Tech sector continues to take a hit: ASX tracking 0.4% higher

Market Reports

by Rachael Jones

The Australian sharemarket opened lower this morning. The S&P/ASX 200 Index is 25points up or 0.4 per cent higher at 6,722. Futures are pointing to a rise of 21 points. Shares in Polynovo (ASX:PNV) have dropped over 12 per cent despite reporting an increase in sales of 31 per cent in the first half of the 2021 financial year. The Information technology sector continues to fall.

Broker call

UBS rates Super Retail Group (ASX:SUL) as an Upgrade to a Buy from a Neutral on the belief investors are underestimating the duration of the spike in demand for the group's products, with the broker specifically highlighting domestic tourism benefits and car miles driven. Higher forecasts have lifted the price target to $12.20 from $11.30. Shares in Super Retail Group (ASX:SUL) are currently 4.5 per cent higher at $11.46.

Company news

Schaffer Corporation (ASX:SFC) a first half profit of $22 million, up from $13.9 million at the same time last year. Schaffer is a diversified industrial company whose core operating divisions are building materials, automotive leather and property. Schaffer expects to pay a fully franked interim dividend of 45 cents a share. Shares in Schaffer Corporation (ASX:SFC) are trading 4.1 per cent higher at $18.21.

IPO

Felix Group Holdings (ASX:FLX) issued shares at 36 cents, starting trading at 38 cents and are currently trading at 36 cents.. The Felix platform makes it easier for contractors and vendors to find, manage and engage with each other.

Best and worst performers

The best-performing sector is Financials adding 1.4 per cent while the sector trailing behind is Information Technology losing 0.8 per cent.
The best performing stock in the S&P/ASX 200 is ARB Corp (ASX:ARB) rising 5.2 per cent to $33.31, followed by shares in United Malt Group (ASX:UMG) and Super Retail Group (ASX:SUL).
The worst performing stock in the S&P/ASX 200 is Polynovo (ASX:PNV) dropping 12.4 per cent to $2.97, followed by shares in Magellan Financial Group (ASX:MFG) and Lynas Rare Earths (ASX:LYC).

Commodities

Gold is trading at US$1,845 an ounce.
Iron ore is 0.3 per cent lower at $168.99.
Futures are suggesting a fall of 1.5 per cent.
One Australian dollar is buying 77.06US.