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ASX 200 dips 0.3%, Utilities surge 12% on Origin Takeover Bid

Published 10/11/2022, 11:21 am
Updated 10/11/2022, 11:26 am
© Reuters.
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 22.6 points or 0.3% to 6,976.7 after the first 90 minutes of Thursday’s trade, declining for the first session in 5 and tracking U.S. equities lower, while a surging utilities sector stemmed losses as a consortium led by Canada's Brookfield Asset Management Inc (TSX:BAMa) issued an A$18.4 billion bid for Origin Energy at $9 per share.

ASX 200 Futures were pointing 0.5% higher.

Among stocks, Origin Energy Ltd (ASX:ORG) surged 34.4%, Genesis Energy Ltd (ASX:GNE) gained 0.8% and Meridian Energy Ltd (ASX:MEZ) lifted 1.2%

Meantime, Materials and Energy retreated 1.3% and 1.7% respectively as Rio Tinto Ltd (ASX:RIO) lost 0.8%, BHP Group Ltd (ASX:BHP) fell 1.7%, Fortescue Metals Group Ltd (ASX:FMG) lost 1.8% and Champion Iron Ltd (ASX:CIA) dipped 0.6%.

Santos Ltd (ASX:STO) lost 1.1%, Woodside Energy Ltd (ASX:WDS) shed 2.1%, Beach Energy Ltd (ASX:BPT) fell 2.3% and Viva Energy Group Ltd (ASX:VEA) lost 1.3%.

Among reporting companies, Computershare Ltd. (ASX:CPU) popped 5.2% after the company upgraded its earnings per share growth guidance for financial 2023.

Xero Ltd (ASX:XRO) tanked 10.4% after reporting losses of $NZ16.1 million from $NZ5.9 million in the previous period.

On the bond markets, Australia 10-Year rates were at 3.801% while United States 10-Year yields were at 4.083%.

In New Zealand, the NZX 50 dipped 0.2% to 11,116.2.

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