ASX 200 trims opening losses; Sydney Airport shines on sweetened offer

Highlights

  • At the opening tick, the ASX 200 was trading 12.4 points or 0.17% down at 7,394.2.
  • The Information Technology and Healthcare sectors were down 0.77% and 0.32%, respectively
  • Sydney Airport has granted due diligence to a consortium of infrastructure investors after it upgraded its takeover offer for the company.

The Australian share market opened with a slight downtick on Monday. At the opening bell, the ASX 200 was trading 12.4 points or 0.17% down at 7,394.2. The ASX All Ordinaries index was down 0.2% to 7,691.

ASX today

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Wall Street’s main indices ended in the red on Friday after data revealing persistent US inflation offset expectations of an easing tensions between the US and China after a call between Joe Biden and China's Xi Jinping.

The Dow Jones fell 0.78% to 34,607.73, while the S&P 500 lost 0.77% to 4,458.57. The NASDAQ Composite dropped 0.87% and closed the session at 15,115.49.

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ASX today: Which stocks are the biggest movers in early trading session?

 

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 had pared all of its losses made during the opening session. Amid a decent reversal from the lows, the ASX 200 is now trading in the green, gaining 5.5 points to 7,412.1, reclaiming the 7400 mark. The All Ordinaries Index also turned green, gaining 8.5 points or 0.11% from Friday’s closing to hit 7715.4.

The top ASX 200 contributors were Sydney Airport Holdings Pty Limited (ASX:SYD) and Evolution Mining Limited (ASX:EVN), both gaining 4.63% and 3.17%, respectively.  On the flip side, Regis Resources Limited (ASX:RRL) and Chorus Limited (ASX:CNU) were the top losers, shedding 3.26% and 2.88%, respectively.

The market breadth is on a negative side, with four out of the 11 sectors trading in the green. The Information Technology and Healthcare sectors were down 0.77% and 0.32%, respectively. Consumer Discretionary is the top gaining sector so far, gaining 0.27%.

Newsmaker

Cooper Energy Limited (ASX:COE) has entered into an agreement with AGL Energy. Under the agreement, COE will supply all developed and uncontracted volumes from Casino, Henry and Netherby fields in the Otway Basin. The pricing under the contract for contracted gas supply is in the range of AU$6-8/GJ.

ASX stocks in news

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Waypoint REIT Limited (ASX:WPR) is in talks with investors and looking to issue a new Australian dollar bond for seven years to pay a margin of 155 basis points over swap. Westpac and National Australia Bank will jointly lead the offer.

The Australian Competition & Consumer Commission (ACCC) has stymied an agreement between Qantas Airways Limited (ASX:QAN) and Japan Airlines that would have allowed the two to coordinate flights between Australia and Japan. It said this agreement would reduce competition, making it difficult for other airlines to operate on routes between Australia and Japan.

AMA Group Limited (ASX:AMA) has successfully completed the institutional component of its entitlement offer along with a AU$50 million offering of senior unsecured convertible notes due for March 2027.

Sydney Airport Holdings Pty Limited (ASX:SYD) has granted due diligence to the Sydney Aviation Alliance sweetened the pot and upgraded its takeover offer for the company. The consortium made a revised indicative bid of AU$8.75 per share, compared to its last revised bid of AU$8.45 a share.   

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