The Aussie market is bouncing back from successive sessions of declines on Tuesday. The ASX 200 is firming by 9 points or 0.14% to 6,984 around midday despite a lacklustre lead from US markets overnight, the Dow Jones and S&P 500 remains near record highs.
Improvements are across the majority of sectors with IT easily outperforming with a 2.4% gain. Utilities are falling the most with a 1% fall while communications, resources and industrials are also lower.
Afterpay (APT) is 3.2% higher and one of the largest contributors to the broader market advances. Other buynow pay-later (BNPL) names are enjoying even larger gains. ZipCo (Z1P) is climbing 9% on the release of its March quarter update. Z1P reported record quarterly revenue of $114.4 million which was up 80% on the same time last year. It was also record transaction volumes of $1.6 billion, more than double the year before. Customer numbers also lifted 88% to 6.4 million. Growth in its US business QuadPay was the standout with transaction volumes surging 234% and revenue 188% higher.
Fellow BNPL provider, Splitit (SPT) is another big winner as it lifts 10%. It announced that it is starting a new partnership with Chinese card service provider UnionPay as part of its expansion into the Asia Pacific region. The UnionPay network is across 180 countries and regions with access to over 55 million merchants worldwide.
Crown Resorts (CWN) has released an update on its proposed ~$8B takeover by Blackstone. The Private Equity Group is seeking regulatory approval that it is an appropriate entity to run the casino licences currently under review in NSW, VIC & WA. CWN Is 0.2% higher.
Regis Resources (RRL) has signed a conditional binding agreement with IGO Limited (IGO) to acquire its 30% interest in the Tropicana Gold Project, effective 31 March for $903 million. Tropicana is a top 5 Australian producing gold mine with gold production of 463koz in FY20 and guidance of 380koz – 430koz in FY21.
The Aussie dollar is fairly steady around 76.13 US cents. Business conditions rose to a record high in March. The strength in conditions is evident across all states and industries. Business confidence fell to +15 index points, but remains well above average
Published by CommSec