Tech stocks hammered, Atlassian drops over 6%: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower as tech stocks in the US dropped as bond yields rose. The US listed shares of Atlassian fell almost 7 per cent. Shares in electric vehicle company Tesla fell 4 per cent. Britain has hiked corporation tax to 25 per cent as pandemic support hits £407 billion. The British economy is to return to its pre-Covid level by the middle of 2022, with GDP growing by 4 per cent in 2021 and 7.3 per cent in 2022. On the commodities front, oil has risen ahead of the crucial OPEC meeting.

Local economic news

The ABS will release the final, detailed retail and international trade estimates for January.


Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.4 per cent to close at 31,270, the S&P 500 shed 1.3 per cent to 3820 and the NASDAQ closed 2.7 per cent lower at 12,998.

European markets closed higher: London’s FTSE gained 0.9 per cent, Paris added 0.4 per cent and Frankfurt closed 0.3 per cent higher.

Asian markets closed higher: Tokyo’s Nikkei gained 0.5 per cent. Hong Kong’s Hang Seng added 2.7 per cent and China’s Shanghai Composite closed almost 2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to 0.6 per cent fall.

Yesterday, the Australian share market closed 0.8 per cent higher at 6818.

Company news

Synlait Milk (ASX:SM1) is withdrawing its full year 2021 guidance due the continuing significant uncertainty and volatility within its business. Their most recent guidance update was released on Monday 21 December 2020 following a revised demand forecast from the company’s cornerstone shareholder and strategic partner, The a2 Milk Company (ASX:A2M). Since then, several new factors have emerged such as the ongoing uncertainty of The a2 Milk Company’s expected demand for the remainder of FY21 and FY22, as it continues to rebalance inventory levels, and recovers from the impacts of Covid on the Daigou channels. The company’s previous guidance, that the overall FY21 NPAT result will be approximately half that of the FY20 NPAT result, will now not be attainable. Shares in Synlait Milk (ASX:SM1) closed 1.1 per cent lower at $3.59 yesterday.

In other news from yesterday evening, QBE Insurance (ASX:QBE) has appointed Andrew Horton as chief executive officer starting in September. Will relocate after 13 years at British specialist insurer Beazley. Replacing Richard Pryce who has been the interim CEO.


Auswide Bank Ltd (ASX:ABA) is paying 19 cents fully franked
Academies Aus Group(ASX:AKG) is paying 0.5 cents fully franked
Ambertech Limited(ASX:AMO) is paying 1.5 cents fully franked
ASX Limited(ASX:ASX) is paying 112.4 cents fully franked
AUB Group Ltd (ASX:AUB) is paying 16 cents fully franked
BHP Group Limited (ASX:BHP) is paying 129.7867 cents fully franked
Beacon Lighting Group (ASX:BLX) is paying 4.2 cents fully franked
Capitol Health (ASX:CAJ) is paying 0.5 cents fully franked
CPT Global Limited (ASX:CGO) is paying 2 cents fully franked
CSL Limited (ASX:CSL) is paying 134.1416 cents unfranked
Desane Group Holdings (ASX:DGH) is paying 2.25 cents unfranked
Ebos Group Ltd (ASX:EBO) is paying 35.1166 cents 95.77 per cent franked
Engenco Limited (ASX:EGN) is paying 0.5 cents fully franked
Empired Ltd (ASX:EPD) is paying 1.5 cents unfranked
Finbar Group Limited (ASX:FRI) is paying 2 cents fully franked
Fleetwood Ltd (ASX:FWD) is paying 6 cents fully franked
Idp Education Ltd (ASX:IEL) is paying 8 cents unfranked
Jumbo Interactive (ASX:JIN) is paying 18 cents fully franked
Monadelphous Group (ASX:MND) is paying 24 cents fully franked
Nine Entertainment (ASX:NEC) is paying 5 cents fully franked
NIB Holdings Limited (ASX:NHF) is paying 10 cents fully franked
Pacific Grp Ltd (ASX:PAC) is paying 10 cents fully franked
Pengana Capital (ASX:PCG) is paying 5 cents fully franked
Pro Medicus Limited (ASX:PME) is paying 7 cents fully franked
Pinnacle Investment (ASX:PNI) is paying 11.7 cents fully franked
Peopleinfrastructure (ASX:PPE) is paying 4.5 cents fully franked
Perpetual Limited (ASX:PPT) is paying 84 cents fully franked
Rio Tinto Limited (ASX:RIO) is paying 517 cents fully franked
Resimac Grp Ltd (ASX:RMC) is paying 2.4 cents fully franked
Schaffer Corp. Ltd. (ASX:SFC) is paying 45 cents fully franked
SSR Mining Inc (ASX:SSR) is paying 4.8368 cents unfranked
Senex Energy Limited (ASX:SXY) is paying 1 cent 96.5 per cent franked
Woolworths Group Ltd (ASX:WOW) is paying 53 cents fully franked


One Australian Dollar at 8:20 AM was buying 77.84 US cents, 55.80 Pence Sterling, 83.27 Yen and 64.51 Euro cents.


Iron Ore has added 0.5 per cent to US$176.40.
Iron Ore futures suggest a 0.2 per cent gain.
Gold has lost $20.10 to US$1714 an ounce.
Silver has fallen $0.64 to US$26.24 an ounce.
Oil has gained $1.49 to US$61.24 a barrel.

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