ASX 200 edges higher after muted opening; NAB goes ex-dividend

Highlights

  • By afternoon, the benchmark index was trading 0.29% or 21.9 points higher at 7464.9.
  • Local technology stocks continue to rally since early trade, following an upbeat session on Wall Street.
  • The market has been extremely bullish for the day, with 10 out of the 11 sectors trading higher.

After starting the week on a flat note, the ASX 200 gained momentum by Monday afternoon and was trading 0.29% or 21.9 points higher at 7464.9, while the ASX All Ordinaries index was up 0.44% or 34.4 point to 7,800.2. Both indices notched higher by lunch time, after a muted opening. The A-VIX was trading 2.8% or 0.36 points lower at 12.24. Local technology stocks continued to rally since early trade, following an upbeat session on Wall Street over the weekend.

Stock market chart

Image Source: © Embe2006 | Megapixl.com

Global equity markets ended higher on Friday, with European shares surging to record highs on better-than-expected earnings, while the US dollar eased but recorded its biggest weekly gain since late August 2021.

 ASX 200 edges higher after muted opening; NAB goes ex-dividend

 

The strong session on the ASX has followed the strong closing on Wall Street on Friday as investors looked past the disappointing US inflation data. The Dow Jones Industrial Average was up 0.5%, to 36,100.31, while the S&P 500 gained 0.72% to 4,682.85. The NASDAQ Composite ended the session 1% up at 15,860.96.

Sectoral Performance

On the sectoral front, the market has been extremely bullish for the day, with 10 out of the 11 sectors trading higher. The consumer discretionary is leading the pack with a 1% gain, followed by a .98% uptick in the healthcare sector.

The IT sector is supporting the index with its 0.61% gain while energy producers and miners are also participating in the rally with 0.34% and 0.51% gains, respectively. On the flip side, financials are going against the grain, having lost 0.31% for the day so far.

Read More: Crude oil reports third weekly decline after a week of volatility

Top gainers and losers

Coming to the top gainers, the stocks supporting the ASX 200 were Incitec Pivot Limited (ASX:IPL), which climbed 5.1% to AU$3.28 after reporting a sizable increase of 91% in net profit after tax in FY21. Mesoblast Limited (ASX:MSB) gained 5% to AU$1.77, followed by a 4.9% gain in Nickel Mines Limited (ASX:NIC).

Top 5 ASX gainers and losers

Data Source: ASX Website (as of 15 November 2021, 12:00 PM AEDT)

On the losing front, National Australia Bank Limited (ASX:NAB) fell 2.18% to AU$29.22 as its shares traded ex-dividend today. Platinum Asset Management Limited (ASX:PTM) was the top-second loser, falling 1.35% to AU$2,93. 

Newsmakers

  1. Woodside Petroleum Limited (ASX:WPL)
  • The company has entered an agreement to sell its 49% non-operating participating stake in the Pluto Train 2 joint venture.
  • It will be selling the stake to Global Infrastructure Partners.
  • The Pluto Train 2 is an important component of Scarborough development, which includes the construction of domestic gas facilities and a new LNG train.
  1. Elders Limited (ASX:ELD)
  • Agriculture business Elders’ underlying net profit after tax rose 40% to AU$151 million, over the last year.
  • The company’s EBITDA jumped 30% to AU$166.5 million in the same period.
  • The management is confident that high demand for agricultural commodities will support the business in 1H FY22.
  1. NRW Holdings Limited (ASX:NWH)
  • NRW Holdings subsidiary Golding Contractors has extended the current mining agreement with Aberdare Collieries beyond June 20, 2022.
  • The tenure has been extended till 30 June 2026.
  • The contract value for the first four years of extension stands at about AU$150 million.
  1. 360 Capital Group Limited (ASX:TGP)
  • The group has announced to sell its entire 39.1% co-investment interest and 50% management rights in FibreconX to the 360 Capital FibreconX Trust.
  • The group would fetch around AU$26.7 million from the proceeds.
  • TGP aims to complete the transactions beforre the end of this year.
  1. Link Administration Holdings Limited (ASX:LNK)
  • The board has agreed to provide the US private equity giant Carlyle Group with due diligence information.
  • The management said it was necessary so that Carlyle Group can develop a revised takeover proposal.
  • The information will be provided subject to extension of the confidentiality agreement between both the parties.

Read More: Three ASX-listed IT penny stocks that are up over 100% this year

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