ASX 200 opens higher; STO, VEA, WPL lead gains as crude oil tops US$70 

Highlights

  • The ASX 200 rose 17.6 points or 0.24% to 7,503.3 in opening trade, taking cues from Wall Street.
  • On the sectoral front, it is almost mixed today with six out of the 11 sectors trading in the red.
  • Australia-based TechnologyOne is set to acquired Scientia, a UK-based software firm, for a total cash consideration of AU$16.2 million (£12 million).

On the last day of the week, the Australian share market has opened on a higher note, taking cues from a green session on Wall Street. The ASX 200 rose 17.6 points or 0.24% to 7,503.3 in opening trade. The rise in crude oil prices is pushing domestic energy stocks higher for the day.

Image Source: Copyright © 2021 Kalkine Media Pty. Ltd.

World stocks surged higher on Thursday after jobless claims data revealed the US jobs market was on a path to recovery even as new COVID-19 infections continued to rise.

The S&P 500 and NASDAQ Composite surged to new all-time highs on Thursday as Wall Street's main indices ended in positive territory. The S&P 500 gained 0.28% to 4,536.94, while the Dow Jones Industrial Average was up 0.37% to 35,443.83. The NASDAQ Composite rose 0.14% to 15,331.18.

Read More: Will Bitcoin break the resistance to reach $51,000?

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 had moved slightly higher and was trading 0.28% or 20.6 points up at 7,506.3. The ASX All Ordinaries Index was trading 0.34% or 26.5 points up at 7,810.3.

Stocks that are contributing to the ASX 200’s rally are Pro Medicus Limited (ASX:PME) and Mineral Resources Limited (ASX:MIN), both gaining 3.86% and 2.81%, respectively. On the flip side, BNPL giant Afterpay Limited (ASX:APT) and Bendigo and Adelaide Bank Limited (ASX:BEN) were the top laggards, losing 2.47% and 2.28%, respectively.

Data Source: ASX Website (as of 3 September 2021, 10:30 AM AEST)

Energy stocks such as Santos Limited (ASX:STO), Viva Energy Group Limited (ASX:VEA) and Woodside Petroleum Limited (ASX:WPL) are all up due to an overnight rise in crude oil price.

Coming to the sectoral performance, it is almost mixed today. Six out of the 11 sectors are trading in the red, with the Information Technology sector leading the fall, shedding 0.85%. Utilities and Materials are gaining 0.36% and 0.21%, respectively.

Top Headlines

Facebook has launched its Facebook Pay service in Australia. Through this, users would be able to pay merchants or friends through their credit cards after linking it with their Facebook account. However, the service is not yet available on WhatsApp or Facebook Messenger.

Image Source: Copyright © 2021 Kalkine Media Pty. Ltd.

Australia-based software company TechnologyOne Limited (ASX:TNE) is set to acquired Scientia, a UK-based software firm, for a total cash consideration of AU$16.2 million (£12 million). The acquisition is a part of the company’s strategy and will boost its competitive position in the UK.

The world’s largest cryptocurrency, Bitcoin, has surged past the US$50,000 mark. The total market value of cryptos rose above US$2.2 trillion, according to CoinMarketCap. Other popular coins such as Ethereum, Dogecoin, etc. are also trading positive for the month.

Related article: Facebook rolls out ‘Facebook Pay’ in Australia; here’s how to make purchase, send money

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