Santos has been hit with a $30 billion takeover bid from the UAE’s ADNOC. Is this the push the Australian energy sector needed?

MARKET WRAP:

• ASX200: up 0.01%, 8548
• GOLD: $3,415 US/ounce
• BITCOIN: $164,546 
• A $30 billion takeover bid for Santos sent its shares climbing almost 11% to $7.72.
• Woodside up 3% at $25.96.
• Paladin was up 15.6%, Boss rose 17.7% and Deep Yellow was over 21% higher.
• An announcement of a US venture for baby formula maker Bubs Australia, sent its shares 6.3% higher
• Commbank and NAB closed slightly higher
• Vulcan Steel closed down 1.7% as it announced its CEO would retire after 19 years.
• UBS downgrades for gold miners Evolution and Northern Star saw them both close down more than 8%.
• Falling by over 1% was Woolworths, IAG and Mirvac.

CURRENCY UPDATE:

• AUD/USD: 65.1 US cents
• AUD/GBP: 48.0 pence
• AUD/EUR: 56 Euro cents
• AUD/JPY: 94 yen
• AUD/NZD: 1.08 Dollars