The Aussie market is inching higher on Tuesday with the ASX 200 lifting by 5 points or 0.08 per cent to 6755 at lunch. Local shares have been trading in a rather narrow range of 17 points in the early hours of trade following rather subdued trade on global markets. Wall St finished little changed while European markets fell on concerns of a slowdown in Germany, Europe’s largest economy.
The financials, particularly the big four banks, are keeping the broader market in positive territory. The major lenders are all higher with ANZ Bank (ANZ) the stand out. The healthcare and consumer discretionary sectors are the only other two sectors to improve. Gold miners are also generally higher.
Webjet (WEB) is reversing Monday’s losses after UK travel operator Thomas Cook filed for bankruptcy, which WEB holds a strategic partnership with. Helloworld Travel (HLO) is up 1.3 per cent as it confirmed the acquisition of a local corporate travel management business, TravelEdge Group for $ 28 million. Other retailers such as JB Hi-Fi (JBH) and Premier Investments (PMV) are also among the improvers.
The communications sector is the worst performer so far with Telstra (TLS) and TPG Telecom (TPM) both declining more than 1 per cent each. Losses for materials, consumer staples and tech stocks are also a drag on the broader market. Among the worst performers across the top 200 stocks are miners Fortescue Metals (FMG) and South32 (S32) as they fall 2.9 per cent each.
Elsewhere, Treasury Wine Estate (TWE) is easing 2.6 per cent. The owner of brands such as Penfolds, Wolf Blass and Lindeman’s is holding an investor presentation day today and is looking at potentially splitting its premium wines from lower priced commercial brands. Carsales.com Ltd (CAR) is 2.5 per cent softer as it trade ex-dividend.
Wesfarmers (WES) is 0.3 per cent higher as it confirmed it has completed the acquisition of WA based lithium miner Kidman Resources (KDR). KDR shares will be officially removed from listing at the close of trade today.
The Aussie dollar is holding steady near 67.7 US cents ahead of a key speech by RBA governor Phillip Lowe tonight. So far, 1b units have been traded worth $2.4b with 482 stocks higher, 491 weaker and 352 unchanged.
Published by CommSec