Communications as best performer: ASX 0.58% higher at noon

Market Reports

by Lauren Evans

The Australian share market have been in positive territory this morning, bouncing back from yesterday’s lows. Communication Services has been the best performing sector during this morning’s session. Telstra (ASX:TLS)  jumped 4.31 per cent higher, following news it will sell 49 per cent of its Towers Business.

All four major banks have been in the green, except Commonwealth Bank (ASX:CBA), edging 0.38 per cent lower at noon.

Information Technology has been volatile since the market opened. Afterpay (ASX:APT) has dipped by nearly 0.95 per cent. The BNPL provider Humm Group (ASX:HUM) are up 1.01 per cent, following the announcement of a UK expansion.

Travel stocks are on the positive side this morning. At noon, Qantas (ASX:QAN) was up 1.43 per cent and Sydney Airport (ASX:SYD) was up 0.35 per cent.

Utilities was the worst-performing sector during this morning’s trade with APA Group (ASX:APA) down 0.22 per cent and Origin Energy (ASX:ORG) 2.81 per cent lower.

At 11am, NSW recorded 22 new COVID-19 cases on day five of lockdown.

At noon, the S&P/ASX 200 is 0.58 per cent or 42.40 points higher at 7343.60.

The SPI futures are pointing to a rise of 46 points.

Local economic news
The Australian Bureau Statistics has released the 'Household financial resources' stating average property assets increased from $653,700 per household in December 2019 to $731,100 in December 2020.Income from government payments increased by $55 per week, to $263 per week. COVID-19 early access superannuation scheme withdrawals were mainly used for mortgage or rent payments of 31 per cent or household bills of 29 per cent.

Company news

Telstra (ASX:TLS) has announced that the Future Fund, the Commonwealth Superannuation Corporation and Sunsuper will become a strategic partner in Telstra InfraCo Towers. Telstra will sell 49 per cent of the Towers business for $2.8 billion. After completion, the Towers entity will have no debt.

Andromeda Metals (ASX:ADN) has successfully completed a $30 million placement through new fully paid ordinary shares, to institutional and professional/sophisticated investors. The company will undertake a $15 million share purchase plan (the SPP) to eligible shareholders on the same terms as the placement.

Buy now, pay later provider Humm Group (ASX:HUM) has launched its payment service in the UK with full credit and serviceability checks in place.

Best and worst performers

The best-performing sector is Communication Services, up 2.56 per cent. The worst-performing sector is Utilities, down 2.30 per cent.

The best-performing stock in the S&P/ASX 200 is Iluka Resources (ASX:ILU), trading 9.40 per cent higher at $8.96. It is followed by shares in Clinuvel Pharmaceuticals (ASX:CUV) and Chalice Mining (ASX:CHN).

The worst-performing stock in the S&P/ASX 200 is Nuix (ASX:NXL), trading 13.98 per cent lower at $2.19. It is followed by shares in AGL Energy (ASX:AGL) and Collins Foods (ASX:CKF).

Commodities and the dollar

Gold is trading at US$1763.77 an ounce.
Iron ore is 2.90 per cent lower at US$212.33 a ton.
Iron ore futures are pointing to a fall of 0.60 per cent.
One Australian dollar is buying 75.18 US cents.
 

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