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S&P/ASX 200 bounces back, up 0.7% in the early afternoon

The S&P 500 was flat, Nasdaq Composite was down 0.21%, and Dow Jones down 0.05% last night.

trading floor
Bravura has lobbed a $2.50 non-binding cash bid for GBST

S&P/ASX 200 (INDEXASX:XJO) opened at 6,199 and shot up 30 points in the first 10 minutes of trade, it is up 0.66% to 6239.6 at 1.25pm.

Key US markets remained subdued with the S&P 500 Index (INDEXSP:.INX) flat and the Nasdaq Composite (INDEXNASDAQ:.IXIC) slightly down last night.

While it is a quiet Friday, some the keys pieces of news around the market come from CTX, PDL, PPT, GRR and the BVS-GBT takeover.



Caltex shares run on production and margin update

Caltex Australia Limited (ASX:CTX) provided its margin and sales from production numbers for March 2019 pre-market this morning.

Shares in the fuel supplier ripped 2% higher on the news showing investors were content with their first take on the numbers.

Caltex also took the opportunity to reaffirm its 2019 production guidance.

Pendal and Perpetual update on their funds under management

Fund managers Pendal Group Ltd (ASX:PDL) and Perpetual Limited (ASX:PPT) both provided updates regarding their funds under management (FUM) today.

Pendal, whos shares are flat, revealed an increase of $8.1 billion for the March quarter, which comprised of +$0.2 billion of net flows.

Perpetual released its March quarter FUM update during market hours, revealing a $0.3 billion decrease, largely due to losing a $1.3 billion mandate.

Shares in Perpetual sold off in the 10 minutes proceeding the announcement but buyers stepped in and the stock is now up 4.9% on the day.

Bravura makes a bid for GBST

Bravura Solutions Ltd (ASX:BVS) submitted a non-binding indicative proposal to acquire 100% of shares in GBST Holdings Limited (ASX:GBT) for $2.50 cash per share.

Shares in GBST are trading up 22% to $2.41.

Grange Resources updates with some good and bad news, shares down

Grange Resources Limited (ASX:GRR) have regained some of the opening losses this morning to be down 4.5% to 31.5 cents in the early afternoon.

The sell-off is in reaction to a production update from its Savage River open pit iron ore mine that cited lower production rates in the first half of 2019.


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