Despite a mixed lead from global markets on Friday, the local S&P/ASX200 (ASX: XJO) (Index: AXJO) closed the day sharply lower, down 1.25%.
Falling iron ore and oil prices saw heavy sell offs within the resources sector spread throughout the broader market, with the big banks unable to see the market higher.
However, a number of the ASX’s top 200 stocks bucked the trend to end the day meaningfully higher.
For example, today’s top performing stock was copper and gold miner PanAust Limited (ASX: PNA). The $800 million company soared 40% to $1.71 per share on an unconditional buyout offer from Guangdong Rising Assets Management (GRAM) for $1.71 per share. After PanAust’s management rejected a bid from GRAM at a price of $2.30 per share in May last year, the company subsequently posted a full year loss of $US264 million. You can read more about the latest takeover offer here.
Qantas Airways Limited’s (ASX: QAN) shares jumped 2.03% today following a drop in oil prices overnight. It also released its monthly traffic and capacity statistics for February, showing small increases for passengers carried, year-over-year. Qantas shares have soared 170% in the past 12 months, with analysts now forecasting a strong profit in 2015, as the group continues to benefit from significant falls in oil prices. However, with no competitive advantage and the industry in a state of oversupply, investors are advised to avoid Qantas shares.
Lastly, embattled supermarket operator and wholesaler, Metcash Limited (ASX: MTS), saw its share price jump 2.7% today despite no company specific news. Down 42% in the past six months, Metcash has struggled to adapt to intense competition between the two supermarket giants, Coles and Woolies, whilst its independent supermarkets have been affected by the rapid expansion of foreign giant Aldi.
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Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies. You can follow Owen on Twitter @ASXinvest.
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