The ASX was up 49.4pts, or .8 per cent, at 5982.7pts on Monday. The jump on the ASX was led by the Metals and Mining sector, which received a boost after iron ore prices continued to increase. The Metals and Mining sector was up 2.08 per cent. The Energy sector also continued its gains, rising 1.61 per cent. International markets were mostly up at the end of last week. In the US, the Dow Jones was up .12 per cent while the S&P 500 was up .23 per cent. In Europe, the DAX was up .74 per cent while the FTSE 100 was up .24 per cent. The Nikkei 225 extended its losses from Friday, down .18 per cent near the end of trading hours on Monday. The Chinese market has reversed its temporary downward trend from last week. The Hang Seng is up 1.70 per cent and the Shanghai Composite is up 2.70 per cent so far on Monday.
PanAust (ASX:PNA) was up 1c, or .58 per cent, at $1.75 per share. The $1.1bn acquisition deal from a Chinese state-owned company has been dismissed as too low from an independent expert.
Hills Limited (ASX:HIL) was down 14c, or 17.72 per cent, at 65c per share. Hills announced a revised profit guidance for the full year, which was down over 40 per cent from previous projections.
iiNet Limited (ASX:IIN) was up $1.14, or 13.16 per cent, at $9.80 per share. M2 Group announced a counteroffer to merge with iiNet less than two months after TPG made an acquisition bid. Although the newly proposed deal is not a cash offering, it has been valued significantly higher than TPG’s offer.
M2 Group (ASX:MTU) was down 62c, or 5.38 per cent, at $10.90 per share.
TPG Telecom (ASX:TPM) was down 59c, or 6.15 per cent, at $9.01 per share.