How ASX shares are staging a recovery?

  • February 23, 2021 01:01 PM AEDT
  • Tribhuwan
    Author Tribhuwan
    37 Posts

    Tribhuwan is an Analyst at Kalkine Media Pty Ltd. He writes on financials, consumers products, fast-moving consumer goods, emerging companies, and economic policy. In these areas, he also covers global businesses. He is a graduate in BCom (Hons) from...

How ASX shares are staging a recovery?

Source: Shutterstock

Summary

  • Australian markets are mixed on Tuesday. The benchmark index is up slightly, and sectoral moves remain mixed. 
  • In commodity, copper prices continue the rally, while gold and iron ore prices are also tracking higher. Meanwhile, brent crude and WTI oil prices and coal prices are lower. 
Gold MTF non-AMP

ASX 200 was higher by nearly 16 points at noon. The index had opened on a positive note on Tuesday, and recovery has been extended post afternoon.

Sectors that are leading ASX 200 index include energy, materials, A-REIT, and industrials. At the same time, sectors with losses included information technology, consumer discretionary, telecommunication services, consumer staples, and utilities. 

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The best-performing stocks in the ASX 200 were Corporate Travel Management, AUB Group, Oil Search, Bank of Queensland, and Adbri Ltd. Some of the worst-performing shares were Austal Ltd, Perenti Global Ltd, Afterpay Ltd, Lynas Rare Earths, and Domino’s Pizza. 

Market News 

Seek Ltd has released half-year results, which was broadly in line with the same period last year. Revenue for the period was $819 million, EBITDA was $246 million, and net profit after tax was $70 million. No dividend has been announced by the company.

Bank of Queensland shares are higher after the bank completed the capital raising to acquire ME Bank. It reported that $1.35 billion capital raising was ongoing with institutional entitlement and placement offer completed. 

Oil Search Ltd has full-year results. Its revenue fell 32% to $1.07 billion from $1.58 billion in the previous year. The company has recorded a loss of $320.7 million for the full-year, but the result was ahead of expectations. 

Centuria Industrial REIT has reported that a high-quality modern warehouse was acquired for $26.25 million. The transaction was the 12th acquisition transaction completed by the industrial REIT in FY21 worth $757.2 million. 

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Vocus Group has provided an update on the non-indicative proposal by MIRA funds to acquire the company at $5.5 per share. It was reported that MIRA funds have agreed on a co-operation agreement with Aware Super. 

Johns Lyng Group has delivered a 38% increase in first-half earnings. The company has upgraded its full-year estimates now. It now expects a full-year EBITDA of $47.4 million, while the revenue forecast is $524.4 million. It has declared 2.2 cents per share interim dividend. 

 

 


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