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Australia Market rises for a sixth day

The Australian share market advanced for sixth straight session on Monday, 12 October 2020, to hit a seven-week high, on the back of strength in the IT, Gold and Financials sectors. At closing bell, the benchmark S&P/ASX200 index inclined 29.80 points, or 0.49%, to 6,131.97. The broader All Ordinaries added 30.59 points, or 0.48%, to 6,343.07.

The tech sector was the standout today, leading improvements with a number of tech stocks in takeover talks. Link Group (LNK) surged 25% after receiving a ~$2.8 billion takeover offer from a private equity consortium including Pacific Equity Partners and the Carlyle Group. The offer is for $5.20 per share and is non-binding and conditional.

Elsewhere, Bravura Solution (BVS) has made an acquisition of its own with the financial software provider parting with A$41.5 million to acquire UK pensions administration firm Delta Software. BVS shares ended 8.9% higher. BNPL names are also advancing and adding to broader tech gains. Afterpay (APT) lifted 2.8%.

The financial sector climbed steadily. The big four banks improved by between 1.3% and 2%, with ANZ leading gains.

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