Oz Minerals rejects BHP takeover bid, while ASX is little changed

Miner Oz Minerals has rejected a takeover bid from mining giant BHP, and the Australian share market has a slow start to the week.

In early trade, the All Ordinaries Index fell 0.2 per cent to 7,234, while the ASX 200 index also dropped 0.2 per cent to 6,999.

By midday, the market had come off its lows.

The All Ordinaries index was flat at 7,251, while the ASX 200 index fell 0.07 per cent to 7,011 at 12:30pm AEST.

Most sectors were in the red on the ASX 200, with education stocks, real estate, consumer firms, technology and financials weighing on the market.

Industrials, miners and oil stocks led the gains.

Oz Minerals (+34.3 per cent) was the best performer in the ASX 200

followed by lithium firm Lake Resources (+9.1 per cent) and copper miner Sandfire Resources (+7.2 per cent).

Leading the losses were bank and insurer Suncorp (-5.8 per cent) and freight operator Aurizon (-4.8 per cent) after their profit results came out.

Aurizon said net profit for 2022 fell 15 per cent to $513 million because of lower freight volumes and fees, and the purchase of coal freight firm One Rail.

Mayne Pharma rose after gaining approval in the US for a hormonal contraceptive device.

Miner Oz Minerals has rejected a takeover bid from mining giant BHP, and the Australian share market has a slow start to the week.