Local shares have again hit new 11-month highs on Monday with the ASX 200 reaching a high of 6,888.9
earlier today, the best since 25 February 2020.
At lunch, the benchmark index remains near those intraday highs and is up 42 points or 0.6% to 6,883. Moves higher on the Aussie market follows US markets hitting fresh record highs over the weekend.
The majority of the market is advancing with cyclical sectors outperforming. Technology, materials and
communications are among the biggest movers higher.
More defensive sectors on the market have underperformed in the opening hours of the session with
utilities and property in the red.
The technology sector is being boosted by Afterpay (APT), which has reached another record high today of $156.50 per share. While it has since eased from those levels, it is still 2.3% higher.
One of the biggest movers on the ASX 200 has been Vocus Group (VOC). The telecommunications company is
gaining 14% after confirming to the market that it received a non-binding, indicative takeover proposal from Macquarie Infrastructure and Real Assets (MIRA), an asset manager part of Macquarie Group (MQG). The offer is for $5.50 per share or $3.42 billion. The VOC board notes that there is no certainty of a deal.
Sigma Healthcare (SIG) is another big winner with its shares up 7.3%. The wholesaler and distributor of
pharmaceutical goods in Australia provided a trading update with FY21 underlying earnings (EBITDA) expected to increase by over 35% on the year before with guidance around $80 million.
REA Group (REA) is also 3.7% higher following several broker price target increases for the online property listing operator with the release of its first half profit results last Friday. Net profit rose 13% as the residential property market continues to improve.
The AUD is trading fairly flat this morning and is buying 76.7 US cents with no major economic releases due today.
Published by CommSec