Block leads tech's rally, Eagers to sell Bill Buckle Auto: ASX up 0.4% at noon

Register - Investor event

Our next investor event is tomorrow at 12.30 AEST. Make your way to fnn.com.au to register for your free online spot.

The Aussie sharemarket has opened higher with Turkey saying that Moscow and Ukraine are closer to a peace talk. The technology sector is leading the ASX, with consumer discretionary coming in second, while industrials and energy are dragging lower.

Afterpay owner Block (ASX:SQ2) is leading the market, trading almost 9 per cent higher at $183.99. Over the last five trading days, Block has been up 37 per cent.

Eagers Automotive (ASX:APE) is leading the consumer discretionary sector, up 1.9 per cent to $12.76 after entering a non-binding agreement with Australian Motor Group to sell its Bill Buckle Auto business and associated properties in Sydney’s Northern Beaches for around $92 million.

Amid the news around Australia's help to Ukraine, Whitehaven Coal (ASX:WHC) is down 1.4 per cent.

AGL Energy (ASX:AGL) is up 0.4 per cent to $7.24 after the giant received the green light from the state government to build a 500 megawatt battery on a coal-fired plant in NSW, three times the size of Tesla’s battery in South Australia.

Qube (ASX:QUB) announced a $400 million off-market buyback program via a tender process. At its half-year results in late February, Qube said it intended to return $400 million of capital to shareholders in FY22 following completion of the Moorebank Logistics Park transaction. Shares are trading 1.3 per cent higher at $3.05.

Fortescue Metals Group (ASX:FMG) is leading iron-ore players, up 2.1 per cent to $18.96. BHP Group (ASX:BHP) has risen 1.2 per cent to $46.78 and Rio Tinto (ASX:RIO) is trading 0.6 per cent higher at $111.04.

Northern Star (ASX:NST) is dragging gold stocks lower, down 3.1 per cent to $10.32. Newcrest Mining (ASX:NCM) has fallen 2.6 per cent to $25.30 and Evolution Mining (ASX:EVN) is trading 1 per cent lower at $4.42.

All major banks are higher, except National Australia Bank (ASX:NAB) down 0.5 per cent to $31.05. Macquarie Group (ASX:MQG) has risen 1.6 per cent to $197.88, Commonwealth Bank of Australia (ASX:CBA) has added 0.5 per cent to $106.77, ANZ Banking Group (ASX:ANZ) is up 0.5 per cent to $27.73 and Westpac Banking Corporation (ASX:WBC) is trading 0.1 per cent higher at $23.68.

Meanwhile, energy stocks are lower, led by Beach Energy (ASX:BPT) down 1.8 per cent to $1.54. Woodside Petroleum (ASX:WPL) has dipped 0.2 per cent to $31.31 and Santos (ASX:STO) is trading 0.1 per cent lower at $7.54.

Elsewhere, Hamish Douglass has resigned from Magellan Financial’s (ASX:MFG) board following its decision to step down as chairman in February on medical leave, which has now led him to resign as a director. The board will continue to search for another independent director. Shares are trading 1 per cent lower at $15.58.

Link Administration (ASX:LNK) said regulatory approvals have been finalised for the Dye & Durham takeover bid announced in December, with completion expected to occur in June or July. Shares are trading 1.3 per cent higher at $5.16.

At noon, the S&P/ASX 200 is 0.4 per cent or 30 points higher at 7,324.

The SPI futures are pointing to a rise of 18 points.

Best and worst performers

The best-performing sector is Information Technology, up 3 per cent. The worst-performing sector is Industrials, down 0.6 per cent.

The best-performing stock in the S&P/ASX 200 is Block (ASX:SQ2), trading almost 9 per cent higher at $183.99. It is followed by shares in Life360 (ASX:360) and Novonix (ASX:NVX).

The worst-performing stock in the S&P/ASX 200 is De Grey Mining (ASX:DEG), trading 7.5 per cent lower at $1.21. It is followed by shares in Atlas Arteria (ASX:ALX) and Clinuvel Pharmaceuticals (ASX:CUV).

Commodities and the dollar

Gold is trading at US$1922.53 an ounce.
Iron ore is 3.0 per cent higher at US$151.35 a ton.
Iron ore futures are pointing to a rise of 2.2 per cent.
One Australian dollar is buying 74.18 US cents.