ASX trims opening gains; Crown, Star Entertainment shine

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ASX trims opening gains; Crown, Star Entertainment shine

ASX 200 trades 0.25% higher by mid-session on Tuesday
Image source: lucadp, Shutterstock.com

Highlights

  • The ASX 200 was trading 0.25% higher by Tuesday mid-session, having pared half of early gains.
  • Seven of 11 sectors traded higher, led by tech and consumer discretionary stocks.
  • Casino operator Crown Resorts and Star Entertainment Group were among top gainers.

Australian shares continued to trade higher by mid-session on Tuesday, supported by gains in tech and consumer discretionary stocks. Market sentiment was lifted by strong cues from Wall Street as well as higher oil and gold prices. The strong rally in gaming and entertainment stocks such as Crown Resort and Star Entertainment also supported the market.

The benchmark ASX 200 index opened higher and gained as much as 0.4%, following a positive finish at Wall Street in overnight trade.  However, by afternoon trade, the index had pared almost half of early gains and was up 18.60 points or 0.25% at 7,459.60.

                   

ASX trims opening gains; Crown, Star Entertainment rise

 

On the sectoral front, seven of the 11 sectoral indices were trading in the green zone, led by information technology and consumer discretionary stocks. The tech sector gained the most, rising 1.3% by lunchtime. It was followed by 1% gain in consumer discretionary sector and 0.4% gain in material space. Among others, health care, energy, financial, and A-REIT also traded higher.      

Bucking the trend, utilities was the worst performing sector with a 0.46% loss, followed by consumer staples and industrial indices.  

Top gainers and losers

Top 5 ASX Gainers and Losers (Data Source: ASX Website, as of 12:00 PM AEST)

The top gainer on the ASX was Aussie infection prevention company Nanosonics (ASX:NAN), which surged nearly 9%. Some of the other top performers were casino operator Crown Resorts (ASX:CWN), lithium miner Pilbara Minerals (ASX:PLS), gambling business Star Entertainment Group (ASX:SGR), and metal recycling business Sims (ASX:SGM).

On the flip side, miner Mineral Resources (ASX:MIN) was the top loser with a 5.9% loss. Other notable laggards were gold producer Regis Resources (ASX: RRL), software business Wisetech Global (ASX:WTC), iron ore producer Fortescue Metals Group (ASX:FMG), and coal miner Whitehaven Coal (ASX:WHC).

Shares in news

Buzzing stocks: Mineral Resources, Westgold Resources, Reliance Worldwide, Ampol, Crown Resorts

Image source: © Stbernardstudio   | Megapixl.com

Shares of Australia's biggest fuel supplier Ampol (ASX: ALD) traded nearly 1% higher after it reported a robust performance in the September quarter. The company registered a 70.8% jump in third-quarter profit at AU$41 million, compared to AU$24 million recorded in the previous corresponding period.

Shares of Mineral Resources (ASX: MIN) dropped nearly 5% after the company shipped 5 million tonnes of iron ore at an average price of AU$78.32 per dry metric tonne during the September quarter. The iron miner said it is on track to meet financial year 2022 production guidance of 21 million tonnes to 22 million tonnes.

Shares of gold producer Westgold Resources (ASX: WGX) rose 2.5% after it submitted an application to the Takeovers Panel, seeking a review for acquisition of Gascoyne Resources.

Shares of plumbing parts business Reliance Worldwide (ASX: RWC) were down 0.4% by mid-session. The company has announced plans to acquire US plumbing supplies business EZ-FLO for AU$325 million.

Shares of Crown Resorts (ASX: CWN) surged 10% in a relief rally after Australia’s watchdog ruled the gaming and entertainment group can keep its casino license.

Shares of WiseTech Global (ASX: WTC) fell over 1.5% by lunchtime. The tech company has appointed legal expert Richard Dammery and telco entrepreneur Michael Malone to its board as independent directors.

Shares of gold miner Regis Resoures dropped 2.5% after a disappointing performance in the September quarter. Sales dropped AU$179 million at an average realised price of AU$2,178 an ounce during the quarter under review.

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