• The ASX 200 index has finished flat on Monday
  • OZ Minerals rejects a takeover bid from BHP
  • Mining and Energy stocks lead today, Consumer Discretionary and Real Estate lag

Aussie blue chips rebounded in the afternoon after spending most of the day in the red. At the close of Monday, the ASX 200 finished flat.

Four out of 11 sectors were up, as investors searched for direction in the absence of fresh data.

Copper focused stocks rose as OZ Minerals (ASX:OZL) surged 34% to $25.55 following a takeover bid from giant BHP (ASX:BHP).

BHP’s proposed to acquire all of OZL’s shares for cash at $25 per share at a valuation of $8.4bil, an offer which was rejected by the OZL board.

Low cost, moneymaking copper assets like OZ’s Prominent Hill and Carrapateena are hard to come by and BHP has zeroed in on the metal as a key cog in the ‘future facing commodities’ strategy it has prioritised since selling its oil and gas assets to Woodside in a multi-billion merger this year.

Read the rest of that story by Stockhead’s Josh Chiat here.

The news sent other mineral and metal plays like Fortescue (ASX:FMG), Lynas Rare Earths (ASX:LYC) and South32 (ASX:S32) all higher.

Energy stocks also finished higher, but gains were offset by losses in Comm Services, Real Estate, and Consumer Discretionary sectors.

In other markets, Bitcoin was up 1% in the last 24 hours to US$23,386.



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Beach Energy (ASX:BPT) was up 5% after securing an LNG sale and purchase agreement with BP’s Singapore subsidiary.

The deal will see Beach selling 3.75 million tonnes of LNG to BP from its Waitsia Stage 2 project for the next 5 years starting from the second half of 2023.

Imugene (ASX:IMU) was up 7% after saying that data from its Phase I IMPRINTER trial was presented as a poster presentation at the IASLC 2022 World Conference on Lung Cancer in Vienna.

Exploratory biomarker data indicates that IMU-201 is immunogenic and stimulates a sustained, antibody response.



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Suncorp (ASX:SUN) repsorted a 34% decrease in NPAT to $681 million, despite top line revenue increasing by 14%.

The group also declared a 17 cents per share final dividend, well below the forecast of 46 cents a share.