Bingo (ASX:BIN) shares soar on offer from CPE: ASX tracking 1.2% higher at noon

Market Reports

by Rachael Jones

The local bourse has continued to climb in the first two hours of trade with gains in the industrial sector. The S&P/ASX 200 index is 81 points up or 1.2 per cent up at 6,744. On the futures market the SPI is suggesting a rise of 79 points. Shares in waste management company Bingo Industries (ASX:BIN) skyrocketed today after they received an offer at $3.50 from CPE.

Broker call

Macquarie rates Dominos’ Pizza Enterprises (ASX:DMP) as an Upgrade to Outperform from Neutral. Industry feedback suggests Domino's Pizza Enterprises is winning market share offshore from Pizza Hut etc. And Macquarie believes the shift towards digital delivery will continue in 2021. The broker estimates 25-35 per cent of the spending will shift to digital delivery sticks post the pandemic with zero-contact delivery becoming more popular. Target price is $90.30. Shares in Dominos’ Pizza Enterprises (ASX:DMP) is trading 7 per cent higher at $88.81.

Company news

Novonix (ASX:NVX) has appointed Prof. Jeff Dahn as Chief Scientific Advisor, effective July 1, 2021. In this capacity, Prof. Dahn will provide advice with respect to Novonix initiatives across its battery materials and research businesses as well as key customer and business development projects. Prof. Dahn and the Dalhousie University research team in Halifax, Nova Scotia will continue to work alongside Tesla. Shares in Novonix (ASX:NVX) are 13.8 per cent higher at $1.78.

Best and worst performers

The best-performing sector is Industrials gaining 1.8 per cent while the sector trailing behind is Communication Services with the fewest gains adding 0.3 per cent.
The best performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN) rising 20.6 per cent to $3.31, followed by shares in Nufarm (ASX:NUF) and Domino’s Pizza Enterprises (ASX:DMP)
The worst performing stock in the S&P/ASX 200 is Megaport (ASX:MP1) dropping 3.2 per cent to $12.57 , followed by shares in Aristocrat Leisure (ASX:ALL) and Fisher & Paykel Healthcare Corporation (ASX:FPH).

Commodities

Gold is trading at US$1,842 an ounce.
Iron ore has gained 0.2 per cent to $174.07.
Futures are suggesting a fall of 0.7 per cent.
One Australian dollar is buying 76.97 US.