- The ASX200 is trading 0.12% higher at 7256.60 on Tuesday.
- AusNet received a fresh $2.60/share takeover bid from APA Group today.
- Qantas shares rise on flash sale $20 seats between Sydney and Melbourne.
The Australian market has rebounded from Monday?s sharp decline to trade 0.12% higher at 7256.60 after lunchtime on Tuesday as the gold miners and energy stocks lead gains on the ASX.
Tech stocks are trading slightly lower today however have rebounded from a morning sell-off, boosted by strong gains for Wisetech Global, Megaport and Appen.
Bitcoin is tumbling this afternoon, trading more than 6.5% lower over the last 24-hours, at US$42,848.48 at 1pm AEST, as the cryptocurrency market is caught up in the growing concerns of Evergrande?s potential collapse.
Just a day after AusNet Services soared following a takeover approach from Brookfield Asset Management for $2.50/share, the APA Group this morning announced it has made a takeover bid for AusNet Services for $2.60/share. APA Group management believes bringing the two businesses together would create ?Australia?s largest energy transmission and distribution infrastructure utility? with scale and capability to accelerate the $20bn growth in electricity transmission infrastructure needed to support Australia?s decarbonisation plans.
Making headlines, Qantas shares are on the rise today after the flying kangaroo launching a 24-hour Jetstar flash sale for flights between Melbourne and Sydney, indicating the airline is confident borders between the two COVID-ravaged states will open soon. Taking off from November 5, Sydney and Melbourne residents could visit one another for as little as $20 per flight.
And General Motors has restarted production of the Chevy Bolt EV battery, following a global model recall over battery fire risk, back in August.