ASX 200 opens flat; Chalice Mining, PointsBet lead gains

Highlights

  • The ASX 200 was trading slightly higher, 0.03% up at 7,454.5.
  • Wall Street stocks closed higher on Monday, as markets cheered the passage of a US infrastructure spending bill.
  • Five out of the 11 sectors were trading in the green, with the Materials sector leading the gains, edging 1.49% higher.

The Australian share market opened almost flat to slightly positive on Tuesday, as an increase in crude oil and copper prices buoyed up resource-heavy stocks, with a positive overnight closing on Wall Street further helping the sentiment. The ASX 200 was trading slightly higher by 2.3 points or 0.03% to 7,454.5 in early trade.

Stock market chart

Image Source: © Embe2006 | Megapixl.com

Global shares extended their rally to near-record highs on Monday as risk assets found support after an upbeat US October payrolls data and market participants saw positive readings on US inflation ahead of more detailed consumer prices set to be out this week.

Wall Street stocks closed higher on Monday, as markets cheered the passage of a US infrastructure spending bill, but gains were capped by falling Tesla shares.

The Dow Jones Industrial Average edged 0.29% higher to 36,432.22, while the S&P 500 was up 0.08% to 4,701.7. The NASDAQ Composite ended the session 0.06% to 15,982.36.

Read More: US stocks close higher as tech, material stocks gain

How has the market performed so far?

As of 11:00 AM AEDT, the ASX 200 gained momentum and was trading 14.3 points or 0.19% up at 7,466.5, while the ASX All Ordinaries index was trading 18.9 points or 0.24% up at 7,786.7. The A-VIX fell 3.15% to 11.86.

Top 5 ASX gainers and losers

Data Source: ASX Website (as of 9 November 2021, 11:00 AM AEDT)

The top ASX 200 performers for the day so far are – Chalice Mining Limited (ASX:CHN) and PointsBet Holdings Limited (ASX:PBH), both gaining 17.72% and 5.42%, respectively. On the flip side, Persues Mining Limited (ASX:PRU) and CSR Limited (ASX:CSR) were the top losers, shedding 4.01% and 3.64%, respectively.

On the sectoral front, five out of the 11 sectors were trading in green, with the Materials sector leading the gains, edging 1.49% higher, followed by a 0.97% uptick in the IT sector. On the other hand, financials stocks are taking a hit, falling 0.72%.

Newsmakers

  1. Newcrest Mining Limited (ASX:NCM)
  • The company is set to acquire Pretivm by way of a Canadian plan of arrangement.
  • Under the offer, the Newcrest would shell out C$3.5 billion or C$18.5 per share for the acquisition.
  • Pretivm is the owner of Brucejack operation in the Golden Triangle region of British Columbia, Canada.
  1. Kathmandu Holdings Limited (ASX:KMD)
  • Clothing retailer for travel and outdoor adventure has warned of a wetsuit shortage this summer.
  • It revealed a NZ$35 million hit to profit in the quarter ended 31 October 2021 on the back of extended lockdown.
  • The management refrained from making a forecast, quoting it an “uncertain market”.
  1. MAAS Group Holdings Limited (ASX:MGH)
  • The management expects EBITDA for FY22 on pro-forma basis to be in the range of AU$115 – AU$125 million.
  • The guidance is significantly higher than FY21 EBITDA on pro-forma basis of AU$75.9 million.
  • Organic growth would continue to drive growth, while some acquisitions will also contribute towards earnings.
  1. Scentre Group (ASX:SCG)
  • The company says customers are returning to its centres amid toned down restrictions in ACT, Victoria and NSW.
  • The group collected a gross rent of AU$1.8 billion in the first 10 months of the year.
  • Portfolio Occupancy stood at 98.5% at the end of September 2021.
  1. Crown Resorts Limited (ASX:CWN)
  • Crown Resorts has appointed Simon McGrath as chief executive of Crown Sydney.
  • McGrath would also be assuming the role of group head of hospitality.
  • McGrath was previously the chief executive of Accor Pacific.

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

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