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S&P/ASX 200 slips as Australian dollar hits three-year high

Spot gold rose 0.3% to US$1,787.31 today after falling to its lowest since July 2 at US$1,759.29 on Friday.

Archer Materials Ltd - S&P/ASX 200
Brent crude gained 1.2% to US$61.67 a barrel today after rising nearly 1% last week.

S&P/ASX 200 (INDEXASX:XJO) was see-sawing between positive and negative territories, with the index down 0.19% to 6,781 at 1.46 pm.

The Australian dollar has hit a three-year high today by rising to 79 US cents and breaking through ¥83 and €0.65 for the first time since December 2018.

9 out of the 11 sectors on the ASX are in the red but strong gains from the mining sector (up 2.35%) and industrials are helping minimise losses.

The ASX 200 remains on track to rise for a fifth consecutive month with the market currently up by about 2.75% in February.

Bank of Queensland to buy ME Bank

Bank of Queensland (ASX:BOQ) has confirmed it will buy ME Bank for $1.3 billion.

BOQ said said it would fund the deal via a $1.35 billion equity raising.

Together, the group will hold more than $88 billion in assets and $56 billion in deposits. BOQ services 900,000 customers, while ME Bank has 450,000.

Top gainers

Today’s top gainers on the ASX include Archer Materials Ltd (ASX:AXE) (+27.50%), Core Lithium Ltd (ASX:CXO) (+11.36%), Arrow Minerals Ltd (ASX:AMD) (+12.50%), Cipherpoint Ltd (ASX:CPT) (+13.73%), Emyria Ltd (ASX:EMD) (+14.29%), Engage:BDR Ltd (ASX:EN1) (+20.00%) and Tempest Minerals Ltd (ASX:TEM) (+11.11%).

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