The Aussie market is improving for a third successive session at lunch on Tuesday. The ASX 200 is adding another 50 points or 0.75% to 6,824 following further improvements for US markets where the Dow Jones rallied to another record high as did the S&P 500 on growing optimism over the re-opening of the US economy.
Local gains have been rather broad based with nearly all sectors lifting. Technology, healthcare and utilities are among the best performers. Lagging behind are the resources with both energy and materials trading in the red. Both oil and iron ore prices fell in overnight trade.
Individual names making the biggest impact to the broader market includes advances for Commonwealth Bank (CBA), CSL Ltd (CSL) and Goodman Group (GMG) while BHP Group (BHP) is the largest drag on the market.
Elsewhere, online furniture retailer Temple & Webster (TPW) is lifting 8.4% on a broker initiating its rating at overweight with a target price of $14/share. TPW is currently trading near $10.
In company news, PointsBet (PBH) is adding 3% with the sports betting company announcing the acquisition of Dublin based Banach Technology which is a platform that provides quantitative models to support pre-game & in-play betting. The acquisition will cost US$43 million.
Wealth manager, Pendal (PDL) confirmed that its long serving CEO, Mr Emilio Gonzalez, will step down after 11 years in the role with Mr Nicholas Good, currently CEO of J O Hambro Capital Management in the US to be his successor. PDL shares are 2% higher.
Crown Resorts (CWN) will no longer be making any monetary or in-kind political donations effective
immediately as it faces several inquiries into its casino licences.
Metcash (MTS) is 1.5% weaker even as the food supplier and hardware retailer looks to lift its dividend payout ratio for FY21 on a strong 2H21 trading performance. Both hardware and food sales have seen double digit growth in the first 4 months of 2H21.
The AUD buys 77.45 US cents and is little changed following the release of the RBA March minutes.
Published by CommSec