Unibail-Rodamco-Westfield (ASX:URW) to begin selling major US properties from 2022: ASX tracking steady at 6,857 at noon - Sequoia Direct Pty Ltd

11FebFebruary 11, 2021

Unibail-Rodamco-Westfield (ASX:URW) to begin selling major US properties from 2022: ASX tracking steady at 6,857 at noon

The local market has had a bumpy start this morning with the S&P/ASX 200 Index steady at noon at 6,857 points. SPI futures are pointing to a fall of 25 points.

Broker moves

Citi rates Insurance Australia Group (ASX:IAG) as a buy from neutral with a price target of $5.90. The broker expects a significant increase in hazards allowance in financial year 2022 while in the short term, a small impact from lower investment returns and higher costs. Shares in IAG (ASX:IAG) is trading 0.6 per cent higher at $5.32.

Company news

Unibail-Rodamco-Westfield (ASX:URW) expects to begin selling its major US properties from 2022 following the severe restrictions from the Covid-19 pandemic. 2020 saw only 70 normal trading days and 93 days with the centres effectively closed. Chief Executive Officer Jean-Marie Tritant, says “with restrictions in place across almost all of our markets we have realistic expectations for 2021 but are encouraged by the way footfall and sales bounced back strongly whenever restrictions were eased or lifted last year”. He said the company will not pay a dividend again until 2023. Shares in Unibail-Rodamco-Westfield (ASX:URW) is trading 4.1 per cent lower at $4.64.

Best and worst performers

The best-performing sector is Materials gaining 0.1 per cent while the worst performing sector is Information Technology shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 is Newcrest Mining (ASX:NCM) rising 5.3 per cent to $26.53, followed by shares in Mesoblast (ASX:MSB) and Whitehaven Coal (ASX:WHC).

The worst performing stock in the S&P/ASX 200 is AMP (ASX:AMP) dropping 9.1 per cent followed by shares in Nanosonics (ASX:NAN) and Nearmap (ASX:NEA).

Commodities

Gold is trading at US$1,842 an ounce.
Iron ore is 1.7 per cent higher at US$166.90.
Its futures are suggesting a rise of 2.4 per cent.
One Australian dollar is buying 77.14 US cents.
Copyright 2021 – Finance News Network

Source: Finance News Network

Related Posts

18SepSeptember 18, 2023

Afternoon update: ASX down 0.58% with Tech getting slammed

18 Sep 2023 - Afternoon update: ASX down 0.58% with Tech getting slammed

23MarMarch 23, 2021

Freedom Foods hammered by investors: Aus shares close 0.7% higher

22 Mar 2021 - Rises in all sectors besides materials levitated the ASX200 in the green zone after midday, as Aus shares maintained momentum throughout the afternoon to close 0.7 per cent higher or 44 points up at 6753. This put an end to three consecutive sessions in the red for the ASX200. The on-going severe rainfall and floods have put Australia in an insurance catastrophe, as shares in QBE Insurance (ASX:QBE), Suncorp (ASX:SUN) and IAG (ASX:IAG) all closed...

19AprApril 19, 2021

Flat finish: Aus shares close 0.03% higher

19 Apr 2021 - Flat finish: Aus shares close 0.03% higher. The market opened higher and peaked around lunchtime, before trending downwards, to finish just above water.

28OctOctober 28, 2019

Karoon Energy (ASX:KAR) on the hunt for new director/s: Aus shares 0.2% higher at noon

28 Oct 2019 - The Australian share market opened in positive territory following encouraging leads from Wall Street and is now tracking 0.2% higher at noon. Materials is leading the way with very strong performances from underlying stocks including stand out performers - Pilbara Minerals (ASX:PLS) and Orocobre (ASX:ORE).

21AugAugust 21, 2020

US tech rally bolsters ASX: Aus shares set to rise

21 Aug 2020 - The Australian share market looks set to shake off weak US jobs data to rise at the open, boosted by strong performances for US tech stocks. Figures released overnight show that the number of Americans who filed a claim for unemployment last week rose unexpectedly to approx. 1.4 million. Coles Group (ASX:COL) announced that its wholly owned subsidiary, Coles Group Treasury has re-entered the Australian debt capital markets.

02JunJune 2, 2021

Wall St struggles, Why hold Fortescue & Link, PEXA set to float: ASX to rise

02 Jun 2021 - This report covers Wall St's performance, a wrap up of Tuesday's session locally, why Morgans rates Link (ASX:LNK) and Fortescue Metals (ASX:FMG) as a hold. Eyes on national GDP figures today in local economic news.

11AprApril 11, 2023

Bank reporting season to provide further market volatility

11 Apr 2023 - The S&P 500 ticked slightly higher Monday as investors looked ahead to key inflation data this week.

26MayMay 26, 2021

Wall St loses momentum, gold climbs near 4-month high: ASX to fall

26 May 2021 - The ASX is set to fall following Wall St closing in the red as all three indexes reversed their gains. Morgan Stanley rates Synlait Milk (ASX:SM1) as a hold with a price target of $2.55. Profit results from ALS (ASX:ALQ) and Mesoblast (ASX:MSB) are due today.

23AprApril 23, 2024

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.

17OctOctober 17, 2019

US retail sales decline unexpectedly: ASX poised to open lower

17 Oct 2019 - Following weak leads from US markets, the ASX looks set to open lower this morning. Retail sales in the US saw the first decline in seven months – this could bolster potential for a third Federal Reserve interest-rate cut. Gold producer, Beacon Minerals (ASX:BCN) has acquired the Panther lease near the Jaurdi Project in Western Australia.