Tech takes charge: Aus shares 0.5% higher at noon

Market Reports

by Anna Napoli

The S&P/ASX 200 Index is up 0.5 OR 32 points at 6674 Futures are pointing to a rise of 47 points. per cent at points following the first two hours of trade. Tech is leading the way with Afterpay shares reaching an intraday record of $106 ahead of the company’s entry into the ASX20. Meanwhile Eagers Automotive Group is the top performer at midday after selling the Daimler truck business in Australia and a separate Sydney property for a combined $108 million to a United States trucking group. The ACCC has waved through the sale of MLC and shares in the wealth group's vendor, National Australian Bank, are up 1 per cent at $23.58, while IOOF shares are up almost 2 per cent. Pacific Smiles shares have jumped 12.3 per cent to $2.38 after the dental practice operator upped its earnings and revenue growth estimates for financial year 2021.

Broker call

Credit Suisse has upgraded JB Hi-Fi (ASX:JBH)  to outperform from Neutral. The investment bank believes the market is too bearish regarding expenditure on the household goods sector. Shares ae trading 3.8 per cent higher at $45.70.

Company news

Pilbara Minerals (ASX:PLS) has launched a A$240 million equity raising to fund the acquisition of the Altura Lithium project. Pilbara Minerals moved forward on raising fresh capital after Altura's creditors approved a deed of company arrangement on Friday. Last traded at 88 cents.

Best and worst performers

The best-performing sector is tech gaining 1.6 per cent while the sector trailing behind is healthcare dropping almost 1 per cent. The best performing stock in the S&P/ASX 200 is Eagers Automotive (ASX:MTS) rising 6.6 per cent to $14.42 , followed by shares in Bravura Solutions (ASX:BVS) and GWA Group (ASX:GWA) The worst performing stock in the S&P/ASX 200 is Flight Centre(ASX:FLT) dropping 4.8 per cent to $15.97 , followed by shares in Webjet (ASX:WEB) and Corporate Travel Management (ASX:COH).

Commodities

Gold is trading at US$1,836 an ounce.
Iron ore is 2.3 per cent higher $160.13
Futures are suggesting a fall of 1.2 per cent.
One Australian dollar is buying 75.35 US.