Leadership changes at Fortescue Metals (ASX:FMG): ASX closed 0.7% higher

Market Reports

by Rachael Jones

At the closing bell the S&P/ASX 200 index closed 48 points up, or 0.7 per cent higher to finish at 6,917.

Futures market

Dow futures are suggesting a rise of 61 points.
S&P 500 futures are eyeing a rise of 7 points.
The Nasdaq futures are eyeing lift of 21 points.
And the ASX200 futures are eyeing a 50 point rise for tomorrow morning.

Economic News

In 2019-20 there was a 2 per cent, or 46,651, increase in the number of businesses.
Payroll jobs increased by 1.3 per cent between the weeks ending 16 and 30 January 2021. The biggest change was in Tasmania where it was up 2.2 per cent.

Company news

Fortescue Metals Group (ASX:FMG) announced some leadership changes today - Greg Lilleyman, Chief Operating Officer, has resigned from his position, with immediate effect. Don Hyma, Director Projects and Manie McDonald, Director Iron Bridge have also resigned from the business. Derek Brown, currently General Manager Solomon has been appointed as Acting Director Projects with the support of Fortescue’s senior Projects team. We will bring you Fortescue’s half year financial results on 18 February. Shares in Fortescue Metals Group (ASX:FMG) closed almost 3 per cent lower at $23.70.

BHP (ASX:BHP) is to offer shareholders a higher-than-expected $US1.01 per share dividend after reporting underlying profit had increased 16 per cent to $US6.3 billion over the half year.

Leading health imaging company Pro Medicus (ASX:PME) today announced its wholly owned US subsidiary, Visage Imaging, Inc., has signed a 7-year contract worth $31 million.

Homeware store Adairs (ASX:ADH) today released its results for the half year showing record sales and profitability at a time when its 43 Greater Melbourne stores were closed for almost half the period due to COVID-19 related restrictions.

Best and worst performers

The best-performing sector was Energy, adding 2.1per cent, while the worst-performing sector was Consumer Discretionary dropping 0.7 per cent.

The best-performing stock in the S&P/ASX 200 was Zip Co (ASX:Z1P), rising almost 10 per cent to close at $13.92. Shares in Appen (ASX:APX) and SIMS (ASX:SGM) followed.

The worst-performing stock in the S&P/ASX 200 was GWA Group (ASX:GWA) dropping 8.1 per cent to close at $3.41. Shares in Kogan.com (ASX:KGN) and PointsBet Holdings (ASX:PBH) followed.

Asian markets

Japan’s Nikkei has gained 1.9 per cent. The Hang Seng is trading 1.7 per cent higher and the Shanghai Composite are closed.

Commodities and the dollar

Gold is trading at US$1,823 an ounce.
Iron ore futures are suggesting a rise of 2.4 per cent.
Light crude is US$0.10 higher at US$56.12 a barrel.
One Australian dollar is buying 77.95 US cents.