ASX 200 surges higher as Wall Street closes at a record high

Highlights

  • As of 10:30 AM AEST, the benchmark index is trading 17 points or 0.22% up at 7,605.2.
  • The A-VIX, which shows the volatility of the Australian market has fallen by 3.04% to 10.83.
  • Baby Bunting’s net profit after tax shot up by 76% to AU$17.5 million in FY21, while EBITDA was up by 29.2% to AU$43.5 million.

The Australian share market has opened mildly higher on Friday. At the opening tick, the ASX 200 was trading 6 points up at 7,594.2, tracking a strong Wall Street closing overnight, with a rebound in gold prices which could lift domestic gold miners today.

Image Source: Copyright © 2021 Kalkine Media

Global stocks held their ground close to record highs. The debate over when the Federal Reserve would start to ease stimulus helped US Treasury yields and the US dollar to firm a bit on Thursday.

The Dow Jones and the S&P 500 again shot up higher and made a record closing for a third consecutive day on Thursday, with mega-cap technology giants pushing the market higher as the jobs data revealed a steady US economic recovery.

At the closing, the Dow Jones was 0.04% up at 35,499.86, while the S&P 500 notched 0.3% higher to 4,460.85. The NASDAQ Composite closed the session 0.35% up at 14,816.85.

Read More: Nasdaq, S&P 500 close higher on tech gains

How has the market performed so far?

As of 10:30 AM AEST, the heavyweights have further pushed the ASX 200 closer towards an all-time high. The benchmark index is trading 17 points or 0.22% up at 7,605.2, while the ASX All Ordinaries index is trading higher by 19.5 points or 0.25% to 7,880.

Data Source: ASX Website (as of 13 August 2021, 10:30 AM AEST)

The top ASX 200 contributors in the early trade were Downer EDI Limited (ASX:DOW) and Altium Limited (ASX:ALU), both gaining 3.29% and 3.13%, respectively. On the losing front, Monadelphous Group Limited (ASX:MND) and Iluka Resources Limited (ASX:ILU) have been the biggest laggards, falling 2.24% and 1.5%, respectively.

The A-VIX shows the volatility of the Australian market has fallen by 3.04% to 10.83. The market breadth is on the positive side, with seven out of the 11 sectors trading higher today.

Read More: Foreigners seen flocking back to Indian market as COVID-19 subsides

Newsmakers

Perpetual Limited (ASX:PPT) said that its FY21 result would contain one-off items of around AU$49.2 million, after the previous guidance of AU$39.8 million. A compensation liability was amended from AU$2.1 million to AU$10.2 million after tax.

Baby Bunting Group Limited’s (ASX:BBN) net profit after tax shot up by 76% to AU$17.5 million in FY21, while EBITDA was up by 29.2% to AU$43.5 million. The strong numbers were reported on the back of a 15.6% increase in the total sales to AU$164.4 million.

Image Source: Copyright © 2021 Kalkine Media

Evolution Mining Limited (ASX:EVN) has priced its maiden debt private placement at US$550 million. This incorporates US$200 million with a coupon rate of 2.83% maturing November 2028 and US$350 million with a coupon rate of 3.17% on November 2031.

Duratec Limited’s (ASX:DUR) joint venture with Ertech has been awarded an AU$53-million design and construction Wharf project. Duratec has also been awarded AU$32 million worth of defense projects, totalling its total order book to AU$230 million.

PointsBet Holdings Limited’s (ASX:PBH) subsidiary in West Virginia has launched its own online sports betting operations in the state after receiving regulatory approval. The company also plans to launch its online casino in West Virginia by the end of 2021.      

Read More: Heavy Minerals IPO: Everything you need to know

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