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Highlights
- The benchmark ASX 200 was trading 0.15% up at 7,409.8 in the first 15 minutes of trading.
- The energy sector is down amid a retracement in crude oil prices.
- Premier Investments has declared a record interim dividend of 46 cents per share in 1H FY22.
The Australian share market opened on a higher note on Friday, supported by mining giants as rising iron ore prices boosted investors’ demand. However, some of the gains in the broader market index were offset by a drop in energy stocks, owing to a fall in crude prices. The benchmark ASX 200 was trading 0.15% or 11.3 points up at 7,409.8 in the first 15 minutes of trading.
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The US stocks ended the session in green following choppy trading abroad on Thursday, while oil prices retraced a bit from the recent rally, as Western leaders presented a unified front against Russia's invasion of Ukraine.
All major stock indices on Wall Street rallied more than 1% on Thursday, extending the market's recent rebound. The Dow Jones Industrial Average gained 1.02% to 34,707.94, while the S&P 500 was up 1.43% to 4,520.16. The NASDAQ Composite ended the session 1.93% up to 14,191.84.
Read More: BHP, CSL and FMG – How these three ASX blue chips have been doing in 2022 so far?
How has the market performed so far?
By 11:00 AM AEDT, the ASX 200 was trading 0.2% or 15 points up at 7,402, while the ASX All Ordinaries index was also up 0.2% or 15.4 points to 7,684.4. The A-VIX fell 3.25% to 13.86.
Coming to the top ASX 200 gainers, BlueScope Steel Limited (ASX:BSL) and JB Hi-Fi Limited (ASX:JBH) were leading the gains, rallying 4.99% and 3.17%, respectively. On the flip side, names such as Adbri Limited (ASX:ABC), Clinuvel Pharmaceuticals Limited (ASX:CUV) were some of the top laggards, losing 2.23% and 1.99%, respectively.
On the sectoral front, eight out of the 11 stocks were trading in green. The materials sector was leading with a gain of 0.97%, followed by a 0.78% uptick in the consumer discretionary sector. The energy sector was down by 0.57%, while the IT sector was also trading in the red.
Newsmakers
- Neuren Pharmaceuticals Limited (ASX:NEU)
- The company has received approval from the US Food and Drug Administration to proceed with a Phase 2 trial of NNZ-2591 in Pitt Hopkins syndrome.
- Neuren now has three investigational new drug applications active for NNZ-2591.
- The Phase 2 trial will be conducted at four hospitals in the United States.
- Premier Investments Limited (ASX:PMV)
- The company recorded a gross profit of AU$507.2 million in 1H FY22, up 1.4% over 1H FY21.
- Peter Alexander delivered another record sales result for the half, of AU$227.4 million, up 11.4% on 1H FY21.
- The board declared a record interim dividend of 46 cents per share.
- Elanor Commercial Property Fund (ASX:ECF)
- The fund forecasted funds from operations at AU$7.68 million for the quarter ending 31 March 2022.
- Forecast distribution for the Period was estimated at 2.35 cents per security.
- The fund would keep on targeting strategic initiatives to increase the capital value.
- Healius Limited (ASX:HLS)
- Healius has decided to sell Adora Fertility and three co-located Healius Day Hospitals to funds managed by Liverpool Partners.
- The deal would fetch Healius AU$30 million cash.
- The completion of the transaction is expected to occur prior to the end of the current financial year.
- Jatcorp Limited (ASX:JAT)
- Jatcorp has entered into an agreement with an Australian food manufacturer to develop ice cream and yoghurt products using JAT’s immune support formulas.
- This agreement represents a significant new extension of JAT’s business.
- These products are the subject of research projects completed and currently being undertaken by RMIT and The University of Sydney.
Read More: STO, WPL & BPT - ASX stocks to keep an eye on as oil jumps over US$120
