SYDNEY, AAP – Afterpay shares were rocketing but the Australian market has pulled back from record heights.
Afterpay stock was up 12.36 per cent to $129.00 at 1200 AEST after the previous day’s $39 billion takeover bid from US payments provider Square.
Information technology shares on Tuesday were up 4.59 per cent but most industry categories were lower.
The three big miners – BHP, Fortescue and Rio Tinto – all shed more than one per cent.
Financial shares were lower by about half a per cent.
The benchmark S&P/ASX200 index was lower by 21.9 points, or 0.29 per cent, to 7469.5.
The fall follows a record high for the index on Monday.
The All Ordinaries was also down on Tuesday and dropped 17.2 points, or 0.22 per cent, to 7743.3.
US markets were mostly lower after Federal Reserve Governor Christopher Waller said the central bank could start to reduce its support for the economy by October.
This would depend on whether the next two monthly jobs reports each show employment rising by 800,000 to 1 million, he said.
US manufacturing grew in July, but the data showed its pace slowed for a second straight month.
In Australia, the Reserve Bank will have its monthly meeting.
A change to the record low cash rate of 0.1 per cent is not expected as coronavirus lockdowns persist in NSW and southeast Queensland.
On the ASX, Crown Resorts said the boss of its Melbourne business Xavier Walsh will step down on August 20 and leave the company in December.
An inquiry has heard Mr Walsh knew Crown Melbourne underpaid millions in Victorian gaming taxes for three years but did nothing about it until the day after a royal commission was declared.
Shares were up 0.67 per cent to $8.99.
About 2500 Qantas and Jetstar employees will be stood down for two months because of coronavirus border closures.
Domestic pilots, cabin crew and airport workers will be stood down, mostly in NSW, but won’t lose their jobs.
Qantas boss Alan Joyce expects borders to remain closed for at least another two months due to Greater Sydney’s COVID-19 lockdown.
Shares were lower by 1.75 per cent to $4.48.
Brickworks is buying the largest independently owned brick distributor in the US for $70 million.
Brickworks’ purchase of The Illinois Brick Company will provide a direct distribution presence in the midwest region.
Shares were up 2.1 per cent to $24.92.
Bookmaker PointsBet dropped 9.31 per cent to $9.94 after completing a share sale which raised $81 million.
A share sale for retail investors will begin on Friday.
In banking, the big four banks were all lower by less than one per cent.
Westpac was worst and lost 0.95 per cent to $24.79.
The Australian dollar was buying 73.67 US cents at 1200 AEST, higher from 73.48 US cents at Monday’s close.