The ASX is so far trading lower today after dipping in morning trading to then flatten out.
The S&P/ASX200 had dropped 20.60 points or 0.28% to 7,220.60, despite crossing above its 200-day moving average.
This index has lost 0.27% for the last five days but gained 9.62% over the last year to date.
The bottom-performing stocks at time of writing were Zip Co Limited down 7.45% and Redbubble Ltd (ASX:RBL) down 5.69%.
Consumer staples gains, led by Metcash's 5% hike to $4.15, were offset by losses among technology and healthcare.
Afterpay is still battling its decision o delay its shareholder vote, down 4.5% to $93.92 on delays to a vote on its $39 billion takeover by Square.
Healthcare index declines are being led by a 2% fall in CSL's share price to $291.24 today.
Sigma Healthcare downgraded its profit guidance and fell 3.4% to 51 cents.
Bapcor was down 5.9% to $6.38 after its managing director resigned following deteriorating relationships with the board.
On the flipside, Boral is up 2.4% after the sale of its fly ash business.
Miners and banks are down but energy stocks are gaining.
Speaking of energy stocks …
Santos and Oil Search step closer to merging
The $21 billion merger between Santos Ltd (ASX:STO) and Oil Search Ltd is now a step close to completion, following a partial PNG Government approval ahead of a shareholder vote on the deal.
Conditions must still be met under PNG law for the merger to take place, however, this was a positive step forward.
Conditions include:
- Clearance/approval from the Independent Consumer and Competition Commission of Papua New Guinea;
- Approval of Oil Search shareholders at the scheme meeting to be held on Tuesday; and
- Court approval and the satisfaction or waivers of certain other customary conditions.
"The Oil Search board continues to unanimously recommend that Oil Search shareholders vote in favour of the scheme at the Scheme Meeting in the absence of a superior proposal."
Oil Search shares are 1.3% higher to $3.99 while Santos is also 1.4% higher at $6.45 at time of writing.
On the small cap front
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) is up 12.20% after joint venture partner Chalice Mining Ltd completed the first stage of exploration at the South West Nickel-Copper-PGE Project in Western Australia.
GTI Resources Ltd (ASX:GTR) is up 4.17%. GTR advised that two mud rotary drill rigs have now completed the first 10 holes of its 50,000‐foot (~15,000 metre) ~100‐hole maiden drill program within exploration area 1 at the Thor ISR uranium project in Wyoming’s Great Divide basin.
Gascoyne Resources Ltd (ASX:GCY) is up 3.28%. GCY has reported an updated mineral resource for the Yalgoo Gold Project.
Nickelsearch Ltd is up 3.13%. NIS announced excellent assay results from the initial drilling program at its RAV8 nickel deposit (RAV8) within the Carlingup Project.
Buru Energy Ltd (ASX:BRU) is up 2.78% after an update from its Canning Basin Rafael 1 well drilling operations.