The S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (ASX: XAO) were mostly flat on Tuesday around midday. However, ASX tech shares led the ASX higher on Monday, taking a lead from the bullish vibe displayed on Wall Street on Friday. The S&P/ASX 200 Index rose by 81.5 points, or 1.2 per cent, to 6,687.1, while the broader S&P/ASX All Ordinaries index added 90 points, or 1.3 per cent, to 6,888.
ASX 200 buoyed by Suncorp share price
The market was sparked before trading opened with the news that ANZ Banking Group (ASX: ANZ) will buy Suncorp Group Ltd’s (ASX: SUN) banking business, for $4.9 billion, to boost its presence in Queensland. ANZ will conduct an entitlement offer to raise $3.5 billion of the sticker price. The entitlement offer will be mounted at $18.90 a share, a 12.7 per cent discount to ANZ’s closing price of $21.64 on Friday.
Although ANZ shares were in a trading halt, Suncorp was not, and its shares lifted 68 cents, or 6.1 per cent, to $11.78, after peaking at $11.82. The other banks were also bid higher, with Commonwealth Bank of Australia (ASX: CBA) adding 97 cents, or 1 per cent, to $94.24; National Australia Bank Ltd (ASX: NAB) gaining 55 cents, or 1.9 per cent, to $29, Westpac Banking Corp (ASX: WBC) putting on 25 cents, or 1.3 per cent, to $20.15; and Macquarie Group Ltd (ASX: MQG) lifting $5.34, or 3.2 per cent, to $173.33.
The 46-stock S&P/ASX All Technology Index appreciated by 51.5 points, or 2.5 per cent, to 2,076.7. Payment solutions company Tyro Payments Ltd (ASX: TYR) rose 5 cents, or 7.7 per cent, to 70 cents; Life360 Ltd (ASX: 360), the maker of the family location-tracking and safety app, surged 29 cents, or 8.2 per cent, to $3.81; and global logistics software WiseTech Global Ltd (ASX: WTC) gained $3.16, or 7.2 per cent, to $47.29, following-up its strong form from Friday, when it jumped 7 per cent after raising its full-year profit forecast, pointing to stronger top-line growth and improved cost savings.
But investigative analytics and intelligence software provider Nuix’s (ASX: NXL) shares dropped to a record low after the company said its 2022 revenue fell as much as 14 per cent. The NXL share price fell 9.5 cents by the close, to 63.5 cents, after trading as low as 55 cents. It has been a diabolical ride for investors to Nuix’s December 2020 IPO, which was priced at $5.31 a share. The NXL share price is down 88 per cent since then.
Woodside on the rise
The ASX’s energy sector rose 2.2 per cent on Monday as oil prices showed signs of recovery after a weak performance last week. Woodside Energy Group Ltd (ASX: WDS) gained 67 cents, or 2.2 per cent, to $31.30, Santos Ltd (ASX: STO) rose 17 cents, or 2.4 per cent, to $7.16, and Beach Energy Ltd (ASX: BPT) advanced 5.5 cents, or 3.3 per cent, to $1.715. Coal stocks were a standout, with Whitehaven Coal Ltd (ASX: WHC) surging 29 cents, or 5.2 per cent, to a record closing high of $5.90, after announcing that it expects to report full-year earnings of $3 billion, up from $200 million last financial year.
Fellow coal producer New Hope Corporation Ltd (ASX: NHC) was up 12 cents, or 2.9 per cent, to $4.30, Yancoal Ltd (ASX: YAL) gained 12 cents, or 1.9 per cent, to $5.85, and Stanmore Resources (ASX: SMR) spiked 11 cents, or 5.8 per cent, higher to $2.01.
Across the hallway of the ASX, the mining sector was up 1.2 per cent with BHP Group (ASX: BHP) adding 87 cents, or 2.4 per cent, to $36.97 ahead of the release of its operational full-year review this morning. Rio Tinto Ltd (ASX: RIO) shares added $2.00, or 2.1 per cent to $95.27 and Fortescue Metals Group (ASX: FMG) rose 56 cents, or 3.4 per cent, to $16.89.
