world surging higher, led by the Nasdaq Composite (INDEXNASDAQ: .IXIC), which gained 1.6%.

The Dow Jones Industrial Average (INDEXDJX: .DJI) added 0.7% and the S&P 500 (INDEXSP: .INX) 1.1% as the board noted that they were including tightening financial conditions in there considerations for each decision. This came as the manufacturing PMI fell to another low of 46.7 in October, but was offset but a jump in job openings suggesting firms remain in growth phase.

Office sharing provider Wework Inc (NYSE: WE) slumped by close to 50% on news that Wework was considering entering bankruptcy while Advanced Micro Devices, Inc (NASDAQ: AMD) posted a 10% gain. AMD reported a 10% better than expected sales result, stronger margins and upgraded revenue forecasts.

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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At the time of publishing, the author or their clients may have a financial interest in some of companies or securities 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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