Aussie shares are higher for a second day running at lunch on Tuesday. The ASX 200 is rising 34 points or 0.5% to 7.367 around midday following another session of gains on Wall Street overnight and hitting more record highs. The ASX 200 is also closing in on all-time highs with the index ~40 points away from its June 16 peak of 7,406.
Gains have been broad based with nearly all sectors in positive territory. The information technology and industrials are advancing most, lifting more than 1% each. Materials and consumer staples are the next best performers. Only the property trusts are in decline.
Nearmap (NEA) is one of the leading performers on the ASX 200 index. The aerial mapping company is 14%
higher having released preliminary results for FY21 ahead of its full earnings release in August. The Annual Contract Value (ACV) saw growth of 20% or 26% in constant currency with its North American segment reporting a 54% increase on the year before. Novonix (NVX) is another winner in the IT space as it jumps 11% with no news released by the company.
Almond grower, Select Harvest (SHV) is surging 17% as it expects almond crops to reach record volumes in 2021. Global demand for almonds has also seen significant growth particularly in China, India and Europe. Prices for almonds are also rising due to supply pressures caused by the continued drought conditions in California.
Incitec Pivot (IPL), which manufactures explosives, industrial chemicals and fertilisers, has confirmed a restructure of its manufacturing model from a global to regional model (Asia Pacific & Americas). As part of the transition, the President of Global Manufacturing & HSE, Tim Wall will be leaving. IPL shares are 8.5% higher.
Investment manager, Platinum Asset Management (PTM) is among the decliners, falling 6.7% after announcing after market yesterday it experienced net outflows of ~$167M in June for Funds Under Management (FUM) to $23.5B (post annual distribution paid to unitholders).
NAB’s monthly business survey saw both confidence and conditions decline due to the lockdown in greater Sydney and previously in Victoria. The Aussie dollar now buys 74.9 US cents.
Published by CommSec