The biggest news out of big caps today came out of Wesfarmers (ASX:WES), which put a $680 million takeover offer on the table for Australian Pharmaceutical Industries (ASX:API) for $1.38 a share.

According to Wesfarmers, the rationale behind the proposal is that with its large network, it can help strengthen API’s competitive position within the growing health, 
wellbeing and beauty sector.

WES share price was relatively unchanged, while the API share price shot up by 20% to $1.37 after the announcement.

Iron ore giant miners also had a good day today, with BHP (ASX:BHP), Fortescue (ASX:FMG), and Rio Tinto (ASX:RIO), leading the pack and rising by around 2~3%.

Investors turned to ASX iron ore shares after China’s central bank announced it would lower liquidity reserve requirements for Chinese banks, meaning that they can now lend more freely which in turn would provide momentum for more iron ore purchases.

Large cap financial stocks were also the biggest winners today, with the ‘Big Four’ banks all rising by around half a percent.


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Healthcare giant Helius (ASX:HLS) has acquired a Queensland-based Axis Diagnostic, consisting of three radiology practices located in growth areas near Brisbane and one practice in the Whitsundays. Helius’ stock price was unchanged.

Super Retail Group (ASX:SUL) rose by 2% after Challenger Ltd (ASX:CGF) increased its stake from 6.27% to 7.27%.

Buildings services group Johns Lyng (ASX:JLG) climbed 1.5% after completing its 60% controlling equity interest in Unitech Building Services, a South Australian-based insurance building services company, effective 1 July.


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Dairy company a2 Milk Company (A2M) is down by almost 1% after announcing a re-organisation of its Asia Pacific division into three separate business units.

The divisons are China domestic business, International export business, and Australia & New Zealand (ANZ) domestic business.