Aussie shares is off to a positive start to the new week and month, rebounding strongly from the sharp falls last Friday. The ASX 200 is adding 100 points or 1.5% to 6,773 around midday. The moves locally follow a mixed session on Wall Street that saw the Dow Jones and S&P 500 fall but the tech heavy NASDAQ improved.
Advancers are rather widespread with nearly all sectors in the green. Property, technology and healthcare are experiencing some of the larger improvements while the materials sector is the only decline, mostly due to Fortescue Metals (FMG) sliding 5.9% as it trades exdividend.
Gains for the big banks are contributing to the broader market advances. Commonwealth Bank (CBA) is climbing most and adding 2.4%. ANZ Bank (ANZ) is lagging its big 4 peers but still gaining 1.3%. CSL Ltd (CSL) is another major contributor as it lifts 2.4%. Buy-now pay-later provider Afterpay (APT) is clawing back some of its 21% loss last week with a gain of 5.7%.
While the February Reporting Season is officially complete. There are still some companies releasing results. Freedom Foods (FNP). The health food company saw revenue rise 10% to $317.3 million although it saw a net loss of $23.9 million for the half. FNP has been in a trading suspension since June last year due to financial irregularities.
In other news, shipbuilder Austal (ASB) is 6.3% higher following its US business being awarded a US$235 million (~A$295m) contract with the US Navy for the design and construction of the Expeditionary Fast Transport (EFT) vessel.
Crown Resorts (CWN) has announced another director resignation with Mr John Poynton to step down from the board as well as his positions with Burswood Ltd (Crown Perth) where he is also Chairman and a director. The resignation is with immediate effect.
Investment firm, Challenger (CGF) is rising 0.7% as it appointed Ms Rachel Grimes, currently at Westpac (WBC) as its new Chief Financial Officer (CFO). She will begin on 3 May.
The AUD is slightly making back some recent losses and is buying 77.47 US cents.
Published by CommSec