The Match Out: ASX jumps most in 2 months, M&A in focus with bids for LTR & UMG

• The ASX 200 finished up +72pts/ +1.04% at 7034
• The Energy sector was best on ground (+4.14%) while Materials (+2.19%) & Financials (+1.11%) were also strong.
• Healthcare (-0.94%) and Tech (-0.61%) the weakest links.
• United Malt Group (ASX: UMG) +30.81% traded to 12-month highs after receiving a bid. UMG has entered into exclusive due diligence with Malteries Soufflet after their $5/sh cash bid was announced.
• Liontown Resources (ASX: LTR) +68.52% was also in the crosshairs of a deal today which caused lithium names to rip higher. More on that below
• SRG Global (ASX: SRG) +2.07% won another contract, this time a $55m deal with Fortescue (ASX: FMG). We recently added SRG to the Emerging Companies portfolio with today’s announcement taking them over the $1b mark in contract wins this financial year already.
• Premier Investments (ASX: PMV) +5.63% bounced after a number of brokers upgraded numbers following a strong 1H result. Portfolio Manager Harry Watt joined Ausbiz yesterday to talk retail – click here to watch
• Local Retail Sales data was also out midmorning, up +0.2% for February which was in line with expectations. CPI will be released tomorrow with a wide range of expectations in the market – anywhere from 7% to 7.6% compared to last month’s 7.4%
• Coal stocks caught a bid with improving energy prices, Whitehaven Coal (ASX: WHC) +6.11% and New Hope (ASX: NHC) +4.24%
• Iron Ore added +1.75% in Asia today with all three bulk miners up as a result. BHP (ASX: BHP) saw the best of it, up 1.95%.
• Gold was up marginally in Asia, nothing too significant, sitting at ~US$1958 at our close. Gold stocks were mostly lower though, Evolution (ASX: EVN) fell 1.35%
• Asian stocks were mixed, Japan’s Nikkei flat, Hong Kong and China both up 0.6%.
• US Futures are all up, around +0.15%.

ASX200