ASX closes steady; Ramsay rallies on $20bn KKR bid; Whitehaven up amid cash bonanza; Rio Tinto falls after poor quarter

ASX 200 gives up gains to finish steady. Ramsay Health rallies on $20bn KKR bid. CSL, Wesfarmers and Whitehaven also strong. Rio Tinto drops after poor quarter.

Equity investors are looking for more cues on how businesses are managing rising inflation and supply concerns. Picture: Nikki Short

Welcome to the Trading Day blog for Wednesday, April 20. ASX 200 gives up early gains to close flat. Ramsay Health was the top performer, rallying 24 per cent after getting a $20bn bid from a consortium led by private equity giant KKR. Whitehaven rolls in cash. Bega earnings hit.

The ASX 200 index gave up early gains to close flat at 7569.2, despite rally in health care stocks.

Ramsay Health was the top performer after getting a $20bn bid from a consortium led by private equity giant KKR.

In the US, the S&P 500 advanced 1.6 per cent, while the Dow Jones Industrial Average added 1.5 per cent and the tech-heavy Nasdaq Composite gained more than 2 per cent.

US 10-year yields rose to near 2.94 per cent, hitting fresh three-year highs while US 2-year yields climbed to near 2.60 per cent.

European stocks were all down at close, as traders fretted over the IMF’s pessimistic outlook for global growth in 2022 with its forecast cut to 3.6 per cent.

Oil prices plunged as investors worried about a drop in demand.

Brent crude, the main international oil contract, fell 5.2 per cent to $US107.25 per barrel, while the main US oil contract, WTI, lost 5.2 per cent to $US102.56.

The iron ore futures price fell 1.1 per cent to $US153.49 a tonne. 

The Aussie dollar was near US73.75c at the US close.