The Coalition has moved to shut down further controversy over water buybacks by referring the matter to the federal Auditor-General. In a move to head off calls for a royal commission and end what has become a major campaign distraction, Agriculture Minister David Littleproud said he has asked the Auditor-General to look at all water buybacks since 2008.

This would include a single $300 million purchase by the Rudd Labor government. Mr Littleproud was confident that buybacks under Liberal and Labor governments would be given a clean bill of health by the audit. "That's what we're doing today. To make sure all governments of all political persuasions since 2008 have done the right thing. I'm confident that will come through," he said.

Read the full story at the Financial Review here

Shares in Healthscope are down 0.4 per cent today to $2.45, but trading is very heavy with 11.4 million shares trading hands already. Most of the trading is going through Nomura's institutional broker Instinet.

Last Tuesday Healthscope issued a guidance downgrade and confirmed it had lodged documents with the corporate regulator ahead of Brookfield's proposed purchase of Healthscope. It previously said hospital earnings growth would be "at least 10 per cent" compared to 2017-18, but now says it will be between 5 per cent and 9 per cent. This means earnings of between $362 million and $376 million, compared to $345 million the previous year.

Recently Deutschebank reduced its stake in Healthscope from 15.4 per cent to 13.8 per cent, and Credit Suisse ceased being a substantial holder with the sale of 25 million shares on 11 April.

Brookfield wants to buy 100 per cent of Healthscope for $2.465 per share. The biggest shareholder is AustralianSuper with 15.8 per cent of shares.

The S&P/ASX 200 is currently 50 points higher at 6309, a rise of 0.8 per cent. Forty three stocks are down, while 153 are higher. The rest are unchanged. Traders have four days worth of news to digest, so there is a lot going on. And the domestic market is only open three days this week, so it is surprising that volumes are low at 180 million.

Stocks currently falling in this strong market include Newcrest Mining, down 1.8 per cent to $24.77, and CSL is down 0.3 per cent to $190.05. Qantas is also lower with a 1.2 per cent drop to $5.63. Even bigger falls are with Orocobre, down 3 per cent to $3.27, and HUB24 is down 3 per cent to $14.11.

Nearmap may have doubled its market valuation since January, earning it a spot in the S&P/ASX 200, but the aerial imaging company says it has plenty of growth ahead, with less than 1 per cent penetration in the fast-growing American market. The business, founded 21 years ago in Perth by Stuart Nixon, only broke through the $1 billion market capitalisation milestone in February; it was valued at $770 million in mid January, but it has already extended this to $1.5 billion. Shares are down 1.5 per cent today in a rising market to $3.22, coming off a recent high of $3.55.

The company's strong US growth has been a selling point for investors, who were buoyed by its progress following the release of its half-year results in February. Chief financial officer Andy Watt, who joined the business 2 1/2 years ago, said the satellite imagery firm would maintain its focus on the American market for the next few years.

"We've taken a step up in growth profile in the US in the last 18 months. There's a number of factors at play, such as we've been in the market for a number of years now and ... the education process is now taking hold and we're gaining traction," he said.

Read the full story from the Financial Review's Yolanda Redrup here

The communications sector is doing well today with both Telstra and Vocus at significant highs and Seven West Media rising 4.6 per cent.

Telstra is up 0.7 per cent to $3.43, the highest price since early 2018. It has received good analyst coverage lately with Goldman Sachs analysts putting a $3.70 target price on the stock.

Fellow telco Vocus is at $3.95 this morning and could hit through $4 for the first time in two years.

"We are bullish on the potential for market share gains in the Australian enterprise segment for Vocus under its new leadership team. An improving balance sheet gives Vocus the option to invest in more fibre, accelerating earnings growth and increasing returns. We keep Overweight," Morgan Stanley analysts wrote on 16 April.

Meanwhile Seven West Media is up to 57 cents while Southern Cross Media is up 2 per cent to $1.23. Nine Entertainment Company (publisher of this blog) is up 1.7 per cent to $1.75.

Automotive Holdings Group is trading at $2.40 today, which relatively high for the stock over the past six months. Shareholders should expect a postcard in the mail soon as the board is writing to shareholders advising them not to do anything in relation to the hostile takeover by AP Eagers, which is offering 1 AP Eagers share for every 3.8 AHG shares. This values the stock at between $1.83 and $1.92, depending on whether you value the shares at the 4 April price, or their value over the past 120 days, when the market was depressed. The ASX has today broken through 6300 for the first time in 33 weeks.

AP Eagers is today trading at $8.60 and currently has a 28 per cent stake in Automotive Holdings. AHG has a market cap of $796 million.

"AHG reiterates take no action on receipt of AP Eagers bidders statement," acting chairman John Groppoli tells shareholders this morning.

"There is no benefit to you in accepting the offer at this time and you may be disadvantaged."

All energy stocks in the S&P/ASX 200 are out-performing today, except for Whitehaven Coal, thanks to the surging global price of oil.

The energy sector is up 1.9 per cent while the rest of the index is up 0.6 per cent to 6297.

Beach Energy is up 4.4 per cent to $2.23, Santos is up 3 per cent to $7.44, and New Hope Group is up 2.7 per cent to $2.85.

Meanwhile someone is taking advantage of the $3.8 billion takeover of Dulux Group with a block trade of 2.2 million shares trading this morning at $9.72 for about $21.3 million. These shares were worth $16.5 million before the takeover offer.

UBS analysts released a detailed report on BHP this morning with a downgrade to 'neutral' from 'buy', and asking if the stock is at the top of the cycle. However, they also estimate the company has available up to $US12 billion to distribute to shareholders over the next twelve months either through a full franked dividend or a buy-back. This is equivalent to $US2.37 per share.

BHP shares are up 0.4 per cent at $38.37 today.

"BHP has rallied approximately 12 per cent year to date and 30 per cent since the beginning of 2018 supported by the iron ore price (iron ore is about 50 per cent of group earnings)," the analyst team writes.

First Graphene, which manufactures products from graphite manufactured in Sri Lanka, says all its employees, immediate families and company associates are safe following the bombings on Sunday.

"First Graphene's board and staff's condolences go out to the victims, their families and the community affected by this horrendous act," chief financial officer Peter Youd told the market this morning.

Follow the latest news out of Sri Lanka here

Trading has opened on the S&P/ASX 200 with a jump of 19 points up to 6279.

Beach Energy, Fortescue Mining, Afterpay Touch, and Janus Henderson are early leaders. While HUB24 Ltd, IOOF, and Ausdrill are early laggers.