It has been a positive day of trade for the Australian share market hitting its highest point for the week. Nine out of the 11 sectors were higher with Materials rising 1.7 per cent. Sandfire Resources (ASX:SFR)
rose 11.1 per cent after reporting a 78 per cent increase in their half year net profit results while Service Stream (ASX:SSM)
was the worst performing stock on the back of their half year revenue numbers released yesterday.
At the closing bell the S&P/ASX 200 index closed 56 points higher or 0.8 per cent to finish at 6,834.Futures market
Dow futures are suggesting a rise of 110 points.
S&P 500 futures are eyeing a rise of 11 points.
The Nasdaq futures are eyeing lift of 39 points.
ASX200 futures are eyeing a 70 point rise tomorrow.Economic news
The Australian Bureau of Statistics has released data for the December quarter for capital expenditure on buildings and equipment. New capital expenditure rose 3 per cent quarter-on-quarter to $29.4 billion in the three months to December 2020 after a 3 per cent drop in the previous quarter. Buildings and structures rose to 0.7 per cent from -3.6 per cent and equipment, plant and machinery rose to 5.7 per cent.Company news
ZipCo (ASX: Z1P) reports a 130 per cent increase in their revenue to $160 million for the first half of financial year 2021, compared to the previous year. Part of their growth was driven by a 42 per cent increase in revenue by their Australian consumer business with $57.6 million in revenue generated by US based, QuadPay in the period following their acquisition on 31 August 2020. The company did report a loss of $453.8 million compared to the $30.3 million loss the year before on the back of their revaluation of their acquisition of QuadPay in the US. The company will not be paying an interim dividend. Shares in ZipCo (ASX: Z1P) closed 7.7 per cent lower at $10.95.
Flight Centre (ASX:FLT)
reports a $233.5 million loss compared to the $22 million dollar profit for its first half of the financial year 2021, compared to the previous year. Revenue came in at $160 million, down 89.7 per cent from last year's $1.5 billion. On the positive side, the company did report that revenue reached a Covid-19 period record of $33.5 million in December, which is normally one of the quietest trading months. The company will not be paying an interim dividend. Shares in Flight Centre (ASX:FLT)
closed 8.9 per cent higher at $17.79.
The a2 Milk Company (ASX:A2M)
experienced a challenging first half with net profit after tax down 35.1 per cent to $120 million. Covid-19 disrupted the company’s daigou and reseller channel restricting travel between here and China.
shares were in a trading halt today as the company announces a $1.5 billion capital raising to increase their stake in Afterpay US from 80 per to 93 per cent. The company also reported a net loss attributable to the ordinary shareholders of 165 per cent to $76.5 million compared to a loss of $28.9 million at the last half.
reports a net loss of $1.08 billion for the first half of the 2021 financial year, down 342.9 per cent. The company expects international travel to resume in October.Best and worst performers of the day
The best performing sector was Materials adding 1.7 per cent while the worst performing sector was Industrials shedding 0.7 per cent.
The best performing stock in the S&P/ASX 200 Sandfire Resources (ASX:SFR)
rising 11.1 per cent to close at $6.20. Shares in Nanosonic (ASX:NAN)
and Clinuvel Pharmaceuticals (ASX:CUV)
The worst performing stock in the S&P/ASX 200 was Service Stream (ASX:SSM)
,dropping to 21.4 per cent to $1.34. Shares in A2 Milk (ASX:A2M)
and Regis Resources (ASX:RRL)
followed lower.Asian markets
Higher: Japan’s Nikkei has added 1.5 per cent, Hong Kong’s Hang Seng has added 2.2 per cent and the Shanghai Composite has gained 1.1 per cent.Commodities and the dollar
Gold is trading at US$1,797 an ounce.
Iron ore price fell 0.2 per cent to US$172.71. Its futures are pointing to a rise of 2.95 per cent.
Light crude is 8 cents down to US$63.17 a barrel.
One Australian dollar is buying 79.71 US cents.