Energy stocks advanced 1.6% at midday Monday, with Brent oil prices rising to their highest point in over four months. Utilities was the only other sector trading in the green.
Viva Energy Group (ASX:VEA) said restart activities are underway following a power outage at the Geelong Refinery in Victoria on Sunday due to an external power supply interruption and normal production is expected to resume within one to two weeks.
Meanwhile, the financial sector led the rest of the sectors in a sell-off, plunging 2.4%. This came after a jump in US jobs data decreased chances for an imminent interest rate cut from the US Federal Reserve.
Bain Capital raised its bid for Insignia Financial (ASX:IFL) to AU$4.30 cash per share from AU$4 cash per share. The revised bid represents a 7.5% premium to the original offer and the same proposal as that of rival CC Capital Partners.
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