“The rest of the market took some optimism from it in the sense that there may be less short-term inflation pressure as a result,and therefore less pressure on interest rates,” he said.
Shares in payments provider Tyro skyrocketed by more than 25 per cent after the payments providerrejected an unsolicited takeover bid from a consortium of private equity investors led by Sydney-based Potentia Capital.
The bid,which valued the equity in Tyro at about $660 million,was pitched at a 30 per cent premium of $1.27 a share.
The consortium has won the conditional support of Tyro’s biggest shareholder,Mike Cannon-Brookes’ investment company Grok Ventures,which owns 12.5 per cent of Tyro. However,Grok could potentially support a higher offer if one emerged.
Elsewhere,Link shares jumped as much as 7 per cent in morning trade after the ACCC approved the financial software company’s $2.5 billion takeover by Canadian firm Dye&Durham.
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Woodside Energy shed about 6 per cent without its $1.59 dividend,while Perpetual and ASX Ltd stocks also ended the day in the red after going ex-dividend.
On Wall Street,the S&P 500 rose 1.8 per cent on Wednesday,its biggest single-day gain in four weeks. The Dow Jones Industrial Average rose 1.4 per cent and the tech-heavy Nasdaq climbed 2.1 per cent,taking all three indexes into the green for the week,a welcome respite for traders after gains from July and early August were erased in recent weeks.
Tweet of the day:
Quote of the day: “If people keep their money in their pocket because of interest rates,then I think we are going to be in good shape.” Australia Post boss Paul Grahamsaid household spending was a big unknown in the lead-up to festive spending,but Australians should start planning their online Christmas shopping “now”.
You may have missed: High-speed rail has been put back on the agenda for Australia’s east coast after infrastructure minister Catherine King unveiled the federal government’s plans to launch an independent agency to steer the project alongside state and territory governments. A link between Sydney and Newcastle will be the agency’s priority,backed by an initial $500 million from the government.
With Clancy Yeates and AP
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