Australian Investment Blog

• The ASX 200 closed 58 points higher at 5,916. It’s highest level since May 2008! • Plenty of action was seen today, particularly in Mergers and Acquisition. Last night, Toll Holdings (TOL) was approached by Japan Post offering a takeover bid ahead of reporting its disappointing earnings this morning. TOL announced it has agreed to a takeover offer valued at $6.49bn, or $9.04 a share plus an interim dividend of 13c a share. TOL closed $2.87 (+47.2%) at $8.95.• Woodside Petroleum (WPL) closed 4.4% higher at $36.45 after posting its earnings, lifting its full year profit by 38%.• Primary Healthcare (PRY) disappointed its investors, reporting its half-year profit well below estimates. PRY closed 4.7% lower at $4.68.• Dexus (DXS) closed 1.3% lower at $7.92 after reporting a slightly lower than expected earnings and upgrading its profit guidance for the 12 months.• In the Retail Sector, The Reject Shop (TRS) rallied 14.8% at $6.20 despite reporting a profit slide with its sales. Could the retailer space be the new gold sector as mentioned previously?• Insurance Australia Group (IAG) sold off, ending the day 8.5% lower to $5.85 after reporting its half-yearly earnings well below consensus.• Ardent Leisure (AAD) was also a victim, after missing its earnings estimates. AAD closed 15.9% lower due to low growth seen in its health club division.• Bega Cheese (BGA) and Fletcher Building (FBU) both disappointed the market with its earnings. BGA closed 3.4% at $5.05 and FBU down 5.4% at $7.99.