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Local shares weakened from a strong start this morning, with the ASX 200 trading down 0.25 per cent, to 7,002.2 leading into the lunch break. This followed US sharemarkets which were stronger overnight, snapping a three day losing streak with gains made in technology megacaps, such as Apple (+2.1%), Microsoft (+1.4%) and Tesla (+4.1%).

Energy is the worst performing sector, down 2.4 per cent. Materials is also down about 1.7 per cent, followed by consumer discretionary which has fallen 0.5 per cent. IT is gaining 2.1 per cent, while health care is up about 1.4 per cent and utilities has gained about 0.6 per cent.

In company news, online retailer (KGN) is down about 12.0 per cent this morning. It’s cut expectations of underlying operating performance and expects EBITDA in the range of $58-$63m in FY21. Cost price inflation, warehousing costs and lower demand are proving challenging, it said.

David Gonski will replace Trevor Gerber as chair of Sydney Airport (SYD) following its AGM. The company declined to provide guidance for the remainder of 2021 and did not declare an interim distribution. It’s aiming to be net zero carbon emissions by 2030. SYD was up 0.7 per cent.

Shares of Airtasker (ART) were put in a trading halt today pending a proposed equity raising, and acquisition.

New Zealand-based retirement village operator Ryman Healthcare (RYM) CEO Gordon MacLeod is leaving the
company after 15 years, including four years as chief executive. The company reported a 7.3 per cent fall in fullyear underlying profit to $NZ224.4 million.

In economic news, the US Treasury has called for a global minimum corporate tax of at least 15 per cent in negotiations with the Organization for Economic Cooperation and Development and G20.

In US economic data, initial jobless claims fell by 34,000 to a 14-month low of 444,000 in the past week (survey: 450,000). The AUD buys 77.8 US cents. So far today, 2.2b units were traded worth $3.6b with 702 stocks higher, 488 lower and 407 unchanged.

Published by CommSec