Market Wrap / M&A Monday

The S&P/ASX 200 bounced back from six-month lows during Monday's trade on the back of a rebound on Wall Street, with a 1.3% gain to 8,525.10 points. Sentiment was supported by strong moves in the tech and industrial sectors, along with a batch of M&A updates.Notably, heavy-weight BHP abandoned its plans for a takeover of Anglo American, saying it will focus on organic growth. The stock price was left fairly unchanged -- CHECK. And Qube leapt 19% higher, with Macquarie Asset Management making a $11.6-billion takeover offer. Monash IVF also jumped a solid 42.6% on declaring that a consortium bid for its shares was “undervalued”. Meanwhile, the banks rode on positive sentiment. CBA up 1.4%, also saying its technology and chief investment officer Gavin Monroe will leave to pursue outside opportunities. Weakness was seen in lithium players however, after reports that China might increase supply with major mine reopening. Tonight, manufacturing data from the US is due, and more AGMs will take place tomorrow, including PLS and Capricorn Metals.