US markets rallied sharply on Monday, with investors largely brushing aside the shock of the US military action in Venezuela. The Dow Jones Industrial Average surged almost 600 points to close at a record 48,977, while the S&P 500 rose 0.64% and the Nasdaq gained 0.69%, as markets bet the intervention would not escalate into a broader conflict. Energy stocks led the advance on expectations US companies could benefit from rebuilding Venezuela’s oil infrastructure, with Chevron jumping 5.1%, Exxon Mobil up 2.2%, and oilfield services firms Halliburton and SLB rising 7.8% and nearly 9% respectively.
Despite the risk-on tone, investors also added some defensive exposure, with gold futures climbing 2.8% for their strongest session since late October and bitcoin trading above US$94,000. Financial stocks moved higher on optimism around US growth, led by gains in Goldman Sachs and US Bancorp. Locally, the rally has set a positive lead for Australia, with SPI futures pointing to the ASX 200 opening about 34 points, or 0.39%, higher at 8,750, supported by strength in energy stocks.
SGH and Steel Dynamics submit non-binding offer for BlueScope Steel
SGH Limited (ASX: SGH) has confirmed it has submitted a non-binding indicative offer, alongside US steelmaker Steel Dynamics, to acquire 100% of BlueScope Steel (ASX: BSL) via a scheme of arrangement. The proposal values BlueScope at $30 per share in cash, implying an equity value of about $13.2bn and representing premiums of 27% to the last close and 33% to recent VWAPs. Under the proposed structure, SGH would retain BlueScope’s Australian and rest-of-world operations, while Steel Dynamics would acquire its North American assets. The offer is subject to due diligence, regulatory approvals and a binding agreement, with no certainty a transaction will proceed.
Carnegie Clean Energy receives EuropeWave milestone payments
Carnegie Clean Energy (ASX: CCE) has received two milestone payments totalling €350,643, or about $613,000, under the EuropeWave Phase 3 contract for its ACHIEVE Programme. The payments were triggered by the successful completion of manufacturing deliverables for the CETO wave energy system, including fabrication of the buoyant actuator, mooring connectors and foundation structures. Following the payments, Carnegie has now drawn down 57% of its €3.75m EuropeWave Phase 3 contract, supporting the first European deployment of its CETO technology at the Biscay Marine Energy Platform in Spain.
Monadelphous secures $175m construction contract with BHP
Monadelphous Group (ASX: MND) has been awarded a major construction contract with BHP valued at approximately $175m, linked to a car dumper project at Finucane Island in Port Hedland, Western Australia. The scope of works includes civil, structural, mechanical, piping and electrical activities associated with replacing key equipment during a planned major shutdown. Managing Director Zoran Bebic said the award reflects Monadelphous’ long-standing relationship with BHP and its experience delivering similar projects, following completion of the Car Dumper 3 Project at Nelson Point last year.
