Consumer sentiment hits 11-year high: ASX tracking 0.6% higher

Market Reports

by Michael Luu

Text only (non-video) article.

The Australian sharemarket opened higher this morning and re-entered the 7000s territory, driven by a strong rally in the tech sector and buy-now-pay-later stocks. Stateside gains on the tech-heavy Nasdaq added fuel to the fire of the S&P/ASX Infotech. Today’s performances in mining are in stark contrast to yesterday’s, as Gold miners are making amends for yesterday’s losses. BHP (ASX:BHP) shares surged almost 0.6 per cent, while shares in Resolute Mining (ASX:RSG), Perseus Mining (ASX:PRU) and Ramelius Resouces (ASX:RMS) all hiked over 5 per cent by midday.

At noon, the S&P/ASX 200 is 0.64 per cent or 44.80 points higher at 7021.70.

The SPI futures are pointing to a rise of 43 points.

Economic News

Westpac (ASX:WBC) has released data indicating consumer sentiment has reached an 11-year high, as confidence in family finances and economic recovery soars.

The Wespac-Melbourne Institute Index of Consumer Sentiment reflects an increase of 6.2 per cent to 118.8 in April, defying concerns around JobKeeper’s termination and vaccine delays.

Company news

Galaxy Resources (ASX:GXY) has updated the lithium miner’s Sal de Vida resource estimates, indicating a significant increase in Inferred Mineral Resources of 27 per cent.

Empire Energy (ASX:EEG) wins auction for Pangaea Group's resource base

Biotechnology researcher CSL (ASX:CSL) has kickstarted a $55,000 crowdsourcing campaign to generate ideas for optimising the company’s plasma technology.

Gold player Resolute Mining (ASX:RSG) is back in business at the Bibiani mining project in Ghana, one month after the Ghanaian government’s termination of lease to the company.

Best and worst performers

The best-performing sector is Information Technology, up 1.82 per cent. The worst-performing sector is Consumer Staples, down 0.17 per cent.

The best-performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), trading 14.89 per cent higher at $0.54. It is followed by shares in Perseus Mining (ASX:PRU) and Whitehaven Coal (ASX:WHC).

The worst-performing stock in the S&P/ASX 200 is Credit Corp Group (ASX:CCP), trading 2.66 per cent lower at $30.78. It is followed by shares in Monadelphous Group (ASX:MND)and Cleanaway Waste Mgmt (ASX:CWY).

Commodities and the dollar

Gold is trading at US$1745.04 an ounce.
Iron ore is 0.80 per cent lower at US$173.25 a ton.
Iron ore futures are pointing to a fall of 0.30 per cent.
One Australian dollar is buying 76.43 US cents.