The Australian sharemarket is lifting for a second day thanks to gains across 9 out of eleven sectors. At noon, the S&P/ASX 200 is 0.4 per cent or 30 points higher at 7341.7. The SPI futures are pointing to a rise of 22 points.
All sectors are in the green except consumer staples, down 0.8 per cent and utilities, down 0.3 per cent. Technology is adding the most points, up 1.2 per cent followed by materials, up 1 per cent. Consumer discretionary is next, up 0.6 per cent, then health care, up 0.5 per cent.
The best performing stock is motor vehicle accessories company ARB Corporation (ASX:ARB)
, trading 6.1 per cent higher, following the resignation of its non-executive director. The worst performing stock is investment management company Pendal Group (ASX:PDL)
, trading 10.5 per cent lower, following its funds under management for the September Quarter released this morning.
Travel stocks are pushing forward, led by Flight Centre (ASX:FLT)
up 4.9 per cent, Webjet (ASX:WEB)
up 4.2 per cent and Qantas Airways (ASX:QAN)
up 2 per per cent following the sale of surplus Mascot land. As restrictions begin to ease across the states, Australian's are edging closer to travelling again. Heavy weight miners are lifting as iron ore prices edge higher, with BHP (ASX:BHP)
and Fortescue (ASX:FMG)
up 2 and 0.7 per cent, while Rio Tinto (ASX:RIO)
is down 1 per cent, following a downgrade on its iron ore production guidance.
Tech stocks are helping the ASX lift, with Afterpay (ASX:APT)
and Xero (ASX:XRO)
both up 1.3 per cent and Codan (ASX:CDA)
up 2.4 per cent. Across the local bourse, investment banking company Macquarie Group (ASX:MQG)
is up 3.3 per cent, investment advice company HUB24 (ASX:HUB)
is up 6.2 per cent and bio tech giant CSL (ASX:CSL)
is up 0.4 per cent. Company news
Insurance Australia Group (ASX:IAG)
were penalised in the Federal Court yesterday after failing to pass on the full amount of discounts to NRMA home, motor, caravan and boat insurance customers between March 2014 and September 2019.
Mining giant Rio Tinto (ASX:RIO)
has cut financial year 2022 iron ore production guidance following a “difficult” September quarter.Best and worst performers
The best-performing sector is Information Technology, up 1.2 per cent. The worst-performing sector is Consumer Staples, down 0.8 per cent.
The best-performing stock in the S&P/ASX 200 is ARB Corporation (ASX:ARB)
, trading 6.1 per cent higher at $50.70. It is followed by shares in HUB24 (ASX:HUB)
and Flight Centre Travel Group (ASX:FLT)
The worst-performing stock in the S&P/ASX 200 is Pendal Group (ASX:PDL)
, trading 10.5 per cent lower at $6.92. It is followed by shares in Elders (ASX:ELD)
and Platinum Asset Management (ASX:PTM)
.Commodities and the dollar
Gold is trading at US$1795.38 an ounce.
Iron ore is 1.4 per cent higher at US$125.91 a ton.
Iron ore futures are pointing to a fall of 0.2 per cent.
One Australian dollar is buying 74.15 US cents.Investor event
Please join us for our next online investor event on Tuesday 26 October with six companies presenting. From lithium explorers to marketing service providers. Make your way to fnn.com.au to reserve
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