Westpac leads defiance against Wall Street falls: ASX tracking 0.2% higher at noon

Market Reports

by Michael Luu

The Australian sharemarket lifted in opening trade, bouncing back from Friday’s lows and defying weak leads from Wall Street. Gains in the banking sector is powering the rally, as better-than-forecasts half-year earnings reports rocketed Westpac (ASX:WBC)’s shares to an 18-month high by 11am. Another engine elevating the market is the real estate sector, as shares in Charter Hall (ASX:CHC) and Goodman Group (ASX:GMG) rose 1.9 per cent and 1.35 per cent respectively by midday.

At noon, the S&P/ASX 200 is 0.24 per cent or 17.10 points higher at 7042.90.
The SPI futures are pointing to a rise of 15 points.

Economic news

The ANZ job advertisements report has indicated a 4.7 per cent hike in the number of new job offerings for April, compared to the same period last year. 11 consecutive months of increasing recruitment listings signal the labour market’s continued recovery from the pandemic.

Best and worst performers
The best-performing sector is Financials, up 1.27 per cent. The worst-performing sector is Information Technology, down 1.16 per cent.
The best-performing stock in the S&P/ASX 200 is PointsBet Holdings (ASX:PBH), trading 6.69 per cent higher at $14.51. It is followed by shares in Westpac Banking Corp (ASX:WBC) and TPG Telecom (ASX:TPG).
The worst-performing stock in the S&P/ASX 200 is ResMed (ASX:RMD), trading 4.66 per cent lower at $24.95. It is followed by shares in Codan (ASX:CDA) and Nuix (ASX:NXL).
Commodities and the dollar
Gold is trading at US$1772.47 an ounce.
Iron ore futures are pointing to a fall of 3.70 per cent.
One Australian dollar is buying 77.22 US cents.

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