ASX 200 opens higher; Crown Resorts gains as it is set to keep licence

Highlights

  • Australian benchmark index, the ASX 200, was up 0.3% to 7,462 in early trade on Tuesday.
  • On Wall Street, the Dow Jones and S&P 500 hit fresh all-time highs on Monday.
  • 10 out of the 11 sectors are trading higher, with the IT sector leading with a gain of 1.24%.

The Australian share market traded in green in early trade on Tuesday, supported by energy stocks as crude oil rises to a multi-year high and IT stocks as the NASDAQ rallied closer to an all-time high. A strong Wall Street finish overnight has further lifted the local benchmark. Australian benchmark index, the ASX 200, was up 0.3% to 7,462 in early trade on Tuesday, continuing its momentum from Monday’s close.

Stock market chart

Image Source: © Embe2006 | Megapixl.com

Global stock markets closed higher on Monday. On Wall Street, the Dow Jones and S&P 500 hit fresh all-time highs on Monday as in the ongoing earnings season, many sector leaders are poised to announce their results this week.

The Dow Jones Industrial Average ended the session by 0.18% up at 35,741.16, while the S&P 500 gained 0.47% to 4,566.49. The NASDAQ Composite closed 0.98% higher at 15,226.71.

Read More: S&P, Dow Jones climb to fresh highs ahead of big tech earnings

How has the market performed so far?

As of 11:00 AM AET, the ASX 200 was up 0.35% or 26.1 points to 7,467.1, while the ASX All Ordinaries index was trading 0.36% higher at 7,782.5.Top 5 ASX gainers and losers

Data Source: ASX Website (as of 26 October 2021, 11:00 AM AEDT)

Crown Resorts Limited (ASX:CWN) was the top ASX 200 gainer, surging 8.35% to AU$10.47 after the regulator ruled that the casino can keep its licence. Nanosonics Limited (ASX:NAN) gained 8.27% to AU$6.02, while Pilbara Minerals Limited (ASX:PLS) gained 6.69% to AU$2.23.

On the flip side, Mineral Resources Limited (ASX:MIN) was the top loser, shedding 4.82% to AU$40.84, followed by a 2.63% loss in Regis Resources Limited’s (ASX:RRL) shares.

On the sectoral front, 10 out of the 11 sectors are trading higher, with the IT sector leading with a gain of 1.24%. The consumer Discretionary followed with a gain of 0.91%. Only the Utilities sector is going against the gain, shedding 0.4%.

Newsmakers

  1. Mineral Resources Limited (ASX:MIN)
  • The company reported that it had shipped  5 million tonnes of iron ore over the September 2021 quarter.
  • It realised an average price of US$78.32 per dry metric tonne.
  • The management is confident of meeting the FY22 production guidance of 21 million tonnes to 22 million tonnes.
  1. Westgold Resources Limited (ASX:WGX)
  • The company has submitted an application to Takeovers Panel, appealing it to review its decision related to Gascoyne Resources.
  • On 13 October 2021, the Panel had declined to conduct proceedings on the company’s application of merging Gascoyne with Firefly Resources.
  • The Panel said Westgold’s offer was not a superior proposal.
  1. Reliance Worldwide Corporation Limited (ASX:RWC)
  • The company’s plumbing parts business is looking to acquire EZ-FLO for AU$325 million.
  • The deal will be funded by a debt facility which will increase the pro-forma leverage to 1.78 times pro-forma EBITDA.
  • If cost synergies and expected revenue are adjusted, the deal is priced at seven times EBITDA.
  1. Gold Road Resources Limited (ASX:GOR)
  • The company has requested the ASX for a trading halt for its listed securities.
  • A pending announcement regarding a material increase in the ore reserve at the Gruyere Joint Venture is the reason for the halt.
  • The trading halt will be lifted by 28 October 2021, or when the pending announcement is out, whichever comes earlier.
  1. Freelancer Limited (ASX:FLN)
  • The company reported that the gross marketplace volume fell 6.2% to US$24.4 million in the September 2021 quarter.
  • Freelancer blamed the downtick post-lockdown seasonality in the northern hemisphere.
  • It reported an operating cash loss of US$1.6 million for the same period.

Read More: Three ASX penny stocks to watch out for in November

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