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Aussie shares are lifting for a second session, with the ASX 200 up 0.51 per cent to 7,049.8 following a positive lead from Wall Street, together with outsized gains from Commonwealth Bank (CBA), Aristocrat Leisure (ALL), accounting software group Xero (XRO) and gold miners.

Last week was choppy for the Australian market, with the ASX 200 closing at a record high last Monday, before going on a threeday losing streak and falling to a one-month low.

Crown (CWN) has formerly turned down US investment group Blackstone’s takeover, saying the revised offer of $12.35 undervalues the casino company and was not in shareholder’s best interests. In a separate statement, CWN said it is yet to make a decision on The Star’s takeover interest, which it flagged last week. This coincides with Victoria’s royal commission into Crown’s suitability to hold a Melbourne casino licence this morning.

Macquarie Group (MQG), Carsales.com (CAR) and Incitec Pivot (IPL) are three weights on the market at lunch. Macquarie (MQG) is down by 3.7 per cent as it trades ex-dividend for its $3.35 per share final dividend, which is payable to eligible investors on 2 July. This is MQG’s largest dividend since 2019.

Carsales.com (CAR) is down 9.6 per cent after completing the institutional component of its capital raising. CAR raised $428m at the offer price of $17 per new share. The proceeds will be used to partially fund the acquisition of Trader Interactive for US$624m.

Incitec Pivot (IPL) is down 7.9 per cent and handed down its half year results. IPL revenue fell by 6.7 per cent to $1.7bn, while its net profit dropped 43.7 per cent to $36.4m. The industrial explosives manufacturer said its performance has been impacted by ‘planned manufacturing turnarounds and unplanned outages’.

Elders (ELD) handed down a 22 per cent lift in half year sales and 31 per cent jump in statutory profit to $68.2m. ELD said the results reflect growth across all state geographies and product lines’. It will pay eligible shareholders a 20c per share dividend.

China released a number of updates on economic activity at 12pm AEST. Industrial production rose by 9.8 per cent (Year on Year), just shy of the 10 per cent Bloomberg consensus. Retail sales rose by a smaller than anticipated 17.7 per cent while property investment rose by 21.6 per cent.

2.5bn shares have changed hands so far today, worth a light $2.2bn, with 783 stocks up, 515 down and 373 unchanged.

Key updates on Australian wages and jobs is due on Wednesday and Thursday respectively. G8 Education (GEM), Eagers Automotive (APE), Adbri (ABC) and Sydney Airport (SYD) are set to hold Annual General Meetings this week.

Published by CommSec