Tech and iron ore miners lift the market, Pfizer vaccine gets provisional approval from TGA: ASX closes 0.4% higher

  • Home
  • Latest Market News
  • Tech and iron ore miners lift the market, Pfizer vaccine gets provisional approval from TGA: ASX closes 0.4% higher
27Jan

Tech and iron ore miners lift the market, Pfizer vaccine gets provisional approval from TGA: ASX closes 0.4% higher

 

The local sharemarket has kicked off the week on a positive footing rising 0.4 per cent or 24 points to 6825. Gains made by tech, consumer facing companies and iron ore miners offset losses in the energy sector. Fortescue Metals Group advanced more than 4 per cent on the back of Friday’s trading update which forecast first-half net profit of $US4 billion to $US4.1 billion. While Afterpay, Wisetech and Computershare all pushed higher to help lift the tech sector by over 1 per cent. The energy sector dragged on the market today with Ampol shedding nearly 5 per cent after disclosing pricing details of its $300 million buyback. Travel stocks also fell with the likes of Qantas sheding 1.4 per cent, while Webjet and Flight Centre both fell over 3 per cent. Meantime, the TGA has granted provisional approval for the Pfizer vaccine to be administered to Australians. Prime Minister Scott Morrison said up to 80,000 vaccine doses would be administered each week starting in late February.

Futures

US futures are al higher – Dow futures are suggesting a gain of 90 points. S&P 500 futures are eyeing a gain of 16 points. The Nasdaq futures are up 100 points. And the SPI futures are eyeing a rise of 30 points on Wednesday morning.

Local economic news

There’s more pain at the bowser for motorists, with the price of petrol notching its largest increase on record last week jumping 14.4 cents a litre to an average price of 134.0 cents.

Meantime, Australia has recorded a $9 billion trade surplus in December up $7.4 billion from the November surplus. The increase came largely on the back of exports to China which accounted for $5.2 billion for the month. The boost in exports came despite the ongoing diplomatic row between China and Australia.

Broker moves

Ord Minnett has upgraded Charter Hall Retail REIT (ASX:CQR) to accumulate from hold. The broker says it expects 2021 to be another interesting year for the property sector with relatively attractive sector pricing and healthy balance sheets. Fundamentals are expected to remain strong for the industrial, self-storage, grocery-anchored retail and long weighted average lease expiry (WALE) assets with listed owners continuing to grow via M&A. Shares in Charter Hall Retail REIT (ASX:CQR) closed 0.3 per cent higher at $3.63.

Company news

Bega Cheese (ASX:BGA) has completed its acquisition of Lion Dairy & Drink. The business says acquisition of Lion doubles its size with revenue of $3 billion and brings together great brands including Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B honey, Big M, Masters, Juice Brothers and Berri. Shares in Bega Cheese closed0.2 per cent higher at $5.36.

Shaquille O’Neal is set to become online bookmaker PointsBet’s (ASX:PBH) Australian brand ambassador. O’Neal has agreed to take part of his consideration in the form of equity in PointsBet.

Food delivery business Youfoodz (ASX:YFZ) has reaffirmed its prospectus forecast following a strong second quarter. Net revenue for the period increased by 25.4 per cent to $36.7 million.

Best and worst performers

The best-performing sector was consumer discretionary gaining 1.2 per cent while the sector trailing behind was energy dropping 1.2 per cent. The best performing stock in the S&P/ASX 200 was IDP Education (ASX:IEL) closing 5.7 per cent higher to $21.58 followed by Nearmap (ASX:NEA)and Net Wealth Group (ASX:NWL). The worst performing stock in the S&P/ASX 200 is Ampol (ASX:ALD) dropping 4.9 per cent to $29.24, followed by shares in Webjet (ASX:WEB) and Flight Centre (ASX:FLT).

Asian markets 

Japan’s Nikkei has gained 0.4 per cent Hong Kong’s Hang Seng is up 2 per cent and the Shanghai Composite is 0.6 per cent higher.

Commodities

Gold is trading at US$1,856 an ounce.
Iron ore has lost 0.9 per to $169.97.
Iron ore futures are suggesting a gain of 0.3 per cent.
Light crude has shed $0.04 cents to $49.99.
One Australian dollar is buying 77.40 US cents.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

05Feb

Global rally as coronavirus fears are soothed: ASX set to open higher

05 Feb 2020 - Following positive leads from US markets, the Australian share market looks set to open higher this morning. Coronavirus fears continue to settle with Asian stocks also on the rise. Infratil (ASX:IFT) today announced an initial investment in Galileo Green Energy in Switzerland

Read More
23Apr

US stocks bounce back as Middle East tensions ease

23 Apr 2024 - US stocks bounced back in US trading as Middle East tensions eased and investors turned their attention to the release of major company earnings results.

Read More
22Jun

Wall St jumps, Humm, Janus Henderson, Lumos Diagnostics, AMP, Coronado Coal on watch: ASX to rise

22 Jun 2022 - US stocks rebounded as dip buyers emerged after the long weekend. Energy and miners led the rally on Wall St, Europe and ASX. What to look out for on the ASX today.

Read More
25Jun

Investor fears over spike in coronavirus cases in the US: ASX to open lower

25 Jun 2020 - The ASX looks set to open lower this morning following a slump on Wall Street as a new surge of coronavirus cases develop in the US. California, Florida report record cases as NY orders quarantine for some travellers. Asia stocks have also dropped as virus worries grow. The Australian dollar was down 0.8%. Infigen (ASX:IFN) yesterday received a copy of a bidder’s statement from Iberdrola Renewables Australia Pty in relation to its off-market takeover bid.

Read More
27Feb

US stocks wrap up worst week of 2023

27 Feb 2023 - US stocks fell sharply Friday, wrapping up their worst week of 2023, after the Federal Reserve’s preferred inflation gauge showed a stronger-than-expected increase in prices last month.

Read More
21Nov

S&P 500 saw its biggest loss in a month: ASX set to open lower

21 Nov 2019 - Following negative leads from US markets, the ASX looks set to open lower this morning. The S&P 500 saw its biggest loss in a month amid concerns a phase one trade deal between the US and China may not be completed this year. Noni B (ASX:NBL) and the Alceon group have reached an agreement for Noni B to buy a 50.1 per cent interest in EziBuy from Alceon.

Read More
09Nov

S&P 500 hits longest win streak in two years

09 Nov 2023 - The S&P 500 gained for an eighth consecutive day on Wednesday, extending its longest win streak in two years. While upcoming inflation and economic prints are likely to factor into equity gains from here, data continues to signal that the economy is slowing but not falling off a cliff.

Read More
03Mar

GDP has grown by 3.1% during the fourth quarter: ASX tracking 0.7% higher at noon

03 Mar 2021 - The ASX opened higher and is now tracking 0.7 per cent higher at noon. The S&P/ASX 200 index is 44 points up at 6,807. On the futures market the SPI is 52 points higher. EZZ Life Science Holdings (ASX:EZZ) started trading today.

Read More
30Mar

A great session on the markets jumping up in afternoon trade: ASX closed 7 per cent higher

30 Mar 2020 - It has been a mostly positive day of trade for the ASX after managing to gain momentum the local bourse managed to close 7% higher. Mayne Pharma (ASX:MYX) shares saw a rise today. Cyclopharm, (ASX:CYC) through its subsidary Cyclomedica Australia, has lodged its New Drug Application (NDA) for Technegas, a nuclear medicine functional lung ventilation imaging agent, with the United States Food and Drug Administration (USFDA).

Read More
02Aug

Wall St lower, Square to acquire Afterpay for $39bn, Credit Suisse cuts Fortescue & Iress ratings: ASX to rise

02 Aug 2021 - Major indexes across the globe closed in negative territory on Friday as rising Covid-19 cases put a lid on sentiment over the pace of the economic recovery, while Asian markets closed the week out with a tumble. Square is set to acquire Afterpay (ASX:APT) for $39 billion. Why Citi downgrades its rating for Fortescue Metals (ASX:FMG) and Iress (ASX:IRE). Earnings season kicks off locally.

Read More