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The Aussie market is a touch softer at lunch on Friday and is snapping a three day winning run. The ASX 200 is down 21 points or 0.3% to 7,037 around midday, despite US markets lifting to record highs. The Dow Jones breached 34,000 points for the first time and the S&P 500 also closed at record highs.

Losses are predominantly among the financial and energy sectors with advances for IT, materials and consumer discretionary partly offsetting those declines. The big four banks are the major drags as they all trade lower. The National Bank (NAB) is underperforming its peers, falling 1.3%. Macquarie Group (MQG) is down 1.5%.

Gold miners are among the bigger winners on the back of a rise in the precious metal overnight. Newcrest Mining (NCM) is 3.4% higher, Northern Star (NST) is up 3% while evolution Mining (EVN) adds 3.8%.

Despite today’s falls, the ASX 200 is still on track for the fourth weekly advance in a row, currently up 0.7% for the week.

In company news, Origin Energy (ORG) is sliding 7.8% after downgrading its FY21 guidance. Energy markets earnings (EBITDA) was revised lower to a range between $940 million and $1.02 billion, it was previously $1 billion to $1.14 billion. The reason for the downgrade was due to ORG facing rising costs from a supply contract with Beach Energy (BPT).

Coca-Cola Amatil (CCL) shareholders are meeting today to vote on the proposed acquisition of the company by CocaCola European Partners. If the takeover is approved by shareholders, it is likely to be implemented by May 10 and values CCL at approximately $11.1 billion.

Auto dealer operator, Eagers Automotive (APE) is rising 2.7% on its March Quarter update. APE expects underlying operating profit before tax from continuing operations came in at $98 million with statutory net profit before tax of $105 million.

Chinese economic growth for the March Qtr rose 18.3% year on year, which was slightly below market expectations. Industrial production also missed estimates but retail sales outperformed. The AUD is slightly lower at 77.26 US cents.

Published by CommSec