Latest News

Aussie shares were higher this morning ahead of the RBA’s rate decision today, with the ASX 200 gaining 0.21 per cent, to 7,330.6 leading into the lunch break. US sharemarkets were closed Monday, but European markets advanced.

Energy was the top performer rallying 2.2 per cent, following a surge in oil prices to their highest levels in almost three years. This followed OPEC+ abandoning its meeting without a deal, with Brent crude jumping 1.3 per cent to around US$77.16. Individually, Woodside Petroleum (WPL) was up 2.0 per cent, while Oil Search (OSH) had risen 3.9 per cent.

Materials were up 0.9 per cent, while finance had also gained 0.3 per cent. Health care and telecommunications were down 0.8 per cent, while IT was down 0.2 per cent.

Travel stocks were mixed this morning as NSW recorded 18 new locally acquired cases of COVID-19. Qantas (QAN) was up 0.5 per cent, Webjet (WEB) gained 0.6 per cent, while Sydney Airport (SYD) had fallen 1.0 per cent.

In company news, Myer (MYR) shares are 10.8 per cent higher this morning, on track for one of its best daily performances this year. The department store stock is up about 40 per cent year-to-date.

Ramelius Resources (RMS) saw record gold production for FY21 of 272.1koz, but is still below its own guidance of 275-280koz. June quarter production also missed guidance at 61.8koz (65-70koz). Financial year cost (AISC) is expected to remain within the latest guidance of A$1,280– 1,330/oz. RMS was down 4.3 per cent.

Westpac (WBC) has agreed to sell its NZ Life Insurance business to Fidelity Life for NZ$400m (A$373m) and has entered a 15 year distribution agreement. The sales is part of the bank’s plan to simplify its business. WBC was up 0.5 per cent.

In economic news, ANZ Roy Morgan Consumer Confidence Index (Week ended July 4, 2021) fell 3.9 per
cent to 107.8—the lowest level since the first week of April.

The AUD is trading at 75.4 US cents. So far today, 1.9b units were traded worth $1.9b with 639 stocks higher, 554 lower and 410 unchanged.

Published by CommSec