This week, the share market has edged higher as the property sector was boosted by the $33 billion takeover of Westfield, and the consumer staples sector also rose. The benchmark S&P/ASX200 stock index was up 0.14 per cent at 6,021.8 points at 1630 AEDT, after a session in which the index moved within a narrow range. Shares in Westfield jumped 13.7 per cent to $9.66 after the company agreed on Tuesday to a takeover from Europe's biggest property giant that values its securities at $10.01. The retail sector was mixed, with JB Hi-Fi and Premier Investments posting small gains, and Harvey Norman and Super Retail Group modestly weaker. The Australian dollar is stronger due to improved sentiment in some metals markets, and a fall for the US dollar after the Democrats won the Alabama Senate race, which could have implications for the passage of US President Donald Trump's US tax reforms through Congress.
What this means for you:
The major news in our market this week is the sale of Westfield Corporation which will be taken over by European commercial property company Unibail-Rodamco. Under the deal, shareholders will receive $10.01 per share. They last traded at $9.66 when the market closed on Wednesday. The Westfield name will remain and while Mr. Lowy will step down as chairman, he will still chair an advisory board for the new company. Mr. Lowy and his two sons Steven and Peter will also still keep a $1,323,450,000 investment in the company. Westfield Corporation currently controls 35 shopping malls in the US and the UK. Its Australian centers are managed by Scentre Group, which is separately listed. While one big move by a company will dominate headlines for a few days, don't get caught up in trying to pick and choose the short-term movements of shares. Take a diversified position, and hang on for the long haul. As Warren Buffett has said, if you're not willing to hold an investment for at least 10 years, don't make it in the first place.