Welcome to Tuesday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200 (Index: ^AXJO) (ASX: XJO) has opened down 0.8%, as large cap oil and mining stocks reverse much of yesterday's gains. Even the banks aren't safe, with all four majors down in mid-morning trading.
- Medibank Private will list on the ASX shortly – with many analysts predicting a share price well north of the $2.00 retail investors paid for their shares. Broker IG Markets says traders were buying contracts for Medibank at $2.26 per share yesterday.In pre-trading, Commsec has Medibank Private Ltd (ASX: MPL) shares changing hands at around $2.30, suggesting retail investors, who hold 60% of the shares on offer will make a tidy 'stag' profit.
- Hedge funds have been told to expect an imminent takeover bid for resources giant Rio Tinto Limited (ASX: RIO) It seems Glencore the commodities trader and resources company has got its eyes on Australia's largest iron ore miner.But even if a deal comes, it may take many months to get approval from the varied country regulators.
- Tweet of the Day
US Close DOW up 8pts NAS up 42pts Gold flat-US$1,198/oz. Oil US$75.77/bl Iron Ore US$70.00/t. SPI off 3pt. A/US$0.8614 #ausbiz #fx ^JR
CommSec (@CommSec) November 24, 2014 - Stock of the Day – brought to you by Sean O'Neill – BHP Billiton Limited (ASX: BHP). The world's largest resources company is slashing costs and cutting capital expenditure. Will all this benefit shareholders? You can find out here.
