Crown (ASX:CWN) stops donating to political parties: ASX tracking 0.8% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher this morning and is now tracking 0.8 per cent higher at noon. The S&P/ASX 200 index is 52 points up at 6,824. On the futures market the SPI is 44 points higher.

Broker moves

UBS rates Stockland Group (ASX:SGP) as a Downgrade to a Neutral from a Buy. The broker assesses Stockland has benefited significantly from government policy aimed at strengthening the new residential sector as well is a structural shift from urban centres caused by the pandemic. Nevertheless, the strength in residential markets means risks around macro prudential policy are heightened.Target is steady at $4.50. Shares in Stockland Group (ASX:SGP) are currently 1.03 per cent higher at $4.42.

Company news

Crown Resorts Limited (ASX:CWN) has today announced that Crown and its associated entities will cease making monetary or in-kind political donations, effective immediately. Shares in Crown Resorts Limited (ASX:CWN) are trading 1.6 per cent higher at $10.17.

IPOs

Diversified Metals & Mining, Bastion Minerals Limited (ASX:BMO) started trading today. It issued shares at $0.20 and started trading on the ASX at $0.20 and is currently trading at $0.20.

Best and worst performers

The best-performing sector is Real Estate Investment Trust, adding 2 per cent, while the worst performing sector is Energy, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is ARB Corporation (ASX:ARB), rising 4.2 per cent to $35.96, followed by shares in Charter Hall Group (ASX:CHC) and IDP Education (ASX:IEL).

The worst performing stock in the S&P/ASX 200 is Viva Energy Group (ASX:VEA), dropping 1.4 per cent to $1.73, followed by shares in Metcash (ASX:MTS) and Silver Lake Resources ASX:SLR).

Commodities and the dollar

Gold is trading at US$1,731 an ounce.
Iron ore price fell 3.1 per cent to US$165.44.
Iron ore futures are pointing to a rise of 2.8 per cent.
One Australian dollar is buying 77.45 US cents.

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