The Australian Securities Exchange (ASX) opened lower on Monday (5 May) morning despite positive momentum in a US-China trade deal last week.
Shortly after the opening bell, the S&P/ASX200 dipped 23.9 points, or 0.29%, to 8,214.1 points by 10.30am (AEST).
The index is up 3.09% over the past five trading sessions, and virtually unchanged since the start of the year.
Sectors were mixed, five of the 11 managed to stick in the green. Consumer discretionary lifted 0.22%, and was the best performing sector with a 5.08% five-day gain.
Information technology edged up 0.08% and industrials was up 0.07%. Energy, however, inched back 0.07%.
Gold Road Resources (ASX:GOR) was an early mover, adding 10.1% to trade at $3.27 today, after announcing a $3.7 billion all-cash takeover offer from Gold Fields (JSE:GFI) — marking a 43% premium to Gold Road’s closing share price on 21 March.
The two companies have entered into a scheme implementation agreement that will see Gold Fields fully acquire Gold Road.
The Gold Road board has unanimously recommended that shareholders vote in favour of the scheme in the absence of a superior proposal and subject to an independent expert’s report.
Capstone Copper (ASX:CSC), however, went the other way, sliding 4.47% to $7.49.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
