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Aussie shares are lifting for the first time in nine days, putting an end to the longest losing streak in two and a half years for local shares. The ASX 200 is up 0.5 per cent with gains from banks, energy and tech stocks helping most.
The market improved by 10 per cent from April through to August with equities hitting 10.5 year highs in the process. In recent weeks however there hasn’t been enough good news for the ASX 200 to remain above 6300pts.
A2 Milk (A2M) is up 3.5 per cent on Tuesday. The dairy company updates investors in Hong Kong in coming days and continues to expect strong demand for nutritional products in ANZ and China.
Law firm Slater & Gordon (SGH) is up 13 per cent on media reports it could announce a number of class actions.
Woolworths (WOW) is up 0.5 per cent and said it has not received any new correspondence in recent days from Maurice Blackburn. Some media reports have suggested the law firm is launching a $100m class action against the supermarket chain over allegations it misled investors with its profit guidance three years ago.
Fisher & Paykel Health (FPH) has filed a patent infringement complaint in the US against ResMed (RMD) and the sale of some of its sleep apnea masks.
Commodity prices were mostly lower overnight which is contributing to some losses for BHP Billiton (BHP).
A number of stocks are trading ex-dividend today including CSL Limited (CSL), Brambles (BXB), News Corp (NWS), Adairs (ADH) and Regis Health (REG). All these stocks are losing ground at lunch. While Wisetech (WTC) is improving despite trading ex-dividend as well, it is set to only pay out a $0.0165/share dividend (0.12 per cent yield).
Bega Cheese (BGA) remains in a trading halt for a second day as it readies itself to undertake a capital raising.
The NAB Business Survey results were released this morning. Business conditions rose to +15 in August (up from +13 in July) while confidence eased from +7 to +4.
1bn shares have changed hands so far on Tuesday, worth $2bn. 518 stock are up, 426 down and 393 are unchanged.
Published by CommSec