The Aussie market is lifting at lunch on Friday, following gains on Wall Street, with the ASX 200 rising by 26 points or 0.4% to 6,817 after midday.
Gains have been rather broad based with most sectors higher. Leading the way has been energy, materials and communications. Healthcare is leading the declines. With today’s improvements, local shares are on track for a weekly gain, currently 1.6% higher over the past five sessions.
In company news, Telstra (TLS) is a big mover with a 3.2% lift. The telco announced this morning that it will delist from the New Zealand Stock Exchange (NZX) to be solely listed on the ASX from June this year. This allows the company to simplify its administration and streamline shareholder services.
Fellow communications company, TPG Telecom (TPG) isn’t faring as well following an announcement this morning that its founder and CEO Mr David Teoh has resigned and is to be replaced by Mr Canning Fok. TPG shares are sliding by 7.5%.
AMP Limited (AMP) is 1% higher with the wealth manager providing clarification on the position of its CEO, Francesco De Ferrari. The stock was placed in a trading pause late yesterday on media reports Mr De Ferrari was resigning. AMP has confirmed that is currently not the case and stated that “The Board and Mr De Ferrari are working together and constructively discussing the future strategy and leadership of the group, post the completion of AMP’s portfolio review.”
Insurance Australia Group (IAG) has provided another update in relation to the number of claims made due to the recent floods and storms on Australia’s east coast. IAG has received approximately 8,000 claims as of Thursday afternoon with the number of claims expected to rise further. IAG has estimated the net cost of the event to be ~$135 million with the net cost capped at $169 million. FY21 net natural perils are now higher than previous expectations between $660 million and $700 million.
The Aussie dollar remains pressured by a strengthening US dollar and is buying 75.96 US cents.
Published by CommSec