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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.
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.
