WiseTech jumps 40%, Afterpay declines: ASX up 0.3% at noon

Market Reports

by Lauren Evans

The Australian share market opened higher, amid FY21 results and fears of Covid-19 on the global economy. At noon, the ASX is 0.3 per cent or 21.7 points higher at 7524.7. The SPI futures are pointing to a rise of 26 points.

The Technology sector is booming after WiseTech (ASX:WTC) jumped 38.7 per cent, following its FY21 results. Meanwhile, Materials also added strong gains. 

Buy now, pay later giant Afterpay (ASX:APT) is trading 0.7 per cent lower, despite jumping 90 per cent in FY21 sales. Meanwhile, Zip Co (ASX:Z1P) is trading 0.7 per cent higher following its FY21 results. 

Mining giant BHP (ASX:BHP) is trading 1.5 per cent higher,  Rio Tinto (ASX:RIO) is trading 3.4 per cent higher and Fortescue Metals (ASX:FMG) is trading 3.2 per cent higher. 

Onto banks, Commonwealth (ASX:CBA) is trading 0.2 per cent higher, NAB (ASX:NAB) is trading 0.4 per cent higher while ANZ (ASX:ANZ) and Westpac (ASX:WBC) are trading 0.1 per cent lower. 

NSW recorded 919 new Covid-19 cases, after hitting its 6 million vaccination target. Victoria recorded 45 new cases while Queensland recorded 2 new cases. 

Local economic news 

The Australian Bureau of Statistics (ABS) released their 'Construction Work Done, Australia' statement for Jun 2021. The seasonally adjusted estimate for total construction work done rose 0.8 per cent  to $52,875.5 million in the June quarter. Building work done rose 0.1 per cent to $30,563.5 million. Engineering work done rose 1.8 per cent to $22,312 million .

Reserve Bank deputy head, Ellis Connolly is slated to speak at the Risk Australia virtual conference today.

Commonwealth Bank economists expects a 1 per cent rise.

Company news

Medibank Private (ASX:MPL) reported net profit after tax of $441.2 million in FY21, up 39.8 per cent from the prior year.

Home Consortium (ASX: HMC) reports AUM of $2.5 billion in FY21, up 144 per cent from the prior year.

APA Group (ASX:APA), reports revenue of $2,144.5 million in FY21, up 7 per cent from the prior year.

Best and worst performers

The best-performing sector is Information Technology, up 2.8 per cent. The worst-performing sector is Communication Services, down 1.8 per cent.

The best-performing stock in the S&P/ASX 200 is WiseTech Global (ASX:WTC), trading 40.00 per cent higher at $50.68. It is followed by shares in HUB24 (ASX:HUB) and Appen (ASX:APX).

The worst-performing stock in the S&P/ASX 200 is Reece (ASX:REH), trading 11.8 per cent lower at $22.06. It is followed by shares in Nine Entertainment (ASX:NEC) and Adbri (ASX:ABC).

Commodities and the dollar

Gold is trading at US$1794.86 an ounce.
Iron ore is 6.9 per cent higher at US$146.13 a ton.
Iron ore futures are pointing to a rise of 2.09 per cent.
One Australian dollar is buying 72.45 US cents.

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