The Australian sharemarket has started the week on a positive note following a strong lead from Wall St trading 0.2 per cent or 10.9 points higher at 7,320 at noon. The SPI futures are pointing to a rise of 2 points.
Industrials have charged ahead as best performing sector, 4.8 per cent higher while Communication Services is down 1 per cent.
Sydney Airport (ASX:SYD)
is up 30 per cent as the best performing stock following the announcement of a surprise $22 billion takeover bid from a consortium of investors. Nine Entertainment (ASX:NEC)
is the worst performing stock trading 5 per cent lower.
The A2 Milk Company (ASX:A2M)
made headlines this morning, up 4.1 per cent after receiving a tick of approval to acquire 75 per cent interest in Mataura Valley Milk. Starpharma (ASX:SPL)
was down 6.3 per cent after receiving $93,240 worth of infringement notices for alleged advertising of the Viraleze nasal spray. Tabcorp (ASX:TAH)
fell 5.5 per cent after it confirmed it intension to demerge its lotteries and keno business to create two separate ASX-listed companies.
Miners are mixed with BHP (ASX:BHP)
down 0.3 per cent while Rio Tinto (ASX:RIO)
is flat at 0.01 per cent.Local economic news
The Australian Bureau of Statistic (ABS) released their ‘Retail Trade’ figures for May. Australian retail turnover rose 0.4 per cent in May 2021. It rose 7.7 per cent compared with May 2020.
Building Approvals, Australia was also released for May by the ABS. The seasonally adjusted estimate for total dwellings approved fell 7.1 per cent in May. Private sector houses fell 10.3 per cent, in seasonally adjusted terms, while private sector dwellings excluding houses rose 1.2 per cent. The seasonally adjusted estimate for the value of non-residential building approved rose 28.5 per cent.Company news
The a2 Milk Company (ASX:A2M)
has received the tick of approval from the New Zealand Overseas Investment Office to acquire a 75 per cent interest in Mataura Valley Milk.
Sydney Airport (ASX:SYD)
has received an unsolicited takeover bid from a consortium of investors to acquire Sydney Airport at $8.25 per share, which amounts to more than $22 billion.
has received $93,240 worth of infringement notices from the Therapeutic Goods Administration (the TGA) for alleged advertising of the antiviral nasal spray "Viraleze" to Australian Consumers.Best and worst performers
The best-performing sector is Industrials, up 4.77 per cent. The worst-performing sector is Communication Services, down 0.95 per cent.
The best-performing stock in the S&P/ASX 200 is Sydney Airport (ASX:SYD)
, trading 30.21 per cent higher at $7.57. It is followed by shares in Chalice Mining (ASX:CHN)
and Auckland International Airport (ASX:AIA)
The worst-performing stock in the S&P/ASX 200 is Nine Entertainment Co Holdings (ASX:NEC)
, trading 5.21 per cent lower at $2.73. It is followed by shares in Tabcorp Holdings (ASX:TAH)
and Nuix (ASX:NXL)
.Commodities and the dollar
Gold is trading at US$1788.69 an ounce.
Iron ore is 0.60 per cent lower at US$217.98 a ton.
Iron ore futures are pointing to a rise of 3.10 per cent.
One Australian dollar is buying 75.16 US cents.