Miner, energy stocks propel ASX to new heights; BHP, Rio rise 

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Miner, energy stocks propel ASX to new heights; BHP, Rio rise 

 Miner, energy stocks propel ASX to new heights; BHP, Rio rise 
Image source: ASX200 hits fresh high / Representative Image - Source: Copyright © 2021 Kalkine Media

Summary

  • Benchmark index, the ASX 200, hit a record high of 7,509.2 this morning.
  • The market was supported by gains in blue-chip miners BHP and Rio, as well as banking majors.
  • Seven of 11 sectors traded in green, while material and energy gained the most.
  • Australian law firm Omni Bridgeway topped the gainers’ chart.

Australian shares continued to trade higher by the lunchtime as strong global cues and buying across material and energy space supported the market. benchmark index, the ASX 200, hit a record high of 7,509.2 points this morning, led by gains in blue-chip miners BHP and Rio, as well as banking majors.

The ASX 200 was currently trading 11.90 points or 0.16% higher at 7,486.40. The index opened higher today, tracking firm cues from Wall Street.  In the overnight trade, US stocks ended on a strong note, led by gains in Apple and healthcare stocks. The Dow Jones climbed 0.8%, the S&P 500 ended 0.8% higher. The NASDAQ added 0.55%.

Moving on to the sectoral front, seven of the 11 sectors were trading in the green zone. Material topped the chart with 1% gain, followed by energy, which rose 0.7%.  A-REIT, utilities and consumer staples were also trading higher with modest gain.

Meanwhile, health care was the worst performer, dropping nearly 0.5%. Tech sector also witnessed profit booking after strong rally in the past two sessions.  

                       

ASX Market Live: ASX hits new high; Top Gainers & Losers to watch!

 

Australian law firm Omni Bridgeway (ASX: OBL) topped the gainers’ chart on the ASX, rising 3.35%. Some of the other notable gainers were mining firm Nickel Mines (ASX: NIC), debt buyer Credit Corp Group (ASX:CCP), gold miner Ramelius Resources (ASX:RMS) and coal producer Whitehaven Coal (ASX:WHC).

On the flip side, gold miner Chalice Mining (ASX:CHN) was the top laggard with 3.5% loss. Some of the other worst performers include building and construction material group Boral (ASX: BLD), media firm News Corporation (ASX:NWS), civil contractor NRW Holdings (ASX:NWH) and payment solution firm EML Payments (ASX:EML).

On the COVID-19 front, New South Wales reported 233 locally acquired cases and two more deaths, while Queensland recorded 17 new cases in Brisbane and Cairns.

Top gainers and losers

Image source: whiteMocca, Shutterstock.com

Australian law firm Omni Bridgeway (ASX: OBL) topped the gainers’ chart on the ASX, rising 3.35%. Some of the other notable gainers were mining firm Nickel Mines (ASX: NIC), debt buyer Credit Corp Group (ASX:CCP), gold miner Ramelius Resources (ASX:RMS) and coal producer Whitehaven Coal (ASX:WHC).

On the flip side, gold miner Chalice Mining (ASX:CHN) was the top laggard with 3.5% loss. Some of the other worst performers include building and construction material group Boral (ASX: BLD), media firm News Corporation (ASX:NWS), civil contractor NRW Holdings (ASX:NWH), and payment solution firm EML Payments (ASX:EML).

Shares in news

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Shares of insurance firm Genworth Mortgage (ASX: GMA) rose over 6% after it declared dividend, driven by strong profit. The company reported an underlying net profit after tax (NPAT) of AU$76.4 million for the half year ending 30 June 2021, compared to a loss of AU$85.5 million. Genworth’s Board has also declared an unfranked interim ordinary dividend of 5 cents per share.

The share price of Woodside Petroleum (ASX: WPL) traded marginally higher after it issued an update on the Scarborough project. The Australian natural gas producer said the costs for its offshore Scarborough gas development project were expected to reach US$12 billion. The cost estimate is approximately 5% higher than the previous cost estimate announced in November 2019.

Automotive products manufacturer GUD Holding (ASX: GUD) dropped nearly 2% despite declaring dividend, following a rise in revenue and profits. Revenue for the year rose 27.2% to AU$557 million, while underlying net profit surged 32.7% to AU$64 million.

The share price of Serko (ASX: SKO) gained over 1% after Australian travel bookings firm issued a business update. New Zealand domestic travel bookings have remained strong at 166% of 2019 volumes for the month of June and 137% of 2019 volumes for the month of July. However, Australian domestic travel bookings dropped from 56% of 2019 volumes in June to 35% of 2019 volumes in July due to the further tightening of inter-State travel restrictions within Australia in response to the increase in COVID-19 cases in some States.

Shares of Proteomics International Laboratories (ASX:PIQ) surged over 4% on plans to develop endometriosis tests. The Perth-based med-tech company has joined hands with the University of Melbourne and the Royal Women’s Hospital to develop a simple blood test for endometriosis.

Shares of banking Major Westpac (ASX:WBC) were trading marginally higher after the lender launched a COVID-19 vaccine program in western Sydney. The bank is launching the program for its employees and their families placed there.

Shares of BNK Banking Corporation Limited (ASX:BBC) climbed nearly 2% on alliance with Goldman Sachs for AU$500 million securitisation warehouse. The financial Services company has announced today that it had joined hands with Goldman Sachs to make an alliance to originate, fund and securitise specialist mortgages in Australia.

REA Group’s (ASX:REA) shares rose 0.5% after it completed the sale of its Malaysia and Thailand entities to PropertyGuru in exchange for an 18% equity interest in PropertyGuru. The multinational digital advertising firm also shared that it had completed the divestment of its 27% interest in 99 Group. The combined transactions are likely to result in an overall net gain of approximately AU$12 million.

Rex Minerals Limited (ASX:RXM) announced the launch of a two-tranche placement of new fully paid ordinary shares to raise approximately AU$50 million on Wednesday. The Placement will feature the issue of approximately 166.7 million new fully paid ordinary shares at a price of AU$0.30 per share.

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