SYDNEY, AAP – Shares on the Australian market are on course for their best day in more than a week, with big sectors rebounding from Monday’s losses.
The S&P/ASX200 benchmark index was higher 76.6 points, or 1.14 per cent, to 6739.6 at 1200 AEDT on Tuesday.
The All Ordinaries was higher by 75.6 points, or 75.6 per cent, at 7011.0.
The financial sector was better by 1.57 per cent, while the other major sector, materials, rose 1.02 per cent.
Industrials climbed 1.78 per cent.
The jump comes without a lead, with US markets closed for the Martin Luther King Jr public holiday. Stocks in Europe were mixed.
Asian share markets have edged ahead as investors wagered China’s economic strength would help underpin growth in the region, even as pandemic lockdowns continue in western countries.
Data out on Monday confirmed China’s economy was one of the few in the world to grow over 2020 and actually picked up speed as the year closed.
The latest weekly ANZ-Roy Morgan consumer confidence index for Australia eased 0.2 per cent, its third consecutive fall.
Components of the index – a pointer to future household spending – proved a mixed bag, with confidence surrounding people’s current financial conditions sinking by three per cent.
The “time to buy a major household item” sub-index also dropped 2.4 per cent.
On the ASX, a big mover was payments provider Tyro. Its shares jumped 21.55 per cent to $2.82 after making progress on a connectivity problem with its EFTPOS terminal software, which it first mentioned on January 7.
Tyro said 85 per cent of customers had all terminals working and the problem should be resolved by the end of the week.
A law firm has written to the company saying it is considering a class action. Tyro said it was unaware of any proceedings under way.
Waste management provider Bingo Industries surged by 20.62 per cent to $3.30 after it said it received an unsolicited acquisition offer from a consortium including CPE Capital, Macquarie Infrastructure and Real Assets.
Shareholders have been offered $3.50 per share.
A board committee is considering the offer.
A supplier of materials for lithium batteries, Novonix, jumped 15.38 per cent to $1.80 after it named a professor who works with electric vehicle maker Tesla as its chief scientific officer.
Professor Jeff Dahn will continue working with Tesla after he joins Novonix in July.
Rio Tinto reported a 2.4 per cent rise in fourth-quarter iron ore shipments, helped by industrial activity in China which the company said had returned to pre-pandemic levels.
The global miner shipped 88.9 million tonnes (Mt) of iron ore in the three months to December, up from 86.8 Mt a year earlier and slightly above UBS’ forecast of 88.6 Mt.
Shares were better by 0.97 per cent to $119.95.
BHP gained 0.63 per cent to $45.74 and Fortescue rose 0.96 per cent to $25.06.
In banking, ANZ gained 1.68 per cent to $24.69, the Commonwealth crept up 0.90 per cent to $85.44, NAB sprung 1.64 per cent to $24.04 while Westpac leapt 2.26 per cent to $21.67.
The Aussie dollar was buying 76.98 US cents at 1200 AEDT, higher from 76.84 US cents at Monday’s close.