The Aussie market is reversing losses from the previous two sessions with the ASX 200 well advanced at lunch on Wednesday. The index is lifting 89 points or 1.33% to 6,827 at midday.
Gains have been quite widespread with nearly all sectors lifting in the opening hours of the session. Most sectors are enjoying gains of over 1% led by industrials, materials, energy, financials, consumer discretionary and staples. The only sector to go in reverse is utilities.
Today’s improvements are helping lift the benchmark index towards another monthly advance, making it on track for six straight months of gains. It is also a positive opening quarter to the calendar year with the ASX 200 so far adding 3.65% over the three months.
In company news, ZipCo (Z1P) is 0.3% higher having announced a new partnership with retailer JB Hi-Fi (JBH) for the use of its payment solutions both ins-tore and online. The buy-now pay-later (BNPL) provider is expecting to be available to customers in April 2021.
Fellow BNPL name, Openpay (OPY) is 5% weaker as it comes out a 2-day trading halt. It announced a $67.5 million funding package which includes a $37.5 million placement, $25 million corporate debt facility and $5 million share purchase plan to accelerate its international expansion in the US & UK while also building its business in Australia.
Leasing company, SG Fleet (SGF) remains in a trade suspension as it confirmed the acquisition of LeasePlan in Australia & New Zealand for $273 million in cash and a 13% equity stake in the combined entity. SGF will look to raise $86 million via an entitlement offer to help fund the deal.
Gold miner, Resolute Mining (RSG) is lifting 4.8% as it reaffirmed FY21 production, cost and capital expenditure (capex) guidance in response to speculation about the impact of its mining lease termination in Ghana. RSG has been among the worst performers for the month and quarter as a result.
Suncorp (SUN) has received ~7,600 claims as at 12pm AEST yesterday in relation to the recent storms and floods on the east coast. SUN expected net claims costs of $230-$250 million. SUN is 1.1% higher.
The AUD is buying 76.13 US cents, having dipped below 76 US overnight on weaker commodity prices.
Published by CommSec