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Aussie shares are largely unchanged on Tuesday, with the ASX 200 remaining near a two-week low as bond yields lift. The Australian market remains on track to lift for a fifth consecutive month as long as the index can avoid significant declines this week.

The market is being held back partly by Tech stocks, which are down 4.5 per cent. Buy-now-pay-later companies, Zip Co (Z1P) and Afterpay (APT) are under pressure. APT is down 8.7 per cent and is the largest weight on the Australian sharemarket.

A number of stocks trading ex-dividend is also acting as a weight on the market. Wesfarmers (WES), Domino’s (DMP), IPH, Amcor (AMC), Challenger (CGF) and Reckon (RKN) are all trading ex-dividend today.

Crown Resorts (CWN) was informed by the Victorian Government that it established a royal commission into its suitability to hold its Victorian casino licence. CWN shares are down 1.7 per cent.

Tuesday has been another busy day for company profit results. G8 Education (GEM) is down 4.5 per cent after posting a 14.4 per cent decline in revenue to $788.1m, a $187m loss and no dividend. The result was materially affected by a non-cash impairment expense of $237m, which it flagged on 11 June 2020.

SEEK Limited (SEK) is down close to 3 per cent after reporting an 8 per cent decline in NPAT to $69.7m. The group is in advanced discussions to sell off part of its stake in Zhaopin, its Chinese job listings marketplace. Current COO and former CBA boss, Ian Narev has been named SEEK’s new CEO. SEEK’s co-founder and current CEO, Andrew Bassat will move into a new role as executive chairman and chief executive of Seek Investments.

Adbri (ABC), Oil Search (OSH), Estia Health (EHE), Worley (WOR), Monadelphous (MND) and Adore Beauty (ABY) are all lifting following the release of their results this morning.

Bank of Queensland (BOQ) is surging by 11 per cent after completing the institutional component of its $1.35bn capital raising (~$673m). It expects to raise ~$680m from the retail component of the raising. This is to help pay for the purchase of ME Bank it announced on Monday.

Travel stocks are lifting as the vaccine rollout continues. Qantas (QAN), Sydney Airport (SYD), Webjet (WEB) and Flight Centre (FLT) are all higher.

Gains from mining and energy stocks are providing the biggest boost to our market thanks to solid gains in commodity prices. Oil rose close to 4 per cent, while iron ore and gold jumped ~2 per cent.

5bn shares have changed hands so far, worth $3.9bn. 598 stocks are up, 708 down and 366 are unchanged.

Published by CommSec