Tech & health stocks eclipse mining decline: Aus shares trading 0.6% higher at noon

Market Reports

by Michael Luu

The Australian sharemarket started on a weak note but has since then bounced back to ignore negative hints from Wall Street. Infotech and Healthcare neutralised the downward pressure from Financials and Materials, staging a broader comeback by the ASX200 from yesterday’s losses.

Aussie tech investors received strong encouragement from the stateside tech rally overnight, as buy-now-pay-later companies such as Afterpay Touch (ASX:APT) and Zip Co (ASX:Z1P) were tracking 6.2 per cent 8.5 per cent higher respectively by lunchtime.

Commodity-related stocks sagged following declines in gold and oil prices, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) shed 1.2 and 0.2 per cent respectively by 11.50am.

The major banks weighed down the market, as Commonwealth retreated by 0.8 per cent before midday.

At noon, the S&P/ASX 200 is 0.52 per cent or 38.20 points higher at 7397.20.

The SPI futures are pointing to a rise of 36 points.

Best and worst performers

The best-performing sector is Information Technology, up 3.43 per cent. The worst-performing sector is Energy, down 1.89 per cent.

The best-performing stock in the S&P/ASX 200 is Zip Co (ASX:Z1P), trading 9.18 per cent higher at $8.09. It is followed by shares in Mesoblast (ASX:MSB) and Clinuvel Pharmaceuticals (ASX:CUV).

The worst-performing stock in the S&P/ASX 200 is Nuix (ASX:NXL), trading 3.62 per cent lower at $2.66. It is followed by shares in Santos (ASX:STO) and Newcrest Mining (ASX:NCM).

Commodities and the dollar

Gold is trading at US$1784.99 an ounce.
Iron ore is 3.1 per cent higher at US$220.82 a ton.
Iron ore futures are pointing to a rise of 2.57 per cent.
One Australian dollar is buying 75.54 US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.