All sectors in the green as market soars: ASX 1.8% higher at noon

08Mar

All sectors in the green as market soars: ASX 1.8% higher at noon

 

The Australian share market saw a healthy rise at the open and continues to do well towards lunchtime trading with the S&P/ASX 200 index is 121 points up or 1.8 per cent higher at 6,832. On the futures market the SPI is 135 points higher.

Broker moves

Macquarie rates Magellan Financial Group (ASX:MFG) as a Downgrade to a Neutral from an Outperform. Their February update shows net inflows were almost $0.7 billion in December but were aided by the $726 million partnership offer. Macquarie notes the flows decreased more than anticipated and expects more outflows for most of 2021. Target price is $44.50 from $52. Shares in Magellan Financial Group (ASX:MFG) are 0.9 per cent higher at $43.38.

Company news

Vital Metals (ASX:VML) has produced a 12 kilogram sample of rare earth carbonate as part of a bulk sampling program at its Nechalacho project in Canada as the Company prepares for rare earth production in Q2 CY2021. The sample is now being prepared for shipment to Vital’s offtake partner REEtec AS in Norway in accordance with customer acceptance protocols. Vital will prepare additional samples of carbonate which it will make available to other prospective customers. Shares in Vital Metals (ASX:VML) are currently 17.4 per cent higher at $0.08.

Best and worst performers

The best-performing sector is Materials, adding 2.8 per cent, while the worst performing sector is Utlities, with the fewest gains adding 0.6 per cent.

The best performing stock in the S&P/ASX 200 is Treasury Wine Estates (ASX:TWE), rising 8.2 per cent to $11.15, followed by shares in ARB Corporation (ASX:ARB) and Silver Lake Resources (ASX:SLR).

The worst performing stock in the S&P/ASX 200 is SmartGroup Corp (ASX:SIQ),dropping 4.8 per cent to $6.38, followed by shares in Zip Co (ASX:Z1P) and Service Stream (ASX:SSM).

Commodities and the dollar

Gold is trading at US$1,711 an ounce.
Iron ore price fell 2.2 per cent to US$174.11.
Iron ore futures are pointing to a rise of 2 per cent.
One Australian dollar is buying 77.11 US cents.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

18Jan

US stocks mixed amidst further earnings reports

18 Jan 2023 - The stock market was divided Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results. About 7% of the S&P 500 earnings have reported earnings through Tuesday morning, according to FactSet. Of those companies 70% have beaten expectations.

Read More
08Feb

Vocus charges ahead on takeover talks: ASX 0.6% higher at noon

08 Feb 2021 - The S&P/ASX 200 Index is up 0.6 per cent or 42 points at 6882 points. SPI futures are pointing to a rise of 44 points as we head into afternoon trade.

Read More
11Nov

Wall St falls, Iron ore under US$90, CSL’s rating gets upgraded: ASX to dip

11 Nov 2021 - Wall St falls after inflation soars to highest since 1990. European markets despite food operator Hello Fresh falling on rival’s US acquisition. Asian markets mixed on hot inflation figures. The ASX dips for the 3rd straight day ahead of the big jobs report expected to see a fall of 50k jobs in October. Macquarie upgraded CSL’s (ASX:CSL) rating.

Read More
18Nov

Wall St declines; Commodities fall; ASX set to open lower

18 Nov 2024 - Global markets experienced a mixed bag on Friday with Wall Street closing lower as investors digested the latest economic data and anticipated Federal Reserve policy decisions.

Read More
09Jul

Nvidia & Apple push the Nasdaq to another record close

09 Jul 2024 - Markets continued their drive higher with two out of the three major indices closing at new record highs ahead of new inflation data and upcoming earnings numbers later this week.

Read More
07Aug

S&P 500 and Nasdaq record their worst week since March

07 Aug 2023 - The S&P 500 and Nasdaq Composite slumped Friday for a fourth straight session, and notched their worst weeks since March, as traders seemed to book profits following the latest corporate earnings releases and US jobs data.

Read More
25Sep

Gold Road (ASX:GOR) suffers production interruption: Aus shares set to edge higher

25 Sep 2020 - Australian shares are set for a modest rise at the open following wild swings on Wall Street overnight as investors weigh the odds of further potential government stimulus. US Federal Reserve Bank Chairman, Jerome Powell testified in a hearing before the Senate Banking Committee this week. He noted that as households chew through the remainder of their government stimulus and employment benefits there is a risk they will “have to cut back on spending and...

Read More
11Mar

Travel stocks soared after $1.2 billion Government tourism stimulus announced: ASX closed flat

11 March 2021 - It has been a mixed day for the ASX. After lifting at the open, the market retreated then rose into positive territory after lunch and lost its early gains on the back of Australia's Health Secretary Brendan Murphy advising that the target of Australians receiving their second dose of the Covid-19 vaccine by the end of October is likely to be missed. As for the sectors, we saw improvements in the Consumer Discretionary and Industrials...

Read More
17May

Red-hot inflation rise pressures Wall St to plunge: ASX to fall

13 May 2021 - The ASX is set to drop following Wall St closing deep in the red as the annual inflation rate rose to its highest in 13 years. Citi rates Suncorp (ASX:SUN) as neutral while Morgan Stanley rates Virgin Money UK (ASX:VUK) as hold. The SPI futures are pointing to a 0.4% fall.

Read More
27Jul

Ingenia (ASX:INA) acquires $16M lifestyle community: Aus shares close 0.3% higher

27 Jul 2020 - It has been a positive day of trade for the Australian share market. After opening behind the eight ball, the market rebounded in early trade and ended the day 0.3 per cent higher. Gold surged past the $US1,900 an ounce threshold today for the first time since 2011. Analysts warn that a second wave of COVID-19 lockdowns in Melbourne could spark another round of capital raisings as companies look to strengthen their balance sheet during...

Read More