S&P/ASX 200 (INDEXASX:XJO) is down 0.65% or 41.2 points lower to 6,334.7 points at 2.15pm.
The slow start today was spurred by a late sell off in the US with both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finishing lower.
The late US sell off came as the Federal Reserve’s Jerome Powell kept rates on hold and indicated no strong case for rate cut or hike.
After a strong start to the trading day, the Dow dropped more than 160 points after Fed Chair Powell crushed hopes of lower rates. Real estate was the only sector to finish in the green. https://t.co/9YcNLobmKs pic.twitter.com/Cq9t5InAvd— CNBC (@CNBC) May 1, 2019
Wesfarmers lobs $786 million bid for Kidman
Wesfarmers this morning revealed a $1.90 cash bid to acquire all shares in Kidman Resources valuing the purchase at $776 million.
Shares in Kidman are up 44.2% to $1.86 today from their closing price yesterday of $1.29.
Kidman’s major asset is a 50% interest in the Mt Holland lithium project based in Western Australia.
Mt Holland is jointly owned with Sociedad Quimica y Minera de Chile S.A. (SQM), one of the world’s largest producers and marketers of lithium products.
[VIDEO] Mid-Session: The Australian sharemarket is being held back by the major banks at lunch. $NAB has cut its dividend for the first time since 2009 and banks are sliding on softer commodity prices. https://t.co/FUS7MwPhRN #ausbiz— CommSec (@CommSec) May 2, 2019