ASX on track for daily record, Myer secures VIC distribution centre: Aus shares 0.9% higher at noon

Market Reports

by Lauren Evans

The Australian share market dipped at the open, but later recovered, tracking  0.9 per cent or 6.5 points higher at 7392.9. The SPI futures are pointing to a rise of 5 points.

Information Technology and Health Care helped limit losses, despite Energy and banks weighing on the index.

Buy now, pay later providers Afterpay and Zip Co made gains. Afterpay (ASX:APT) is trading 3.2 per cent higher followed by Zip Co (ASX:Z1P) up 3 per cent. Accounting software Zero (ASX:XRO) is also up 2.5 per cent.

Health Care giants CSL (ASX:CSL) and Sonic Healthcare (ASX:SHL) are trading 1.4 per cent higher followed by Fisher and Paykel Healthcare (ASX:PKL) up 2 per cent.

Myer (ASX:MYR) is trading flat at $0.46 following its news of securing a 10-year lease for a Victorian distribution centre. 

Miners trimmed their losses along with the best-performing stock Evolution Mining (ASX:EVN), trading 5.8 per cent higher following the completion of a $400 million institutional placement.

Energy supplier Santos (ASX:STO) is down 1.9 per cent, Oil Search (ASX:OSH) is down 1.5 per cent and Woodside Petroleum (ASX:WPL) is down 0.3 per cent.

Onto banks, Commonwealth (ASX:CBA) and Westpac (ASX:WBC) are both down 0.7 per cent, ANZ (ASX:ANZ) down 1.4 and NAB (ASX:NAB) down 0.5 per cent.

NSW recorded 136 new Covid-19 cases as the delta outbreak worsens. Victoria recorded 14 new cases.

Company News

South32 (ASX:S32) has announced that the National energy regulator of South Africa has approved a long-term energy supply agreement between its Hillside Aluminium smelter and Eskom Holdings, a South African electrical company.

Pendal Group (ASX: PDL) has announced the completion of its acquisition of the US-based investment management company Thompson, Siegel & Walmsley (TWS).

Gambling and entertainment company The Star Entertainment Group (ASX:SGR) has informed Crown Resorts (ASX:CWN) that it has withdrawn its bid to merge the two businesses after an incident at Victoria's Royal Commission.

Australian gold mining company Evolution Mining (ASX:EVN) has announced that it has successfully completed a $400 million institutional placement of approximately 104 million new fully paid ordinary Evolution shares to institutional investors at $3.85 per share.

Best and worst performers

The best-performing sector is Information Technology, up 1.7 per cent. The worst-performing sector is Energy, down 0.7 per cent.

The best-performing stock in the S&P/ASX 200 is Evolution Mining (ASX:EVN), trading 5.8 per cent higher at $4.30. It is followed by shares in Nickel Mines (ASX:NIC) and Nuix (ASX:NXL).

The worst-performing stock in the S&P/ASX 200 is Silver Lake Resources (ASX:SLR), trading 10.8 per cent lower at $1.57. It is followed by shares in Northern Star Resources (ASX:NST) and Crown Resorts (ASX:CWN).

Commodities and the dollar

Gold is trading at US$1804.15 an ounce.
Iron ore is 5.7 per cent lower at US$202.63 a ton.
Iron ore futures are pointing to a fall of 2.1 per cent.
One Australian dollar is buying 73.85 US cents.

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