The Aussie market is still in the red after several hours of trade although has lifted itself off the lows of the morning. Around 12.30pm AEST, the ASX 200 is down just 6 points to 5,949. At its worst, it was down as much as 30 points or 0.5% following a mostly weaker lead from Wall Street. Both the Dow Jones and S&P500 indices fell but the tech heavy NASDAQ rose to new record highs on the back of the US tech giants of Amazon, Facebook and Microsoft.
Locally, the tech sector is also a standout performer on the back of some our own tech heavyweights. Afterpay (APT) has also hit fresh record highs this morning of $76.62 with a 4% improvement. While it has eased from those highs, it is still 3% higher. Accounting software firm, Xero (XRO) is also making a positive impact with a gain of 2% and hitting its own all-time high as well.
Another buy-now pay-later provider in ZipCo (Z1P) is rallying 11% and also hitting all-time highs. Z1P has more than doubled in price in 2020. Payment solutions provider, Sezzle (SZL) remains in a trading halt following the announcement that it is looking to raise $86.3 million (US$60m) to accelerate its growth strategy & improve its balance sheet.
While the majority of sectors are actually advancing, it is some heavier losses for the likes of the energy and materials that are weighing against broader advances. Global oil prices fell 2-3% in overnight trade which is weighing on local oil & gas producers. Oil Search (OSH) is down the most with a loss of 3.5% while Woodside (WPL) and Origin Energy (ORG) are down more than 2.5%.
In other company news, Nine Entertainment (NEC) is recovering from an early slip up with the media stock now higher by 0.3%. NEC announced this morning that it’s Chief Financial Officer (CFO) was resigning immediately due to personal reasons while also providing a quick business update. Earnings for FY20 are expected to be in the range of $390-$410 million, down from $424 million in FY19.
The Aussie dollar remains within its recent trading range of 68-70 US cents, buying 69.4 US cents with no major economic data expected out today.
So far, 2.6b units have traded worth $2.5b with 513 stocks higher, 577 weaker and 372 unchanged.
Published by CommSec