ASX hits record high on Covid blues: Aus shares gains 0.6% over the week

Market Reports

by Lauren Evans

The Australian share market staged a recovery after dipping at the open. At the closing bell, the ASX was 0.1 per cent or 8 points higher at 7,394. Over the week, it gained 0.6 per cent or 46 points

Health Care and Information Technology continued to push ahead, despite downward pressure from Energy and banks.

Heath Care giants made gains with Fisher and Paykel (ASX:PKL) leading the pack, closing 3.6 per cent higher at $30.90, followed by CSL Health Care (ASX:CSL), 1.7 per cent higher at $293.48, and Sonic Healthcare (ASX:SHL), 1.3 per cent higher at $40.10.

Buy now, pay later providers Afterpay and Zip Co closed in the black. Afterpay (ASX:APT) dipped in the last hour of trading yet still closed 0.8 per cent higher. Zip Co (ASX:Z1P) closed 1.4 per cent higher. Major accounting software Xero (ASX:XRO) closed 2.4 per cent higher.

In headlines today, Myer (ASX:MYR) closed 1.1 per cent lower following news it has secured a 10-year lease for a Victorian distribution centre. The Star Entertainment Group (ASX:SGR) closed 0.6 per cent lower after withdrawing from a $10 billion merger proposal with Crown Resorts.

Miners trimmed their losses, with Fortescue Metals (ASX:FMG) closing flat at $25.19. BHP (ASX:BHP) and Rio Tinto (ASX:RIO) edged lower, closing 0.5 and 0.2 per cent lower respectively.

Energy suppliers dragged with Santos (ASX:STO) closing 2.4 per cent lower. Oil Search (ASX:OSH) closed 1.8 per cent lower and Woodside Petroleum (ASX:WPL) 1.3 per cent lower.

The Commonwealth (ASX:CBA) closed 1 per cent lower at $99.12. Westpac (ASX:WBC) closed 1.4 per cent lower at $24.71, ANZ (ASX:ANZ) 1.3 per cent lower at $27.69 and NAB (ASX:NAB) 0.2 per cent lower at $26.4.

The best-performing stock was Nickel Mines (ASX:NIC), closing 6.5 per cent higher and the worst-performing stock was Silver Lake Resources (ASX:SLR), closing 8.5 per cent lower.

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

Company news

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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.

Australia's largest department store, Myer (ASX:MYR), has secured a 10-year lease on a new 40,000 square metre facility in Victoria. The facility will be Myer's National Distribution Centre (NDC) for both stores and online fulfilment.

PointsBet Holdings (ASX:PBH) has announced that its wholly owned subsidiary PointsBet New Jersey has been authorised by the New Jersey Department of Gaming Enforcement to launch its iGaming platform in that state.

Futures

The Dow Jones futures are pointing to a rise of 57 points.
The S&P 500 futures are pointing to a rise of 11 points.
The Nasdaq futures are pointing to a rise of 46 points.
The SPI futures are pointing to a rise of 8 points when the market next opens.

Best and worst performers

The best-performing sector was Health Care, up 1.3 per cent. The worst-performing sector was Energy, down 1.1 per cent.

The best-performing stock in the S&P/ASX 200 was Nickel Mines (ASX:NIC), closing 6.5 per cent higher at $1.15. It was followed by shares in Nuix (ASX:NXL) and Iluka Resources (ASX:ILU).

The worst-performing stock in the S&P/ASX 200 was Silver Lake Resources (ASX:SLR), closing 8.5 per cent lower at $1.61. It was followed by shares in Northern Star Resources (ASX:NST) and Crown Resorts (ASX:CWN).

Asian markets

Japan's Nikkei is closed due to Sports Day.
Hong Kong's Hang Seng has lost 1.2 per cent.
China's Shanghai Composite has lost 0.6 per cent.

Commodities and the dollar

Gold is trading at US$1803.51 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 per cent.
Light crude is trading $0.26 lower at US$71.65 a barrel.
One Australian dollar is buying 73.67 US cents.

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