ASX 200 opens in green; EML Payments plunges 12% on Irish regulations

Highlights

  • By 11:00 AM AEDT, the ASX 200 was still trading firmly with a gain of 0.46% or 33.1 points to 7,289.8.
  • Wall Street closed sharply higher on Thursday in a broad-based rally led by tech giants.
  • All the 11 sectors are trading higher today with the materials sector gaining 1.4%, while the tech sector was up 1.3%.

The Australian share market opened higher on the last day of the week, with strong commodity prices supporting mining and energy stocks. During the opening session, the ASX 200 was trading 0.7% up, rising above the 7,300-mark. A strong overnight closing on Wall Street indices have also helped rally local tech stocks.

Stock prices flashing on a trading screen

Image Source: © Embe2006 | Megapixl.com

Wall Street closed sharply higher on Thursday in a broad-based rally led by tech giants, as a truce in the debt-ceiling standoff in the US Congress helped investors gain confidence of the US government not defaulting on its debt.

The Dow Jones surged 0.98% to 34,754.94, while the S&P 500 was up 0.83% to 4,399.76. The NASDAQ Composite ended the session 1.05% to 14,65.02.

Read More: COVID-19: Rapid antigen tests gain traction in Australia

How has the market performed so far?

By 11:00 AM AEDT, the ASX 200 had lost some opening gains but was still trading firmly with a gain of 0.46% or 33.1 points to 7,289.8. The ASX All Ordinaries index was up 0.25% or 18.9 points to 7,570.1.  

Top 5 ASX gainers and losers

Data Source: ASX Website (as of 7 October 2021, 11:00 AM AEDT)

The top ASX 200 contributors during the early session were Chalice Mining Limited (ASX:CHN) and Magellan Financial Group Limited (ASX:MFG), both gaining 4.62% and 3.89%, respectively. On the other hand, stocks weighing on the index were EML Payments (ASX:EML) and Clinuvel Pharmaceutical Limited (ASX:CUV), both shedding 12.7% and 3.77%, respectively. 

All the 11 sectors are trading higher today with the materials sector gaining 1.4%, while the tech sector was up 1.3%.

Newsmakers

  1. Regal Investment Fund (ASX:RF1)
  • RF1 raised AU$97.9 million via its placement and institutional offer.
  • It is planning to raise a total of AU$212.3 million.
  • The follow up one-for-three entitlement offer will help raise the remaining amount.
  1. Energy Resources of Australia Limited (ASX:ERA)
  • The company has warned of a cost overrun for the scheduled rehabilitation of its Ranger Project Area operations.
  • It cannot provide estimates with an acceptable degree of confidence, yet.
  1. Metcash Limited (ASX:MTS)
  • Australian conglomerate Metcash has appointed a new CEO – Doug Jones, who will be succeeding Jeff Adams.
  • Doug Jones is presently chief executive and senior vice president of South African-based Massmart Wholesale. 
  • Mr Jones will join Metcash on 1 February 2022.
  1. EML Payments Limited (ASX:EML)
  • EML Payments has warned that the Irish Central Bank, CBI, wants a few limits to be applied to the company’s Prepaid Financial Services business.
  • This could lead to a material impact on demand for its Prepaid Financial Services.
  • However, rest of the European and Australian operations are expected to remain unaffected.
  1. Brightstar Resources Limited (ASX:BTR)
  • Brightstar Resources completed an oversubscribed AU$2.3 million placement to existing and new professional and sophisticated investors.
  • The company issued 87 million ordinary shares at an issue price of AU$0.027.
  • It has also progressed through RC drilling at Cork Tree and assays are expected in mid-late October 2021.

Read More: Five tech penny stocks on ASX with decent returns

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