The Australian sharemarket hit a fresh record high this morning, with the ASX 200 extending its winning streak to a fourth day while also jumping above 7,400pts for the first time. While most sectors are lifting, gains from the major banks, energy stocks, consumer staples and Wesfarmers (WES) are helping keep the market positive. Mining stocks are the main weight on the ASX 200.
Commonwealth Bank (CBA) hit another record high on Wednesday, lifting by ~1 per cent to $104.51. This takes the gains so far this calendar year to 27 per cent.
Insurance Australia Group (IAG) – the company behind NRMA and CGU Insurance – said it has received 4300 claims so far from the severe storms and flooding which hit parts of Victoria last week. IAG said this was mostly property damage and expects claims to rise from here. It has raised estimates for FY21 net natural perils claims costs to between $720-$743m. This compares to its previous guidance range of $660-$700m.
Avita Medical (AVH) is up 11 per cent after upgrading its revenue forecasts for the fourth quarter. AVH is the manufacturer of ‘spray-on-skin’ products to treat burns. It expects to sell between $9.5-$9.7m of its product over the three months to 30 June. COVID-19 and restrictions resulted in a significant decline to burns. AVH expects increased demand for its products thanks to the reopening of the US economy.
Nuix (NXL) is sliding by 4.3 per cent. The software company rose by 4.15 per cent on Tuesday following the resignation of both the CEO and CFO. NXL shares have dropped by 80 per cent from highs hit in January.
Austal (ASB) is down by another 4.7 per cent. The shipbuilder slumped by 9 per cent yesterday after reducing annual profit and revenue goals.
HitIQ (HIQ) and Lunnon Metals (LM8) have made their ASX debuts today. HIQ is a mouthguard technology business and has surged by ~40 per cent after floating at 12pm AEST. HIQ sells ‘smart mouthguards’ with sensors that collect data from a player’s mouth to feed back to training and medical staff. This is to help them rehabilitate players after concussion related industries. HIQ recently signed its first commercial partnership with the AFL. WA based nickel and gold explorer, Lunnon Metals (LM8) is up ~48 per cent since making its debut this morning at 11am AEST.
2.5bn shares have changed hands so far worth $3bn. 546 stocks are up, 766 are down and 419 are unchanged.
Published by CommSec