- The Australian share market traded higher on Wednesday following Wall Street's upbeat session overnight.
- The domestic miners climbed 1.6% to lead gains on the benchmark index, as iron ore prices jumped 2%.
The ASX 200 traded in green on Wednesday after US peers recorded an upbeat session in the overnight trade. The Australian benchmark index rose nearly 0.4% to 7,503.9 points.
The domestic miners climbed 1.6% to lead gains on the benchmark index, as iron ore prices jumped 2%. Energy firms followed with a 0.75% gain. While financial stocks advanced 0.5%, tech stocks fell 0.13% after a two-day rally.
Here we will discuss five ASX-listed stocks which are in news today for different reasons.
(However, one needs to do a thorough research before taking any exposure as sinusoidal market trends are evident)
RELATED ARTICLE: 10 hot consumer stocks under $1
Australia and New Zealand Banking Group Ltd (ASX:ANZ)
The stock price of Australia and New Zealand Banking Group (ANZ) surged to an intra-day high of 0.3% in the first hour of the trade. The stock closed at AU$28.01 on Tuesday. The share was trading 0.07% higher at AU$28.03 at the time of writing.
The trigger for ANZ shares was the announcement by the bank’s chairman Paul O’Sullivan that Christine O’Reilly would join the ANZ Board on 1 November 2021 as a non-executive director.
Commenting on the appointment, O’Sullivan said, “Christine is one of Australia’s most experienced company directors and I know she will make a valued contribution to ANZ and our shareholders.”
Source: ©Ymgerman | Megapixl.com
Crown Resorts Ltd (ASX:CWN)
Shares of Crown Resorts fell as low as 2.3% to the day’s low of AU$8.87 after chief executive Xavier Walsh on Tuesday announced that he would step down on 20 August, as Victoria's Royal Commission into the state's casino operator resumes. The stock closed at AU$9.08 on Tuesday. The share was currently trading 0.88% lower at AU$9.
Walsh joined Crown Resorts in 2008 and became the CEO of Crown Melbourne in December 2020.
Following consultation with the Victorian Commission for Gambling and Liquor Regulation, Crown will announce interim appointment for the role of CEO Crown Melbourne.
Meanwhile, earlier in 2021, the Royal Commission was launched into Crown's Victorian operations, after a report revealed that Crown was not fit to hold a casino licence in New South Wales (NSW).
Suncorp Group Ltd (ASX:SUN)
The stock of Suncorp Group fell as low as 0.59% from previous closing. The stock closed at AU$11.84 on Tuesday. The share was currently trading 0.43% lower at AU$11.79.
Suncorp Stadium and Cbus Super Stadium have received a go-ahead to host NRL games this weekend after the league was forced to consolidate grounds for round 21 amid a COVID-19 outbreak in Queensland.
In round 20, Suncorp Stadium hosted seven games in a row. It led to concerns about the surface holding up under heavy traffic.
Meanwhile, the share price of the company broke its one-year record last month after the company announced the sale of its remaining interests in the Tasmanian insurance market. At the time, Suncorp CEO Steve Johnson said the decision was “consistent with our focus on simplifying the Group and driving improvement in our core insurance and banking businesses.”
Zip Co Ltd (ASX:Z1P)
Buy-now-pay-later (BNPL) stocks have extended their gains into a second session, following an AU$39-billion takeover of Afterpay by Jack Dorsey's payments firm Square on Monday. Zip gained a further 8.4%, adding on a 9% jump on Monday. Afterpay had gained 18.8% on Monday, trading at its highest volumes in a year.
The stock price of Zip advanced 4.1% in the early trade. The stock closed at AU$7.78 on Tuesday. The share was currently trading 2.57% higher at AU$7.98.
Following the Afterpay-Square deal, analysts expect further consolidation in the Australian BNPL space.
Source: ©Shimanovichs | Megapixl.com
Commonwealth Bank of Australia (ASX:CBA)
Shares of Commonwealth Bank of Australia (CBA) surged as much as 1.03% on Wednesday from the previous closing of AU$101.45. The share was currently trading 0.71% higher at AU$102.17.
There are several factors that have supported CBA’s share price rally over the last few weeks. Banking analysts expect the major Australian banks to push ahead with capital returns, despite re-emergence of coronavirus-induced lockdowns. There are expectations of AU$5-billion off-market buyback along with its annual results on 11 August.
Up to Tuesday's close, CBA share price was up nearly 24% this year. In addition, the roaring Aussie property market is also helping the banking stock. According to CoreLogic’s national home value index, the Australian housing values increased a further 1.6% in July.
RELATED ARTICLE: 5 exciting consumer staple stocks on the ASX
RELATED ARTICLE: 10 ASX-listed cannabis stocks for August 2021