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Highlights
- The benchmark ASX 200 index was trading 0.16% or 12.1 points up at 7,525.8 in the first 20 minutes of opening.
- Elon Musk picks up 9.2% stake in social media giant Twitter.
- The energy sector is the top performer so far, leading with a 0.33% gain.
The Australian share market opened on a positive note on Tuesday as energy stocks gained amid strong commodity prices. The benchmark ASX 200 index was trading 0.16% or 12.1 points up at 7,525.8 in the first 20 minutes of opening, while the ASX All Ordinaries index was up 0.44% or 34.2 points to 7,853.1. The A-VIX remained flat at 12.65.
US Stocks and other global equity markets ended higher on Monday, while the US dollar strengthened as European countries urged more sanctions against Russia amid war crime allegations by Ukraine.
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As Wall Street's major indices rose on Monday, mega-cap tech and growth stocks helped NASDAQ lead the gains after a 27.12% surge in Twitter shares as Elon Musk revealed his 9.2% stake in the company.
On Monday, the Dow Jones Industrial Average closed 0.3% up at 34,921.88, while the S&P 500 gained 0.81% to 4,582.64. The NASDAQ Composite ended the session 1.9% higher at 14,532.55.
Market action
Coming to the top ASX 200 gainers in early trade, Allkem Limited (ASX:AKE) was leading the pack with a 5.25% gain, followed by a 3.19% rally in Ampol Limited’s (ASX:ALD) shares. On the flip side, Mirvac Group (ASX:MGR) was the top loser, falling 1.95%, followed by Champion Iron Limited (ASX:CIA) which was down 1.61% in the morning.
On the sectoral front, seven out of the 11 sectors were trading in the green. The energy sector was the top performing one, leading with a 0.33% gain, followed by the consumer discretionary sector, which was up 0.31%. The materials sector was the top loser, plunging 0.3%.
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Newsmakers
- Navigator Global Investments Limited (ASX:NGI)
- The asset management holding company has upgraded its earnings guidance for FY22, now estimating its adjusted EBITDA in the range of US$43 million-US$45 million.
- The earlier guidance for adjusted EBITDA was around US$40 million-US$42 million.
- The guidance for adjusted NPAT remains at US$33 million-US$35 million.
- Alliance Aviation Services Limited (ASX:AQZ)
- The ACCC has decided not to take enforcement action in relation to 19.9% acquisition of Alliance by Qantas Airways.
- However, the competition watchdog will continue to monitor Qantas’s conduct in the industry in relation to Alliance.
- European Lithium Limited (ASX:EUR)
- Shares of EUR have entered a trading halt on the ASX.
- The halt would be lifted on 7 April 2022 or when the company releases a pending announcement, whichever is earlier.
- EUR shares last closed atAU$0.16 on 4 April 2022, gaining 3.23% for the day.
- Payright Limited (ASX:PYR)
- Payright has entered into a funding package consisting of a new AU$125 million warehouse facility and a AU$9.5 million capital raise via equity placement and unsecured convertible notes.
- The facility would lower the average cost of funds by approximately 5.5%, improving cash flow by an estimated AU$4.4 million annually.
- The company also intends to offer a Share Purchase Plan to eligible shareholders in the near future.
- Recharge Metals Limited (ASX:REC)
- Recharge Metals’ access to the drill sites at the Brandy Hill South Project has been hampered by several rain events.
- Recharge has elected to suspend drilling operations temporarily whilst sections of the track are getting repaired.
- The completion of drill holes BHRCD018 and BHRCD023 is now expected by late April 2022.
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