Stocks Rise on Alcoa’s Bid for Rival Alcan
Stocks rose on further merger news. The major
deal today was Alcoa’s $26.9 billion bid for rival Alcan. AA
shares gain 6.4%, while AL shares jump 33%.
June crude futures are down 1%
to $61.29 this morning after speculation that U.S. refiners will
ramp up output ahead of the peak driving season.
June gold futures are up 0.2% this morning to $691.20.
Around Asia, Tokyo’s Nikkei rose 1.6%
to 17,669.83, Hong Kong’s Hang Seng Index added 0.3% to 20,896.64,
and South Korea’s Seoul Composite gained 1% to 1,584.46.
Today‘s
PowerRatings Heat Map continues to display weakness across a wide range of
sectors. These include Energy, Metals/Mining, Internet, and
Drugs.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com