Sydney Airport soars 4.7%, ASX up 0.3% at noon

The Australian sharemarket opened lower, but improved before lunchtime thanks to gains in materials, Sydney Airport and Aristocrat. At noon, the ASX/200 is 0.3 per cent or 23.3 points higher at 7429.9. The SPI futures are pointing to a rise of 29 points.

In terms of the sectors, industrials, consumer discretionary, materials and energy are dominating, while banks and tech drag.

Sydney Airport (ASX:SYD) is trading 4.7 per cent higher, after receiving an upgraded take-over bid from Sydney Aviation Alliance. Gaming tech company Aristocrat (ASX:ALL) is also trading 3.9 per cent higher. Heavyweight miners are making gains with Fortescue (ASX:FMG) up 2.9 per cent and BHP (ASX:BHP) up 1.4 per cent. Pilbara Minerals (ASX:PLS) is up 5.4 per cent. 

Of the banks, NAB (ASX:NAB) is trading the worst, down 0.7 per cent. On another note, Afterpay (ASX:APT) is trading 2.3 per cent lower. 

Company news

Sydney Airport (ASX:SYD) granted due diligence to Sydney Aviation Alliance, after an upgraded take-over bid of $8.75 per share.

Qantas's (ASX:QAN) bid to resume flights with Japan has been rejected, despite the easing of travel restrictions on the horizon. 

IPO

Legacy Minerals Holdings (ASX:LGM) listed on the ASX today with issue price of $0.20, opened at $0.245 and now trading at $0.215.

Best and worst performers

The best-performing sector is Materials, up 1.6 per cent. The worst-performing sector is Information Technology, down over 1 per cent.

The best-performing stock in the S&P/ASX 200 is Pilbara Minerals (ASX:PLS), trading 5.4 per cent higher at $2.16. It is followed by shares in OZ Minerals (ASX:OZL) and Lynas Rare Earths (ASX:LYC).

The worst-performing stock in the S&P/ASX 200 is Chalice Mining (ASX:CHN), trading over 7 per cent lower at $6.67. It is followed by shares in Omni Bridgeway (ASX:OBL) and Appen (ASX:APX).

Commodities and the dollar

Gold is trading at US$1788.81 an ounce.
Iron ore is 0.4 per cent lower at US$129.71 a ton.
Iron ore futures are pointing to a rise of 0.13 per cent.
One Australian dollar is buying 73.57 US cents.