Latest News

The Aussie market is rebounding from Thursday’s losses. After a sluggish start to Friday’s session, the Aussie market is trading firmer around lunch with the ASX 200 lifting 30 points or 0.4% to 7,092.

The benchmark index opened flat and even dipped into negative territory briefly this morning but was buoyed on news that there was no community transmission of COVID19 in Sydney over the past 24 hours. The ASX 200 is on track for a near 1% gain for the week. The first weekly improvement in three weeks.

Leading today’s improvements are materials, financials and communications while IT is again a major laggard, down 3% today while falling ~10% this week, and having declined for six sessions in a row. Utilities, health and industrials are also in the red today.

Afterpay (APT) has continued its recent run of weaknesses as it drops another 6% today. APT is ~20% lower this week alone. Some analysts have noted that its US app growth has slowed in April from its record high pace in March, but also being outpaced by competitors.

The big four banks are all rising today with Commonwealth Bank (CBA) and National Bank (NAB) both more than 1% higher. Macquarie Group (MQG) is 0.2% higher as the investment bank released its FY21 profit results. Net profit was roughly 10% higher on a year ago at $3.02 billion. Its market-facing business, which includes Macquarie Capital and Commodities & Global Markets (CGM) outperformed with profit up 39%. MQG also lifted its final dividend to $3.35 per share.

REA Group (REA) is 2.3% higher on its 3Q21 update with the property listing site operator reporting revenue of $655.9 million for the year-to-date while earnings (EBITDA) came in at $415.1 million. Quarterly revenue was 8% higher while EBITDA increased 13%, underpinned by a strong Australian residential housing market.

Tabcorp (TAH) is lifting 1.8% as it revealed it received a new takeover offer for its Wagering & Media business and also Gaming Services from Apollo Management for $4 billion after yesterday’s market close.

The AUD buys 77.8 US cents with little reaction to the RBA’s quarterly Statement on Monetary Policy.

Published by CommSec