All sectors in the green as market soars: ASX 1.8% higher at noon

Market Reports

by Rachael Jones

The Australian share market saw a healthy rise at the open and continues to do well towards lunchtime trading with the S&P/ASX 200 index is 121 points up or 1.8 per cent higher at 6,832. On the futures market the SPI is 135 points higher.

Broker moves

Macquarie rates Magellan Financial Group (ASX:MFG) as a Downgrade to a Neutral from an Outperform. Their February update shows net inflows were almost $0.7 billion in December but were aided by the $726 million partnership offer. Macquarie notes the flows decreased more than anticipated and expects more outflows for most of 2021. Target price is $44.50 from $52. Shares in Magellan Financial Group (ASX:MFG) are 0.9 per cent higher at $43.38.

Company news

Vital Metals (ASX:VML) has produced a 12 kilogram sample of rare earth carbonate as part of a bulk sampling program at its Nechalacho project in Canada as the Company prepares for rare earth production in Q2 CY2021. The sample is now being prepared for shipment to Vital’s offtake partner REEtec AS in Norway in accordance with customer acceptance protocols. Vital will prepare additional samples of carbonate which it will make available to other prospective customers. Shares in Vital Metals (ASX:VML) are currently 17.4 per cent higher at $0.08.

Best and worst performers

The best-performing sector is Materials, adding 2.8 per cent, while the worst performing sector is Utlities, with the fewest gains adding 0.6 per cent.

The best performing stock in the S&P/ASX 200 is Treasury Wine Estates (ASX:TWE), rising 8.2 per cent to $11.15, followed by shares in ARB Corporation (ASX:ARB) and Silver Lake Resources (ASX:SLR).

The worst performing stock in the S&P/ASX 200 is SmartGroup Corp (ASX:SIQ),dropping 4.8 per cent to $6.38, followed by shares in Zip Co (ASX:Z1P) and Service Stream (ASX:SSM).

Commodities and the dollar

Gold is trading at US$1,711 an ounce.
Iron ore price fell 2.2 per cent to US$174.11.
Iron ore futures are pointing to a rise of 2 per cent.
One Australian dollar is buying 77.11 US cents.

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