S&P/ASX 200 ends up 1.3% at a record daily close of 7491 after Afterpay jumps on Square bid

ASX ends 1.3 per cent higher at a record daily close of 7491. Tech sector rallied after Afterpay agrees to 31 per cent premium takeover bid from US giant Square and Oil Search accepts Santos' sweetened bid.

A plunge in the iron ore price was set to weigh on the Australian market. Picture: AAP

The ASX 200 finished up 1.3 per cent to a record daily close of 7491, led by the tech sector. Afterpay agreed to a 31 per cent premium takeover bid from Square, while Oil Search and Santos agree on revised merger deal.

The latest CoreLogic home price data showed annual property price gains hit a 17-year high.

Oil Search will unanimously recommend a higher merger bid from Santos and has granted due diligence to its suitor. Santos has increased its bid to 0.6275 new Santos shares for each Oil Search share held from 0.589 share sunder its previous offer.

The Reserve Bank board meets on Tuesday.

Originally published as S&P/ASX 200 ends up 1.3% at a record daily close of 7491 after Afterpay jumps on Square bid

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