ASX rises, Best & Less debut: Aus shares 0.2% higher at noon

Market Reports

by Lauren Evans

The Australian share market rose at the open, starting the week in positive territory. At noon, the ASX was tracking 0.2 per cent or 15.2 points higher at 7409.6. The SPI futures are pointing to a rise of 2 points.

Best & Less (ASX:BST) listed on the ASX today, with an issue price of $2.16. The shares opened at $2.17, reaching a high of $2.25 and a low of $2.16. At midday, Best & Less shares were trading at $2.24.

Mining giants and Health Care pushed ahead this morning while Energy and Real Estate weighed on the index.

Miners made gains with BHP (ASX:BHP) trading 1.4 per cent higher, Rio Tinto (ASX:RIO) 1.6 per cent higher and Fortescue Metals (ASX:FMG) 0.5 per cent higher.

Health Care was on the incline, with CSL (ASX:CSL) up 0.5 per cent, followed by Sonic Health Care (ASX:SHL) up 0.4 per cent and Fisher and Paykel (ASX:FPH) up 0.7 per cent.

Banks were lower this morning, except Commonwealth (ASX:CBA), trading 0.4 per cent higher. Westpac (ASC:WBC) was down 0.2 per cent, followed by NAB (ASX:NAB), down 0.5, and ANZ (ASX:ANZ), down 0.4 per cent.

Commercial property giant GPT Group (ASX:GPT) is down 2.4 per cent following news it will withdraw its 2021 guidance amid COVID uncertainty, most notably the rolling lockdowns in Melbourne and Sydney.

The best-performing stock is Lynas Rare Earths (ASX:LYC), trading 8.1 per cent higher. The worst-performing stock is Silver Lake Resources (ASX:SLR), trading 6.2 per cent lower.

NSW reported 145 new Covid-19 cases. Meanwhile, Victoria has recorded 11 new cases.

Company news

The finance company AMP (ASX:AMP) has announced the introduction of a new service model with its aligned advice network.

The a2 Milk company has announced the appointment of Amanda Hart as Chief People & Culture Officer. Amanda will join a2 Milk (a2MC) from her most recent role as head of human resources (HR) in Australia and New Zealand for Dyson Appliances

City Chic Collective (ASX:CCX) has signed and completed a share purchase agreement to acquire 100 per cent of the shares in JPC United for $9.6 million in cash, from the co-founders of Navabi.

Real Estate investor and fund manager Cromwell Property Group (ASX:CMW), has announced Jonathan Callaghan as its new Chief Executive Officer (CEO).

Best and worst performers

The best-performing sector is Materials, up 1.1 per cent. The worst-performing sector is Energy, down 1.0 per cent.

The best-performing stock in the S&P/ASX 200 is Lynas Rare Earths (ASX:LYC), trading 8.1 per cent higher at $6.95. It is followed by shares in Nickel Mines (ASX:NIC) and Alumina (ASX:AWC).

The worst-performing stock in the S&P/ASX 200 is Silver Lake Resources (ASX:SLR), trading 6.2 per cent lower at $1.52. It is followed by shares in The A2 Milk Company (ASX:A2M) and St Barbara (ASX:SBM).

Commodities and the dollar

Gold is trading at US$1807.12 an ounce.
Iron ore is 0.6 per cent lower at US$201.33 a ton.
Iron ore futures are pointing to a rise of 2.75 per cent.
One Australian dollar is buying 73.53 US cents. 

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