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Local shares are rebounding from Monday’s declines. The ASX 200 continues to lift throughout the morning and at lunch is at intraday highs. The benchmark index is 81pts or 1.2% higher at 6,744 around midday.

Gains have been broad based in the opening few hours of trade with every single sector advancing. Making the biggest impression on overall improvements have been the financials, materials and healthcare while consumer staples and communications are experiencing some of the smaller gains.

The big four banks are all making up for sharp declines yesterday. Westpac Bank (WBC) is outperforming, lifting 2.3%. ANZ Bank (ANZ) and National Bank (NAB) are both 1.7% higher while Commonwealth Bank (CBA) is lagging with a 1% gain.

Major miners are helping the materials sector higher. Rio Tinto (RIO) is adding 0.9% with the miner releasing a fourth quarter production update ahead of its full profit release in February. Its major shipment, iron ore remained steady on the period before at 89.9 million tons (mt) over the quarter and 2020 shipments came in at 330.6mt. 2021 guidance is expected to be between 325-340mt.

Tyro Payments (TYR) is surging 21% after resuming from a trading halt since Friday afternoon last week, where the stock price tumbled 29.5%. The payments provider formally responded to a research report by US based firm Viceroy Research, and rejecting 10 key false claims it says was made in the report. TYR also says as of yesterday (18/1/21), 85% of merchants have all terminals working while 9% still have no functional terminals.

Bingo Industries (BIN) is also surging 20% having received an unsolicited takeover offer by a consortium led by private equity firm CPE Capital. The offer is highly conditional with a $3.50/share offer price, valuing BIN at ~$2.3 billion. Elsewhere, Domino’s Pizza (DMP) is 7% higher on a broker upgrade and 25% price target increase.

The Aussie dollar has lifted back around 77 US cents and trading at the best levels for the past 24 hours. There is little in terms of local economic data to move the currency today. Weekly consumer confidence was a touch weaker at 108.7pts (above 100 denotes more optimism).

Published by CommSec