ASX rises above 7000 points for first time in 17 months: Aus shares tracking 0.96% higher at noon

The Australian share market exceeded 7000 points for the first time in 13 months in early trade. The S&P/ASX 200 index is 67 points up at 6,995. On the futures market, the SPI is pointing to a rise of 73 points. Financial stocks led the way with the likes of Westpac up 1.5 per cent and CBA up over 1 per cent. Miners and technology shares pushed higher with a standout performance from EML Payments (ASX:EML) up 4.7 per cent. The company entered into an agreement yesterday to acquire 100 per cent of Sentenial Limited which includes their open banking product, Nuapay.

Company News

Diversified media and information company News Corp (ASX:NWS) is to raise US$750 million ($985 million) through a private debt offering to be due in 2029. The company will use the funds for general corporate purposes, which may include acquisitions and working capital.

Biotechnology company Immutep (ASX:IMM) has received a fast-track approval from the United States Food and Drug Administration (FDA) for its lead product ‘efti’. The fast track designation will accelerate the approval of Efti which treats head and neck cancers. The designation is awarded to expedite the review of drug candidates to treat serious conditions and fill an unmet medical need. This was given following the results from a Phase II trial presented in a data package.

Engineering solutions provider Worley (ASX:WOR) has inked a deal with US Energy producer Phillips 66 to reconfigure a San Francisco refinery into a renewable fuels-manufacturing facility.

Nickel producer Western Areas (ASX:WSA) has reported a 20 per cent increase in nickel production from the previous quarter. The high-grade nickel miner reveals significant development and rehabilitation of existing ore drives in the December Quarter has paved the way for access to higher-grade nickel at the Flying Fox mining project this quarter.

Best and worst performers

The best-performing sector is Financials adding 1.4 per cent, while the worst-performing sector and the only sector in the red, is Utilities shedding 0.3 per cent.

The best-performing stock in the S&P/ASX 200 is Deterra (ASX:DRR) rising 4.5 per cent to $4.18 followed by shares in Champion Iron (ASX:CIA) and Clinuvel Pharmaceuticals (ASX:CUV).

The worst-performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), shedding 3.1 per cent to $0.47, followed by shares in Brickworks (ASX:BKW) and Credit Corp Group (ASX:CCP).

Commodities and the dollar

Gold is trading at US$1,738 an ounce.
The iron ore price has risen 1.6 per cent to US$173.63 a ton.
Iron ore futures are pointing to a fall of 0.9 per cent.
One Australian dollar is buying 76.22 US cents.

Source: Finance News Network