The Australian share market is in positive territory, rebounding off Friday’s decline after Wall St’s record highs. It is currently trading 0.9 per cent or 62 points higher at 7,335. The SPI futures are pointing to a rise of 60 points.
Materials have been the best-performing sector, up 2.2 per cent, while Consumer Staples are down 0.3 per cent. Iron ore giant BHP
(ASX:BHP) is dominating the Materials sector, up 3.3 per cent, while the retail giants are down, with Coles
(ASX:COL) trading 0.9 per cent lower and Woolworths
(ASX:WOW) trading 0.2 per cent lower.
BHP
(ASX:BHP) is trading 3.2 higher at $51.08, Rio Tinto
(ASX:RIO) is trading 1.9 per cent higher at $127.76 and FMG
(ASX:FMG) is trading 2.5 per cent higher at $24.46 following the People's Bank of China's decision to cut the reserve requirement ratio for major commercial banks by 50 basis points. This will allow them to lend more to offset the rising price of raw materials.
Services provider NRW Holdings
(ASX:NWH) is trading 9.1 per cent higher as the best-performing stock, following the news of Boggabri Coal Operations exercising an option to acquire the majority of the major mining equipment of Golding Contractors. Nextdc
(ASX:NXT) is trading 1.6 per cent lower as the worst-performing stock, following on from Fridays downward pressure.
In headlines, village operator Summerset Group
(ASX:SNZ) is trading 2.9 per cent higher after reporting 270 sales for the quarter ending 30 June 2021, representing a record Q2 result for both new sales and resales.
Nitro Software
(ASX:NTO) is trading 2.2 per cent lower following the acquisition of PDFpen, extending PDF productivity to Mac, iPad and iPhone users. Building company Johns Lyng
(ASX:JLG) also got a mention, up 0.4 per cent following news it will acquire a 60 per cent controlling equity interest in Unitech Building Services.
A2 Milk
(ASX:A2M) is down 1.4 per cent on news of the shake up of their Asia Pacific region into three separate divisions.
Local economic newsThe Australian Bureau of Statistics released building approvals numbers for May. The seasonally adjusted estimate for total dwellings approved fell 7.1 per cent in May. Private sector houses fell 10.3 per cent , in seasonally adjusted terms, while private sector dwellings excluding houses rose 1.2 per cent.The seasonally adjusted estimate for the value of non-residential building approved rose 28.5 per cent.
Company newsSummerset Group
(ASX:SNZ) has reported 270 sales for the quarter ending 30 June 2021, comprising 154 new sales and 116 resales.
Nitro Software
(ASX:NTO) has completed the acquisition of PDFpen, extending native PDF productivity to Mac, iPad and iPhone users, and enabling Nitro to serve all workers across businesses globally.
Johns Lyng Group
(ASX:JLG) has acquired a 60 per cent controlling equity interest in Unitech Building Services, a South Australian-based insurance building services company.
Best and worst performersThe best-performing sector is Materials, up 2.2 per cent. The worst-performing sector is Consumer Staples, down 0.3 per cent.
The best-performing stock in the S&P/ASX 200 is NRW Holdings
(ASX:NWH), trading 9.1 per cent higher at $1.69. It is followed by shares in BlueScope Steel
(ASX:BSL) and Viva Energy Group
(ASX:VEA).
The worst-performing stock in the S&P/ASX 200 is Nextdc
(ASX:NXT), trading 1.6 per cent lower at $11.71. It is followed by shares in HUB24
(ASX:HUB) and The A2 Milk Company
(ASX:A2M).
Commodities and the dollarGold is trading at US$1806.34 an ounce.
Iron ore is 1.5 per cent lower at US$214.77 a ton.
Iron ore futures are pointing to a rise of 0.42 per cent.
One Australian dollar is buying 74.74 US cents.
