2min read
PREVIOUS ARTICLE Asian shares follow Wall St ad... NEXT ARTICLE Major currencies show resilien...

SYDNEY, AAP – Shares were higher on the Australian market as health and mining companies gave key contributions to the indices.

The S&P/ASX200 benchmark index was up by 27.3 points, or 0.40 per cent, to 6779.8 at 1200 AEDT on Tuesday.

The All Ordinaries was higher by 25.6 points, or 0.36 per cent, at 7020.6.

There were gains of more than one per cent for the utilities, telecommunications and property sectors.

Larger sectors such as health rose 0.84 per cent, industrials climbed 0.67 per cent while materials gained 0.62 per cent.

Earlier, Wall Street rallied as technology stocks rebounded from a sell-off sparked by surging bond yields.

Industry observers said an easing of 14-month highs in the 10-year US Treasury note’s yield after it hit 1.754 per cent last week allowed tech shares to rebound.

Bond yields have been moving higher for most of this year as investors have bet that the US economy is poised to strongly recover later this year as coronavirus vaccinations and trillions of dollars of government stimulus take effect.

The Dow Jones Industrial Average closed up 103.23 points, or 0.32 per cent, at 32,731.2. The S&P 500 gained 27.49 points, or 0.70 per cent, to 3,940.59 and the Nasdaq Composite added 162.31 points, or 1.23 per cent, to 13,377.54.

In Australia, wild weather across the eastern states and concerns about the end of the government JobKeeper assistance is weighing on people’s confidence.

The ANZ-Roy Morgan consumer confidence index dropped 0.5 per cent, its second consecutive weekly decline.

The decline came despite last week’s unexpectedly strong employment figures and a steep drop in the jobless rate to 5.8 per cent.

On the ASX, online service booking directory Airtasker jumped 44.6 per cent to 94 cents after listing.

The company sold shares in its initial public offer for 65 cents each.

It wants to use the funds to help expand overseas.

Airtasker’s market debut was delayed by a day after ASX officials made a processing error.

Rip Curl owner and retailer Kathmandu rose 8.14 per cent to $1.22 after posting an improved first-half profit.

The company reported a net profit after tax of $NZ22.3 million for the six months to January 31, up from $NZ8.1 million this time last year.

Kathmandu bought Rip Curl last year, which had a sales increase of 86.1 per cent to $NZ251.1 million.

Shareholders will receive an interim dividend of two NZ cents per share, fully franked. No interim dividend was paid last year.

Crown Resorts was down 1.42 per cent to $11.80 a day after surging on news of a takeover offer from US fund and shareholder Blackstone.

Blackstone made an unsolicited, non-binding offer of $11.85 cash per share, which is worth about $8 billion.

The Crown board was still considering the offer.

The big miners rose despite the price of iron ore falling. BHP rose 1.14 per cent to $45.01, Fortescue gained 0.8 per cent to $19.31 and Rio Tinto climbed 0.61 per cent to $108.47.

In banking, the Commonwealth was the only one of the big four banks higher. It gained 0.05 per cent to $85.13. The others were down by less than half a per cent.

The Australian dollar was buying 77.29 US cents at 1200 AEDT, higher from 77.24 US cents at Monday’s close.