The Aussie market is continuing its solid start to the week and month. Around lunch, the ASX 200 is adding another 73 points or 1.1% to trade back above 6,700 at 6,734. The moves higher at home follow a positive session on Wall Street overnight with all major indices advancing.
Improvements on the local exchange have been rather broad based with contributions from materials, financials and IT making the biggest difference to the overall market mood. The consumer staples and health sectors are trading in the red.
Among the winners list are some of the big mining, banking and tech names which are adding the most to the ASX 200 index. BHP Group (BHP) is up 1.9% while Rio Tinto (RIO) lifts 3.3%. Commonwealth Bank (CBA) is leading the big four banks higher, climbing 2%. Afterpay (APT) is jumping 6.1% for its best session in over two weeks.
While silver prices rose sharply overnight, to the best levels since 2013 on speculative retail traders, some interest in local silver miners has waned. Silver Mines Ltd (SVL) has slumped 20% after surging nearly 50% in Monday’s trading. An Exchange Traded Fund that tracks the price of physical silver, ETFS Physical Silver (ETPMAG), is mostly flat.
With the start of February, a plethora of ASX listed companies will release profit results. Credit Corp (CCP) has gained 6%, having been ~14% higher at its best levels, following its announcement of a 10% rise in half year Net Profit After Tax (NPAT) to $42.3 million. Debt purchasing and consumer lending in Australia and NZ met the company’s own expectations but the outperformance came from its US business.
Online furniture retailer Temple & Webster (TPW) has fallen 5.5% following its 1H21 results, even with a 556% surge in Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA). Revenue for the half more than doubled to $161.6 million.
The Aussie dollar is trading around 76.38 US cents ahead of this afternoon’s RBA rate decision with the market anticipating no change in rates at the bank’s first meeting of the year.
Published by CommSec