ASX 200 closes up 0.6%, driven by CSL, CBA, Wesfarmers; AusNet gains after backing $10.2bn Brookfield bid; Westpac battered, biggest loser

Stocks closed up 0.6 per cent, driven by CSL, CBA, Wesfarmers and Telstra. AusNet backs $10.2bn Brookfield bid. Investors dump Westpac, despite $3.5bn buy back.

Stocks set to rise following gains on Wall Street. Picture: Paul Miller/AAP Image

• The Dow rose 0.25 per cent on Friday, while Nasdaq gained 0.33 per cent

• Gold price fell 1 per cent to $US1783.90

• Iron ore dropped 5.7 per cent to $US106.75 and base metal prices also fell

• US Nymex was up but Brent was flat

Welcome to the Trading Day blog for Monday, November 1. The ASX 200 closed up 0.6 per cent, driven by CSL, CBA, Wesfarmers and Telstra. AusNet also up after backing $10.2bn Brookfield bid. Investors await the RBA’s next move ahead of its board meeting on Tuesday.

Westpac unveils $3.5bn off-market buy back as annual net profit more than doubles to $5.46bn, but its shares dived 7.4% to a 7-month low of $23.78.

Private equity heavyweight Brookfield has increased its offer for Australian electricity asset owner AusNet by 6 per cent, taking its bid to more than $10bn.

The Dow Jones Industrial Average rose 0.25 per cent on Friday, while Nasdaq gained 0.33 per cent.

The gold price fell 1 per cent to $US1783.90, iron ore dropped 5.7 per cent to $US106.75 and base metal prices also fell.

On the energy front, US Nymex was up but Brent was flat.