The ASX was up 34.7pts, or .6 per cent, at 5960.7pts on Wednesday. Both iron ore and oil rebounded in price today, easing concerns of low commodity prices dragging on the Australian economy. The Energy Sector led the charge on Wednesday, rising 2.45 per cent. Both the Materials and Metals and Mining sectors made strong gains on Wednesday as well, rising 1.29 and 1.25 per cent respectively. In international markets, US shares closed relatively flat. Although the USD made gains, the Dow Jones was down .03 per cent and the S&P 500 was down .21 per cent. European markets made strong gains, with the DAX rising 1.3 per cent and the FTSE 100 rising 1.88 per cent. The Asian markets are also looking strong. The Hang Seng is up 2.66 per cent and the Shanghai Composite is up .64 per cent so far on Wednesday. The Nikkei 225 is up .76 per cent near closing time on Wednesday.
TPG Telecom Limited (ASX:TPM) was down 24c, or 2.50 per cent, at $9.37 per share. TPG’s acquisition proposal for iiNet has been receiving more opposition in the news lately. Opponents of the take over have cited a subpar premium and competition worries as the reason to oppose the deal.
Evolution Mining Limited (ASX:EVN) was up 1.10c, or 1.11 per cent, at 91.5c per share. The company recently announced it had payed off $35m in debt while also reporting the highest cash flows on record.
Myer Holdings Limited (ASX:MYR) was up 11.5c, or 8.78 per cent, at $1.43 per share. Myer recently received a takeover bid from Solomon Lew. A report from the ANZ also showed that although consumer confidence and spending is falling, retail spending in department stores is showing signs of short-term improvement.
Fortescue Metals Group (ASX:FMG) was up 14.5c, or 8.08 per cent, at $1.94 per share. Fortescue has recently been challenged by both falling iron ore prices and controversial comments made by its chairman. FMG soared today as iron ore prices rebounded.