- By lunchtime, Australian shares were trading 0.44% or 32.5 points up at 7,448.5, retracing from the day’s high of 7,462.6.
- Bulls seem to have an upper hand today, with seven out of the 11 sectors trading higher.
- The IT sector is the biggest laggard for the day, losing a sizable 1.44%, following a sell-off in Nasdaq on Friday.
Having started the week on a bright note, Australian shares were seen holding on to their gains by lunchtime on Monday. The gains of last three weeks are also intact as Victoria braces to further tone down COVID-19 restrictions with 80% vaccination target set to be met this week.
Image Source: © Embe2006 | Megapixl.com
Australian shares were trading 0.44% or 32.5 points up at 7,448.5 by lunchtime, retracing from the day’s high of 7,462.6. The ASX All Ordinaries has also seen a bit of selling pressure from the day’s high, now trading 0.45%% or 34.7 points up at 7,761.5.
The Australian dollar halted its rally on Friday as commodity prices eased and a sharp selloff in Antipodean bond markets calmed down as the Reserve Bank of Australia (RBA) stepped in to defend its yield target. The Aussie dollar last closed flat at US$0.7465
ASX 200 holds its opening gain as Victoria plans to ease COVID-19 curbs
The market’s positive mood has also been supported by the US large-cap index, Dow Jones industrial average, which registered a record high closing on Friday while major equity indices were up for third week in a row. The Dow Jones rose 0.21%, to 35,677.02, while the S&P 500 slipped 0.11% to 4,544.9. The NASDAQ Composite ended the session 0.82% lower at 15,090.20.
Top Gainers and losers
By lunch, Mineral Resources Limited (ASX:MIN) was leading with a gain of 6.7%, followed by a 3.9% gain in Pro Medicus Limited (ASX:PME). Unibain-Rodamco-Westfield Limited (ASX:URW) and Eagers Automotive Limited (ASX:APE) were other top contributors in the ASX 200, rising 3.8% and 3.4%, respectively.
Data Source: ASX Website (as of 25 October 2021, 12:00 PM AEDT)
On the flip side, Perpetual Limited (ASX:PPT) turned out to be a downer with a 5.5% loss. Online retailer Kogan.com Limited (ASX:KGN) and BNPL player Zip Co Limited (ASX:ZIP) were also dragging the index, shedding 3.2% and 3.16%, respectively.
Coming to the market breadth, bulls seem to have an upper hand today, with seven out of the 11 sectors trading higher. The energy space is leading the pack with a 0.9% gain, on the back of a bounceback in crude oil price. The utilities sector is the second biggest gainer, trading higher by 0.78%, followed by a 0.52% uptick in the Consumer Staples sector.
The IT sector is the biggest laggard for the day, losing a sizable 1.44%, following a sell-off in Nasdaq on Friday.
- Westgold Resources Limited (ASX:WGX)
- The company has ramped up its offer to buy Gascoyne Resources
- The decision comes in the wake of the rejection from the Takeovers Panel for a hostile takeover.
- Now the company would offer three Westgold shares for every Gascoyne share.
- Electro Optic Systems Holdings Limited (ASX:EOS)
- The company has requested for a trading halt for its securities listed on the ASX.
- The management has also warned of a downgrade to earnings guidance.
- It is yet to provide an update regarding the status of its fundraising efforts for SpaceLink Corporation.
- Mineral Resources Limited (ASX:MIN)
- The company has recommenced operations at its MARBL joint venture for the Wodgina lithium mine.
- Because of weak global market conditions, the mine had been placed on care and maintenance since November 2019.
- Pilbara Minerals Limited (ASX:PLS)
- Pilbara Minerals’ securities have entered into a trading halt on the ASX.
- The halt has been placed for a pending announcement regarding a transaction concerning a downstream joint venture.
- The trading halt will be lifted on Wednesday or when the announcement is out, whichever comes earlier.
- Centuria Industrial REIT (ASX:CIP)
- Centuria Industrial REIT has agreed to divest its stake in 99 Quill Way, Henderson property in Western Australia for AU$10.5 million.
- It is a 6,419sqm warehouse facility and is being sold as a vacant possession.
- The proceeds from the sale would primarily be used to repay debt.