The Aussie market is fading to trade flat at lunch after a positive start. The ASX 200 at 12.30pm is little changed at 5955. Local shares have been rather directionless over the past four sessions with single digit gains or losses since last Thursday and is underperforming major US markets over the same period.
Losses are being led by industrials, energy and financials while consumer names and communications also fall. There have been improvements for the likes of healthcare, materials, utilities and IT.
The biggest contributors to declines have been losses among the big four banks and supermarket giants of Woolworths (WOW) and Coles (COL). Toll road operator Transurban (TCL) is another drag on the market. Biotech firm CSL Ltd (CSL) is one of the main components helping to minimise broader losses.
Some of the biggest gains have been among gold miners with the price of the precious metal hitting a fresh 7-year high in overnight trade. Smaller miners such as Bellevue Gold (BGL) and Perseus Mining (PRU) are experiencing moves of 10% and 7% respectively. Larger miners like Evolution Mining (EVN) and Northern Star (NST) are higher between 2-4%.
In company news, TPG Telecom (TPM) is holding its Extraordinary General Meeting (EGM) to decide on its
proposed $15 billion merger with Vodafone Australia. If it receives all necessary approvals, the merger is likely to be completed on 13 July this year.
Afterpay (APT) has today hit another record high as it broke through to $62.11 this morning. It wasn’t the only stock to hit all-time highs with fellow tech name, Appen (APX) also topping its highest price ever. Domino’s Pizza (DMP) was also at record levels earlier this morning.
Building products maker CSR is down 2% after providing a soft trading update at its AGM. The housing market has been impacted by Covid19. Mirvac Group (MGR) is down 1.9% with the property group downgrading its retail property asset valuations, as a result of the pandemic.
The Aussie dollar is lifting and buys 69.5 US cents. So far, 2.3b units have traded worth $.8b with 608 stocks higher, 538 lower and 330 unchanged.
Published by CommSec