ASX bounces back, Lendlease divests services arm for $310m: ASX tracking 1.2% higher at noon

Market Reports

by Lauren Evans

The Australian share market has regained momentum, rising back into positive territory with all sectors in the green. At noon, the ASX is trading 1.2 per cent or 87 points higher at 7339.2. The SPI futures are pointing to a rise of 95 points.

The Real Estate sector as a whole is up 1.7 per cent, with Lendlease Group (ASX:LLC) trading 2.3 per cent higher, following news it has entered into an agreement with Service Stream for the sale of its Services business for $310 million.

Mining giants have bounced back into positive territory, with Rio Tinto (ASX:RIO) up 1.3 per cent following news it will assess legacy impacts of its Panguna copper mine. Fortescue Metals (ASX:FMG) is up 1.8 per cent, followed by BHP (ASX:BHP), up 1.6 per cent. South32 (ASX:S32) is up 1.8 per cent following the release of its June quarter results.

Large energy suppliers have recovered, with Energy as a whole being the best-performing sector. Santos (ASX:STO) is up 1.9 per cent, and Woodside Petroleum (ASX:WPL) is up 1.2 per cent. Oil Search (ASX:OSH) maintains its strong gains, up 4.2 per cent.

Major banks are in the green, with ANZ (ASX:ANZ) leading the pack, up 1.7 per cent. NAB (ASX:NAB) is up 1.6 per cent, followed by Westpac (ASX:WBC), up 1.2 per cent, and Commonwealth (ASX:CBA), up 0.8 per cent.

Cimic Group (ASX:CIM) is up 5.3 per cent following the release of its half-year results. The best-performing stock is PointsBet Holdings (ASX:PBH), trading 5.61 per cent higher. The worst-performing stock  is Altium (ASX:ALU), trading 3.07 per cent lower.

NSW has recorded 110 new COVID-19 cases and Victoria has recorded 22 cases. 

Economic news

The Australian Bureau of Statistics (ABS) released its preliminary retail trade figures for June. Australian retail turnover fell 1.8 per cent for June 2021. Victoria 3.5 per cent decline led the state falls in June, with the impact of the state’s fourth lockdown more pronounced in June than May. New South Wales and Queensland declined due to stay-at-home restrictions and reduced interstate mobility. 

Company news

Mining company South32 (ASX:S32) released their results for the June quater 2021. The company announced a record annual production at Worsley Alumina, Brazil Alumina and Australian Manganese.

Atlas Arteria (ASX:ALX) released their toll revenue and traffic statistics for the June Quarter 2021 (Q2 2021). Weighted average traffic was 68.5 per cent higher and weighted average toll revenue was 57.3 per cent higher for Q2 2021 than Q2 2020.

Infratil's (ASX:IFT) Morrison & Co Chairman, Rob Morrison has announced that Marko Bogoievski will be stepping down as Chief Executive at the end of the year and will be replaced by the current head of Australia and New Zealand, Paul Newfield.

Mining giant Rio Tinto (ASX:RIO) and Bougainville community members have reached an agreement to identify and assess legacy impacts of the former Panguna copper mine in Bougainville.

Best and worst performers

The best-performing sector is Energy, up 1.98 per cent. The worst-performing sector is Utilities, up 0.6 per cent.

The best-performing stock in the S&P/ASX 200 is PointsBet Holdings (ASX:PBH), trading 5.61 per cent higher at $12.34. It is followed by shares in Cimic Group (ASX:CIM) and Pilbara Minerals (ASX:PLS).

The worst-performing stock in the S&P/ASX 200 is Altium (ASX:ALU), trading 3.07 per cent lower at $33.49. It is followed by shares in St Barbara (ASX:SBM) and Elders (ASX:ELD).

Commodities and the dollar

Gold is trading at US$1807.08 an ounce.
Iron ore is flat at US$221.04 a ton.
Iron ore futures are pointing to a rise of 0.9 per cent.
One Australian dollar is buying 73.20 US cents.

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