Afternoon Report Tuesday 13 May 2014
The ASX200 opened strongly as expected, given all-time highs again hit in the Dow overnight, up +56 points at one stage to close up +50 points.
On too if bullish offshore leads, strength was sparked by a range of mergers & acquisition (M&A) activitiy, including PanAust (PNA) +54c, or +34% to $2.12 after GRAM, a significant shareholder, offered $2.20/share takeover.
Aurora Oil & Gas (AUT) was also in the mix of the M&A activity with Baytex Energy increasing their takeover bid to $4.20/share, closing +23c to $4.18.
The resources sector supported the market to hold above the previous close, with RIO +185c to $62.85 and BHP +80c to $37.96. See our Market Matters Iron Ore video.
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