- The Australian share market traded higher on Thursday, led by tech stocks.
- While tech stocks rose 0.4%, energy sub-index led losses, falling as much as 1.3%.
- Financials jumped 0.4%, and Australia's miners fell about 0.7%.
The Australian share market traded higher on Thursday, led by tech stocks, despite a mixed closing at Wall Street and weakness in the local energy index.
While tech stocks rose 0.4%, energy sub-index spearheaded losses, falling as much as 1.3%. Financials jumped 0.4%, and Australia's miners fell about 0.7%. Gold stocks fell 0.5% on Thursday.
Here are a few 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)
Source: ©Shimanovichs | Megapixl.com
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Australian Foundation Investment Co Ltd (ASX:AFI)
Shares of Australian Foundation Investment Company rose as much as 0.69% to AU$8.69 from the previous closing in the early trade. On Wednesday, the stock closed at AU$8.63. The shares are currently trading at AU$8.66.
According to experts, the shares may have gained continuously over the last few days following AFIC’s outperformance of the benchmark ASX 200 index over the short and long term, on the back of its FY21 financial results.
The company’s portfolio returned 31.9%, including franking dividend, beating the ASX 200 Accumulation Index by 2.8%, which was up 29.1%, including franking. AFIC's 3-year, 5-year and 10-year returns are also ahead of the index.
AFIC’s net tangible assets (NTA)per share rose to AU$7.45 per share, as of 30 June. The company’s share price has risen by 14% since the announcement.
The company’s full-year profit was down 2.2 per cent due to the economic impact of the COVID-19 pandemic. The company announced a fully franked dividend of 14 cents per share on August 31.
Argo Investments Ltd (ASX:ARG)
The stock of Argo Investments surged 0.5% to the day’s high of AU$9.60 from the previous closing of AU$9.55. The shares are currently trading at AU$9.60.
Even as there was no announcement from Argo on Thursday, a positive update around Sydney Airport has helped the stock price to rise in the early trade. Argo, which is one of Australia’s oldest LICs, has 1.4% exposure to Sydney Airport Holdings.
Sydney Airport has reportedly received federal government’s go ahead to build a 4-to 5-star hotel next to the T3 domestic terminal.
Meanwhile, Argo’s NTA at the end of June 2021 was AU$9.01, an increase of nearly 2.4% from previous month.
Sydney Airport Holdings Pty Ltd (ASX:SYD)
Shares of Sydney Airport rose as much as 0.39% to AU$7.65 from the previous closing in the early trade. On Wednesday, the stock closed at AU$7.62. The shares are currently trading at AU$7.63.
The airport operator’s stock gained following a news report that the company had received an approval by the federal government to construct a 4- to 5-star hotel next to the T3 domestic terminal.
As per the report, the new building is expected to be a nine-storey high rise with 321 rooms. The property would house two hotel brands. The hotel is expected to be established in the area by 2024.
Recently, the company announced that it received an unsolicited takeover bid of AU$8.25 per share from a consortium of infrastructure investors. However, the company rejected the offer.
Meanwhile, Sydney Airport share price has surged more than 30% over the past month. The shares are currently above 50% of what they were this time last year.
Source: © Herrbullermann | Megapixl.com
Vanguard Australian Shares Index ETF (ASX:VAS)
The price of Vanguard Australian Shares Index ETF rose by 0.1% to AU$96.09 from the previous closing of AU$95.99. The ETF is currently trading at AU$96.08.
Shares of the ETF, which currently charges a management fee of 0.1% per annum, have surged without any announcement by the company on Thursday. Vanguard Australian Shares Index ETF tracks the ASX 200 index.
The Vanguard Australian Shares Index ETF has returned over 28% over the past 12 months. It has averaged 11.2% per annum over the past five years, and 9.72% per annum since its inception in 2009.
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