The Aussie market opened to new record intraday high for the ASX 200 which peaked at 7,417.6 this morning, breaking its previous record of 7,406 on June 16. The index has since eased from those levels and is now trading around 15 pts or 0.2% higher at 7,409. Local gains followed strong advances and record highs on Wall Street over the weekend.
Materials are providing most support to the market while the healthcare and consumer discretionary sectors are also among the better performers. Energy is leading declines despite oil prices rising on Friday trade. Property, consumer staples and IT are among the other main laggards.
One of the individual standouts has been rare earths miner Lynas (LYC) with a gain of 8%. The miner released a quarterly activities report which saw a sharp lift in June Quarter sales revenue to $185.9 million. Total rare earths oxide (REO) mined was 3,778 tonnes while NdPr Oxide production, also known as Neodymium and Praseodymium, rose to 1,393 tonnes.
Elsewhere, City Chic Collection (CCX) is lifting 6.5% after announcing it has acquired European plus-size eCommerce retailer, Navabi, for $9.6 million (€6m). CCX also released unaudited FY21 sales of $258 million, up 32.9% on FY20. Underlying EBITDA is expected to be ~$42 million or 58-60% higher on last year.
Property Group GPT Group (GPT) has withdrawn its 2021 distribution & Funds From Operations (FFO) guidance due to the uncertainty of the current lockdowns in Sydney & Melbourne. GPT owns & manages a portfolio of retail, office & logistics property assets. GPT shares are down 2.5%.
Crown Resorts (CWN) is 2.6% lower with the WA Royal Commission (RC) into its Perth operations requesting an extension until March 2022 for more time to carry out investigations. WA RC will also consider Victoria’s RC findings & outcomes.
In economic news, Tasmania continues to lead the rankings in the latest CommSec State of the States report, while Queensland and Western Australia show the strongest momentum moving into the second half of 2021.
The Aussie dollar is hovering around 73.5 US cents.
Published by CommSec