- SYDNEY, AAP – Australia’s share market was teetering to be barely above the heights of 7000 points after an early slide.The benchmark S&P/ASX200 index was lower by 33 points, or 0.46 per cent, to 7012.6 at 1200 AEST on Tuesday.
The All Ordinaries was lower by 31.1 points, or 0.42 per cent, to 7276.7 points.
There were losses of more than one per cent in information technology, industrials and consumer staples.
The top sector was materials, as iron ore prices rose to $US191 per tonne.
Meanwhile, a rising Aussie dollar made shares more expensive for overseas buyers. It climbed to more than 78 US cents earlier.
In the US, the S&P 500 and Nasdaq closed at record highs, fuelled by Tesla and other heavyweight growth stocks.
Companies that constitute about 40 per cent of the S&P 500’s market capitalisation report from Tuesday through Thursday, including Microsoft, Google parent Alphabet, Apple and Facebook.
The Dow Jones Industrial Average fell 0.18 per cent to end at 33,981.57 points while the S&P 500 gained 0.18 per cent to 4,187.62 and the Nasdaq Composite climbed 0.87 per cent to 14,138.78.
Investors will monitor a two-day US Federal Reserve meeting beginning on Tuesday, with the US central bank expected to discuss whether the employment landscape has affected its plan to leave interest rates near zero.
On the ASX, gambling giant Tabcorp has received a $3.5 billion offer for its wagering business from one of the world’s largest sports betting groups.
The improved offer from the UK-based Entain, which owns Ladbrokes and Foxy Bingo, was indicative and unsolicited, Tabcorp said.
This is the first time Tabcorp has named one of the parties pursuing its wagering and media arm since first flagging in March it had received several approaches.
Shares were up 3.95 per cent to $4.99.
BlueScope Steel raised its second-half earnings forecast, largely due to surging steel prices in the US.
Prices and demand were also higher for Australian steel products, the company said.
Second-half earnings were forecast to be in a range of $1 billion to $1.08 billion, better than the previous range of $750 million to $830 million.
Shares were higher by 1.24 per cent to $22.32.
Among other miners, BHP climbed 0.71 per cent to $48.18, Fortescue gained 1.16 per cent to $22.96 and Rio Tinto increased by 0.44 per cent to $123.05.
Waste management group Bingo Industries has entered a scheme for a $2.3 billion takeover offer from Macquarie Group, with the latter saying it can grow the business.
Bingo on Tuesday said it had entered the scheme with a company owned by Macquarie Infrastructure and Real Assets (MIRA), called Recycle and Resource Operations, to sell all shares for $3.45 each.
Shareholders may opt for a cash and unlisted scrip alternative. This consists $3.30 per share, including $1.32 in cash and the remainder in unlisted scrip in Recycle and Resource Operations.
Shares in Bingo rose 6.56 per cent to $3.41.
Macquarie was up 0.35 per cent to $158.80.
In banking, ANZ was best of the big four and steady at $28.70. The others were down by less than one per cent.
Family app designer Life360 surged by 11.47 per cent to $5.83 after it said it would buy wearable device provider Jiobit.
Life360 will pay $US37 million for Jiobit. The sum may rise to $US54.5 million if performance targets are met in the first two years.
Shares were higher by 11.47 per cent to $5.83.
The Australian dollar was buying 77.88 US cents at 1200 AEST, higher from 77.69 US cents at Monday’s close.
ASX down 0.46pc, clings above 7000 points
• Social and Copy Trading Platform
• Crypto, CFDs, Forex, Stocks
• 24/5 Customer Support
• Beginner Friendly
• ASIC, CySEC, FCA regulated
– Only $100 minimum deposit
– 1:500 max. leverage
– Over 15,000 trading instruments
– ASIC & VFSC Regulation
– Spreads from 0,0 Pips
– Free Demo Account
Well established Beginner friendly Free webinars Regulated: ASIC FCA Platforms: Advantage Web AT Pro MT4 WebTrader
· Canstar Broker of the Year – 10 years in a row
· Trade domestic and 15 international markets – all from one account
· Access advanced charting packages and trading tools
· Two innovative, award-winning platforms to choose from