Two Crown (ASX:CWN) directors resign after inquiry report: ASX closes 0.5% higher

Market Reports

by Rachael Jones

The S&P/ASX 200 Index closed 0.5 per cent higher or 36 points higher at 6,857 points. Zip (ASX:ZIP) shares did well today meanwhile, CIMIC (ASX:CIM) shares fell over 17 per cent. Consumer discretionary is only sector in the red.

Futures

Dow futures are suggesting a rise of 83 points. S&P 500 futures are eyeing a rise of 14 points. The Nasdaq futures are looking at a lift of 59 points. And the SPI futures are eyeing a rise of 36 points.

Local economic news

The Australian Bureau of Statistics released figures for building approvals for December showing seasonally adjusted estimate for total dwellings approved rose 10.9 per cent.

Company news

Two directors have resigned from Crown Resorts (ASX:CWN) following the report which found the company was ‘not suitable’ to hold a casino licence. Guy Jalland and Michael Johnston announced their resignations to shareholders. The company also announced today it has been informed by Non-executive Director John Poynton that his consultancy arrangement with Consolidated Press Holdings has been terminated and, as a result, he is no longer a nominee of CPH on the Crown Board. Shares in Crown Resorts (ASX:CWN) closed 3.4 per cent lower at $9.81.

The Commonwealth Bank of Australia (ASX:CBA) announced a cash profit to $3.9 billion that’s 10.8 per cent down from the last half.

Megaport (ASX:MP1) today reported its first half earnings to 31 December 2020 showing the Company’s revenue was $36 million, an increase of $10.1 million or 39 per cent from the same period.
CIMIC Group (ASX:CIM) today announced its financial result for the 12 months to 31 December 2020 showing statutory NPAT of $620 million.

Best and worst performers

The best-performing sector was information technology rising 3.1 per cent while the sector trailing behind was consumer discretionary dropping 0.4 per cent.
The best performing stock in the S&P/ASX 200 is ZIP Co (ASX:ZIP) close 12.2 per cent higher to $10.70, followed by shares in Megaport (ASX:MP1) and Viva Energy Group (ASX:VEA)
The worst performing stock in the S&P/ASX 200 is CIMIC Group (ASX:CIM) dropping 17.1 per cent to $21.56, followed by shares in Bravura Solutions (ASX:BVS) and Crown Resorts (ASX:CWN).

Asian markets

Japan’s Nikkei is almost flat at 0.01 per cent higher Hong Kong’s Hang Seng is up 1.6 per cent and the Shanghai Composite is 0.99 per cent higher.

Commodities

Gold is trading at US$1,843 an ounce.
Iron ore is 2.2 per cent higher at US$164.10.
Futures are suggesting a rise of 1.4 per cent.
Light crude is 13 cents lower at US$54.39
One Australian dollar is buying 77.36 US cents.

 

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