The Aussie market is again in the red on Tuesday with the ASX 200 index down 33 points or 0.5% to 7,012 around 12.30pm AEST. Local losses come despite US markets enjoying decent improvements overnight with the NASDAQ and S&P 500 hitting record levels.
Today’s declines have been rather widespread with nearly all sectors in decline. Leading the losses are consumer staples, IT and industrials while materials is the only sector with meaningful gains. The utilities sector is flat.
Biotech giant CSL Ltd (CSL) is the biggest individual contributor to broader falls with a loss of 1.1% while another drag is Afterpay (APT), which is 3.5% lower. Losses for Woolworths (WOW) and several of the major banks are also weighing on the benchmark index.
Iron ore miners are generally making the biggest positive impact with BHP Group (BHP) up 0.7% and Fortescue Metals (FMG) is rising 1.2%. Iron ore prices are at decade highs as demand from China remains elevated on strong steel margins.
There has been a fair bit of company news as well today, waste management firm BINGO Industries (BIN) has agreed to be taken over by Macquarie Infrastructure and Real Assets (MIRA). The entity of Macquarie Group offered $2.3 billion for the company. BIN shares are jumping 6%.
Cleanaway Waste Management (CWY) has also provided an update of its proposed acquisition of several Sydney recycling assets belonging to French company Suez for $501 million. The sale is likely to be completed in the second quarter of 2022.
Bluescope Steel (BSL) is 1.4% higher after upgrading its second half earnings guidance, now to be in the range of $1 billion and $1.08 billion. This has been raised from $750 million to $830 million with a jump in steel prices, particularly in North America, a key driver.
Tabcorp (TAH) is 3.6% higher as it confirmed it an improved offer of $3.5 billion for its Wagering & Media business from UK business Entain (brands include Ladbrokes and sportingbet).
The Aussie dollar buys 77.82 US cents.
Published by CommSec