The ASX 200 slumped by 0.28%, despite NSW pubs, retail and hairdressers reopening for business.

The local bourse followed action on Wall Street last Friday, where markets were down following a worse than expected US employment numbers.

Technology, Health care, and Consumer Discretionary sectors were the worst performers today, down by more than 1%.

The Energy sector was up 0.6%, lifted by oil prices which trades at US$82.39, the first time that Brent crude had hit US$80 a barrel since 2014.

Iron ore mining stocks also rose today, after spot iron ore rebounded by 6% to US$125/t.

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Coal miner Yancoal (ASX:YAL) was the best performer on the ASX today, soaring by 12% on no specific news.

The YAL stock price has been on a steep 50% upward trajectory over the past month, as the global energy crisis lifted thermal coal prices.

Z Energy (ASX:ZEL) is up by 6% today, following the takeover offer from Ampol (ASX:ALD).

Z Energy has a 40% market share in New Zealand fuel sales, and Ampol has offered to buy the company for $NZ3.78 a share, valuing ZEL at NZ$2.8 billion.

In addition to the bid price, Z Energy shareholders will also be able to keep their 5c a share interim dividends for FY22.

Fortescue Metals (ASX:FMG) is up 5%, following a rebound in iron ore price on Friday.

The company has also today unveiled its renewable energy initiative, announcing the construction of the world’s largest electrolyser, renewable industry and equipment manufacturing centre at Gladstone in Queensland.

Established under a landmark agreement with the Queensland government, Fortescue says the centre will be a key enabler to its achieving industry-leading target of carbon neutrality by 2030.

Insurance Australia (ASX:IAG) rose 3.5% today, after the Federal Court found “in favour of insurers on a significant number of policy wording questions, and for policyholders on other questions.”

This was the second business interruption test case handed down by the Federal Court on whether the pandemic could be used as ground for claims by policyholders.

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The Star Entertainment (ASX:SGR) stock price plunged 22% after media reports suggested it had engaged in many of the same improper practices as Crown Resorts (ASX:CWN).

The company released a statement to the ASX today to refute the claims, and said it will take appropriate steps to address all allegations with relevant state and federal regulators and authorities.

 

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