Australia’s share market is marginally higher despite the management of AMP and Rio Tinto making headlines for the wrong reasons.
The S&P/ASX200 benchmark index was up 10.7 points, or 0.17 per cent, to 6121.9 points at 1200 AEST on Monday.
The All Ordinaries index was higher by 18.0 points, or 0.28 per cent, to 6288.7.
Information technology was the best of the sectors, up 2.0 per cent.
Telecommunications was next best, 1.1 per cent higher.
The energy sector had the greatest decline, 0.76 per cent. The financial sector was down 0.26 per cent.
David Murray has resigned as chairman of AMP as part of a major shake-up after some major shareholders raised accountability concerns in the aftermath of a sexual harassment complaint against an executive.
Executives John Fraser and Boe Pahari have also stepped away from their current positions.
AMP shares were higher by 1.22 per cent to $1.44.
Miners were also dominating the news. Rio Tinto will cut the short-term bonuses of its chief executive and two senior executives following a review of the company’s destruction of two ancient caves.
The world’s biggest iron ore miner destroyed two historically significant sacred caves, which sat on top of a high-grade ore body it planned to mine, in Western Australia in May – against the wishes of Aboriginal traditional owners.
Rio shares rose 0.02 per cent to $100.74.
Iron ore producer Fortescue Metals Group has posted a record annual profit of $US4.7 billion ($A6.6 billion) and set a target of zero net emissions from its operations by 2040.
The group, which is the world’s fourth-biggest iron ore miner, said the 49 per cent lift in profit for 2019/20 was driven by record shipments and ongoing low costs that underpinned revenue of $US12.8 billion ($A17.9 billion).
Fortescue will pay a final dividend of $1 a share.
Its shares were up 3.16 per cent to $18.56.
Meanwhile, BHP shares edged up 0.05 per cent to $38.38.
The big banks were all down. ANZ shed 0.81 per cent to $18.23, the Commonwealth slipped 0.48 per cent to $69.29, NAB edged lower by 0.45 per cent to $17.57 and Westpac dipped 0.26 per cent to $17.18.
Elsewhere on the market, Qantas lost 3.97 per cent to $3.74 after it said the boss of Qantas International, Tino La Spina, would leave the group as most long-haul aircraft remain grounded due to COVID-19.
The ASX performance comes after the S&P 500 and Nasdaq in the US closed at record highs on Friday.
Both indices were boosted by Apple and data which indicated pockets of strength in the US economy.
The Australian dollar was buying 71.74 US cents at 1200 AEST, down from 72.02 US cents at Friday’s close.