Local shares swung into positive territory following news that French President Macron had brokered a last ditch deal for Putin and Biden to meet on the Ukraine issue.

At around 12.15pm AEDT, French media reported that Putin and Biden will hold a summit to “discuss security and strategic stability in Europe”.

The ASX 200, which was trading lower by 0.5% at the time, rallied when the news broke out and finished the day 0.27% higher

Cyclical sectors were the main beneficiaries, with Utilities and Staples rising by 4% and 2.5% respectively. But the Tech sector, which already lost 3% last week, fell by another 2.75% today.

Gold and oil meanwhile, retreated after earlier gains.

Geopolitics aside, investors are nervously watching the US inflation for December, which will be released on Wednesday US time.

In corporate news, the main highlight today was AGL Energy’s rejection of a takeover offer led by a Brookfield Asset Management consortium that included billionaire Mike Cannon-Brookes.

BIG CAP WINNERS

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Investors gave AGL  Energy (ASX:AGL)’s board the thumbs up after it it rejected takeover advances from a consortium led by Brookfield Asset Management that included Mike Cannon-Brookes’ Grok Ventures.

The offer, which was made on the weekend, was for $7.50, almost 5% above AGL’s Friday closing price of $7.16. The AGL surged by 10.5% today to $7.91,  after reaching its highest level in seven months of $8.04 earlier in the day.

A2 Milk (ASX:A2M) rallied after reporting a 2.5% increase in half year revenue on pcp to NZ$661m. But its bottom line earnings saw a decline of 53% to NZ$56m.

Management however says it is “confident in the long-term China infant milk formula market”, which is part of why the A2M stock price is up today.

Endeavour Group (ASX:EDV) rallied after it reported a 15.6% increase in group NPAT to $311m for the first half. Management said it was a really positive result during a period which was heavily impacted by COVID-19.

BIG CAP LOSERS

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Tyro Payments (ASX:TYR) plunged 26% after its EBITDA was down 67% YoY for the half, despite the company reporting record transaction volumes.

Pointsbet (ASX:PBH) share price sank 10.5% despite the sports betting company announcing the successful launch of ts online and mobile sports betting offerings in the state of New York.

BNPL stocks also made another appearance on the large cap losers table, as new Afterpay owner Block Inc (ASX:SQ2) fell almost 10% to $133.90, while Zip Co (ASX:Z1P) also dipped sharply following its half-year trading update.