Information technology sector slides 3%: ASX closes 1.6% higher

07Jan

Information technology sector slides 3%: ASX closes 1.6% higher

 

It has been a terrific day of trade for the Australian share market. After opening modestly higher, the ASX200 shot up in the first 10 minutes of trade, then gained momentum at a steady pace to close 1.6 per cent higher. The Energy and Materials sectors rallied over 4 per cent and tech sunk over 3 per cent today after the outcome of the Senate seats in Georgia was announced. The Democrats won both seats securing the balance of power in the US Senate.

The S&P/ASX200 index

The S&P/ASX 200 index closed 105 points higher to finish at 6,712.

Futures market

Dow futures are suggesting a rise of 118 points.
S&P 500 futures are eyeing a rise of 18 points.
The Nasdaq futures are eyeing a lift of 85 points.
And the ASX200 futures are eyeing a 104 point rise tomorrow morning.

Economic news

The Australian Bureau of Statistics released housing data for the month of November. Total dwelling approvals climbed 2.6 per cent in seasonally adjusted terms. Private sector house approvals gained for the fifth consecutive month, up 6.1 per cent, in seasonally adjusted terms.

The ABS also released data on Australia’s international trade in goods and services for the month of November. The balance on goods and services surplus came in lower than expected, decreasing in November in seasonally adjusted terms. Imports were up 10 per cent. Exports rose 3 per cent.

Broker moves

Citi rates Fineos (ASX:FCL) as a Buy, with a price target of $4.60. Citi has initiated coverage on the company. It believes Fineos is poised to expand its share of the life, accident & health insurance industry. Citi notes that the cloud service company has a larger exposure to professional services compared to its peers, with the stock trading at a 55 per cent discount compared to its competitors. Shares in Fineos (ASX:FCL) closed 3.4 per cent higher at $3.65.

Company news

Litigation funder, Omni Bridgeway (ASX:OBL) received some sour news today about one of the litigations it’s funding in the United States. The claimant it funded received an unfavourable summary judgment. Omni Bridgeway had invested US$8 million in the litigation. It expects the claimant to appeal. An appeal will involve a three-judge panel who would reconsider the matter without taking the first instance findings into account. Shares in Omni Bridgeway (ASX:OBL) closed 0.5 per cent lower at $4.43.

Al-tear-ity Therapeutics (ASX:ATH) has appointed Dr David Stamler as chief executive officer to start today.

Pharmaceutical giant, Mayne Pharma (ASX:MYX) has launched a new contraceptive tablet in the US.

Payment solution provider, Tyro Payments (ASX:TYR) is experiencing a terminal connectivity issue with a number of its EFTPOS terminals. As a result, transaction volumes have dropped around 5 per cent since last Tuesday.

Medicinal cannabis company, Bod Australia (ASX:BDA) has seen sales shoot up 91 per cent in the second half, compared to the first half of the 2020 calendar year.

IPOs

Torrens Mining (ASX:TRN) started trading today. The mining exploration company floated with an issue price of $0.20, opened at $0.32 and closed at $0.295.

Best and worst performers of the day

The best performing sector was energy adding 4.5 per cent while the worst performing sector was information technology shedding almost 3 per cent.

The best performing stock in the S&P/ASX 200 was Rio Tinto (ASX:RIO), rising 8.6 per cent higher to close at $125.66. Shares in Janus Henderson Group (ASX:JHG) and Santos (ASX:STO) followed higher.

The worst performing stock in the S&P/ASX 200 was Xero (ASX:XRO), dropping 5.1 per cent to close at $140.53. Shares in Charter Hall (ASX:CHC) and Silver Lake Resources (ASX:SLR) followed lower.

Asian markets

Japan’s Nikkei has gained 1.5 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has gained 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,918 an ounce.
Iron ore futures are pointing to a rise 2.5 per cent.
Light crude has gained US$0.10 at US$48.92 a barrel.
One Australian dollar is buying 77.90 US cents.
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

08Dec

Wall St gains, Iron ore jumps, Sydney Airport says no dividend, Mirvac rated as buy: ASX to rise

08 Dec 2021 - Global rally seen as Omicron jitters abate as tech titans leapt. Confidence was restored with moves in China boosting optimism for metal and mining stocks. The ASX rallied for a 2nd day as the RBA kept monetary policy unchanged. Tech bulls are waiting for the opening bell.

Read More
08Apr

ASX extends winning streak, led by iron ore miners & banks: Aus shares close 1.02% higher

08 Apr 2021 - The ASX continued its winning streak for the fifth day, gaining 1% to close at a 13-month high of 6,999. All sectors closed in the black. Miners performed strongly, with the likes of iron ore heavyweights BHP (ASX:BHP), Rio (ASX:RIO) and Fortescue Metals (ASX:FMG) adding 2.1 – 2.6%. The big four banks rallied. EML payments (ASX:EML) is best-performing stock, rising 5.7%, while the worst-performing stock is Resolute Mining (ASX:RSG), shedding 3.13%.

Read More
17Oct

Dow Jones reaches record high amid market recovery

17 Oct 2024 - The Dow Jones Industrial Average reached a record close on Wednesday, rebounding from a sell-off in the previous session.

Read More
15Nov

GrainCorp surges 11.5%: Aus shares close 0.9% higher

15 Nov 2019 - Aus shares close 0.9% higher. All sectors in the green. GrainCorp Limited (ASX:GNC) shares surged 11.5 per cent after the ACCC said it would not intervene in the sale of the company's port facilities to ANZ Terminals.

Read More
02Feb

Payroll jobs for construction up 5.9% for the week: ASX tracking 1.2% higher at noon

02 Feb 2021 - The local sharemarket is up at 1.2% or 79 point higher to 7,742. The SPI futures point to a rise of 80 points. Afterpay (ASX:APT) shares are up today as Unibail-Rodamco-Westfield (ASX:URW) dropped.

Read More
26Aug

ASX claws back, IT sector up 7% this week: Aus shares close 0.3% higher Friday, 1.8% up on week

23 Aug 2019 - Aussie market gains 1.8% on week as Info Tech sector rises 7%, Energy gains 5.5%. Sims Metal Management Limited (ASX:SGM) shares hit 4-week high on FY19 revenue rising. Mayne Pharma (ASX:MYX) shares hit 6-week high on gross profit up 13%. Brickworks (ASX:BKW) expands in US on another acquisition. Boral (ASX:BLD) completes exit of bricks in Australia.

Read More
11Aug

Wall St mixed, U.S Senate passes US$1 trln infrastructure bill, Caterpillar jumps, Why Suncorp’s rating jumps: ASX to open higher

11 Aug 2021 - Global markets closed almost higher as oil prices bounced back helping commodity sectors advance. Growth stocks took a different direction ahead of inflation figures this week. Coverage on President Biden’s US$1.2 trillion infrastructure package, the breakdown and what the US$3.5 trillion package means. Tesla fell while Caterpillar rose. Why Credit Suisse upgrades Suncorp (ASX:SUN).

Read More
14Nov

Macquarie rates BHP Group (ASX:BHP) as an outperform: Aus shares 0.3% higher at noon

14 Nov 2019 - The Australian share market opened lower following positive leads from the US. It has had a seesaw start to the session and is tracking 0.3 per cent higher at noon. Most of the sectors are in the green. SG Fleet Group (ASX:SGF) has purchased a stake in Collaborate Corporation (ASX:CL8).

Read More
21Jul

Wall St rebounds, Treasury yields bounces after dip in U.S. building permits, Why Stockland is a hold: ASX poised to rise

21 Jul 2021 - Wall St, European and UK indexes staged a comeback after Monday’s profit taking as investors buy the dip. Asian stocks edged lower echoing fears from the U.S on the rising delta variant cases. Why Stockland Group (ASX:SGP) is a neutral. ABS to release June retail trade figures. Three companies set to arrive on the ASX.

Read More
10Jan

Afternoon update: ASX down 0.55% as inflation cools in November

10 Jan 2024 - Australian shares are down 0.55 per cent by mid afternoon following a weak Wall Street performance and lower-than-expected November inflation.

Read More