ASX closes 0.16% higher despite downward pressure from Utilities

Market Reports

by Lauren Evans

The Australian share market was in positive territory all day. Communication Services remained the best-performing sector with Telstra (ASX:TLS) edging 4.44 per cent higher.

Materials and Consumer Staples also finished in the green. Woolworths (ASX:WOW) and Coles (ASX:COL) were both edging higher. Despite Materials' strong performance, Andromeda (ASX:ADN) dropped 15.56 per cent. Today, the company announced a $30 million placement.

Utilities remained the worst-performing sector of the day, with AGL Energy (ASX:AGL) down 9.77 per cent. The company confirmed its intention to undertake a demerger to create two separate ASX-listed businesses.

Information Technology dipped 0.84 per cent lower. Nuix (ASX:NXL) dropped nearly 12.99 per cent, following its announcement that ASIC was conducting an investigation of former CFO Stephen Doyle.

At the closing bell, the S&P/ASX 200 was 0.16 per cent or 11.80 points higher at 7313.00.

Company News 

Telstra (ASX:TLS) today announced a consortium comprising the Future Fund, Commonwealth Superannuation Corporation and Sunsuper will become a strategic partner in Telstra InfraCo Towers after agreeing to acquire a 49 per cent interest.

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

The Australian technology company Calix (ASX:CXL) has announced it will be partnering in a low carbon research project which has won $39 million in Australian Government funding.

AGL Energy (ASX:AGL) has today confirmed its intention to undertake a demerger to create two leading energy businesses with separate listings on the Australian Securities Exchange.

Technology company Nuix (ASX:NXL) has announced that the Australian Securities and Investments Commission (ASIC) is conducting an investigation into Nuix’s former Chief Financial Officer, Stephen Doyle and family members Ross and Ronald Doyle.

Futures

The Dow Jones futures are pointing to a rise of 11.00 points.
The S&P 500 futures are pointing to a rise of 1.75 points.
The Nasdaq futures are pointing to a rise of 7.00 points.
The SPI futures are pointing to a rise of 18 points when the market next opens.

Best and worst performers

The best-performing sector was Communication Services, up 2.66 per cent. The worst-performing sector was Utilities, down 3.24 per cent.

The best-performing stock in the S&P/ASX 200 was Iluka Resources (ASX:ILU), closing 11.72 per cent higher at $9.15. It was followed by shares in Clinuvel Pharmaceuticals (ASX:CUV) and Chalice Mining (ASX:CHN).

The worst-performing stock in the S&P/ASX 200 was Nuix (ASX:NXL), closing 12.99 per cent lower at $2.21. It was followed by shares in AGL Energy (ASX:AGL) and Kogan.com (ASX:KGN).

Asian markets

Japan's Nikkei has lost 0.01 per cent.
Hong Kong's Hang Seng has lost 0.47 per cent.
China's Shanghai Composite has gained 0.27 per cent.

Commodities and the dollar

Gold is trading at US$1759.36 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 2.40 per cent.
Light crude is trading $0.33 higher at US$73.31 a barrel.
One Australian dollar is buying 75.16 US cents.

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