Airtasker (ASX:ART) shares surge on market debut: ASX tracking 0.4% higher at noon

Market Reports

by Rachael Jones

The Australian share market is higher this lunchtime with the utilities sector boosting the market. The S&P/ASX 200 index is 30 points up or 0.4 per cent higher at 6,782. On the futures market the SPI is 26 points higher.

Broker moves

Credit Suisse rates Xero (ASX:XRO) as an Upgrade to an Outperform from a Neutral. The broker says they welcome the recent Planday acquisition, believing the segment has attractive metrics which complement the existing business. Following the share price rally late in 2020, the broker believes the stock has now disconnected from fundamentals. While the share price is slightly below where it was mid November, over time it makes an attractive acquisition and, amid further positive data points, the broker suggests Xero has experienced another four months of more than 20 per cent revenue growth, based on positive industry data. Target price is $136.00, Shares in Xero (ASX:XRO) 2.3 per cent higher at $122.33.

Company news

Kathmandu Holdings (ASX:KMD) report that Rip Curl achieved strong sales and profits, despite Covid-19 impacts in key global markets with Rip Curl contributing $48.7 million to Group underlying EBITDA during 1H FY21. Total sales are up 12.9 per cent to $410.7 million, including a full six month contribution from Rip Curl. Statutory NPAT of $22.3 million. Dividend resumes, with NZ 2.0 cents per share interim dividend. Kathmandu Holdings (ASX:KMD) are 9.3 per cent higher at $1.24.

IPO

Airtasker (ASX:ART) started trading on the ASX today – they issued their shares at 65 cents, started trading at $1.01 and currently at $1 on the nose.

Best and worst performers

The best-performing sector is Utilities adding 1.8 per cent, while the worst performing sector is Consumer Discretionary, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Sonic Healthcare (ASX:SHL), rising 5.3 per cent to $35.51, followed by shares in AGL Energy (ASX:AGL) and IOOF Holdings (ASX:IFL).

The worst performing stock in the S&P/ASX 200 is Champion Iron (ASX:CIA), dropping 3.4 per cent to $4.90, followed by shares in Corporate Travel Management (ASX:CTD) and Flight Centre Travel Group (ASX:FLT).

Commodities and the dollar

Gold is trading at US$1,737 an ounce.
Iron ore price lost 3.1 per cent to US$165.44.
Iron ore futures are pointing to a rise of 1.4 per cent.
One Australian dollar is buying 77.34US cents.
 

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