Australia Banks propel ASX as yields climb

06:22  18 october  2021
06:22  18 october  2021 Source:   aap.com.au

ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble

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Australia's share market has started the week how it left the past one and was broadly higher early.

The ASX was broadly higher to start the week. © Dan Himbrechts/AAP PHOTOS The ASX was broadly higher to start the week.

Banks were leading the push higher on Monday as bond yields rose on investor expectations of higher rates. The Australian 10-year bond yield was at 1.64 per cent earlier.

Energy companies were next best as demand improves after the peak of the pandemic. Brent crude oil was trading at $US85.36 per barrel at 1200 AEDT.

The only categories lower were healthcare, information technology and telecommunications. All had minor falls.

The benchmark S&P/ASX200 index was higher by 29.3 points, or 0.39 per cent, to 7391.3.

Leaders to outline recovery, ASX dips

  Leaders to outline recovery, ASX dips Leaders of Australia's biggest companies will this week give their outlook for the post-lockdown economy, while the ASX dipped.The domestic economy improved a little on Monday as NSW residents rushed to shops, cafes and pubs, freed from the harshest coronavirus rules.

The All Ordinaries was up 29.3 points, or 0.38 per cent, to 7703.5.

Shares had a good lead from the US trade on Friday. Investors were encouraged by banks' third-quarter earnings.

More banks will report earnings on Wall Street this week.

Meanwhile in Australia, NSW has further loosened coronavirus restrictions while Victoria is set to relax rules from Friday.

More freedom should produce more consumer activity, particularly for ASX companies in travel, hospitality and real estate.

In company news, poker machine maker Aristocrat Leisure has pitched a $5 billion offer for gambling software vendor Playtech.

The offer had a premium of about 50 per cent on Playtech's last closing price on the London Stock Exchange.

Video: Oil price rises to over $80 as inflation increases worldwide (Sky News Australia)

ASX to dip on inflation concerns as commodity prices and oil push US dollar up

  ASX to dip on inflation concerns as commodity prices and oil push US dollar up The Australian share market is set to dip on open, following losses on Wall Street and concerns about rising inflation in the US. At 7:00am AEST, ASX 200 futures were down 0.3 per cent.The local benchmark also closed down on Monday."Commodity prices continued their rally, with WTI crude oil lifting above $US80/barrel," ANZ analysts noted.That is lifting inflation concerns and boosting the US currency."AUD/USD bucked the broad USD trend and is trading higher near 0.7350 amid gains in oil and base metal prices," the analysts said."The more positive Australia US 10-year bond spread may also be supporting AUD/USD.

Aristocrat will sell $1.3 billion in shares to help fund the deal.

Shares last traded for $45.79 before they were paused.

Senex Energy shares surged after a takeover offer.

ASX in a funk as energy prices keep rising

  ASX in a funk as energy prices keep rising ASX investors are yet to have a day of gains this week while rising energy prices are a mounting problem for the global economy.The market moved little on Wednesday after the International Monetary Fund warned the global economy remains hostage to the pandemic until everyone is vaccinated.

Oil and gas explorer POSCO International has raised previous offers for Senex to $4.40 per share.

The two companies are talking about a higher offer.

Shares were up 14.65 per cent to $4.38.

Lithium miner Vulcan Energy has signed an offtake agreement with European cathode maker Umicore.

Umicore will buy up to 42,000 tonnes of lithium hydroxide over five years.

Vulcan shares were up almost seven per cent to $12.49.

In banking, ANZ and the Commonwealth were more than one per cent higher. NAB and Westpac improved by less than one per cent.

Among the big miners, Rio Tinto was best and rose 1.2 per cent to $100.80. BHP and Fortescue improved by less than one per cent.

Shares in property group Irongate improved after a takeover offer.

Investment group 360 Capital has offered $1.65 per stapled security.

Irongate was up 3.66 per cent to $1.55.

The Australian dollar was buying 74.10 US cents at 1200 AEDT, lower from 74.25 US cents at Friday's close.

Crown rises, caution before inflation data .
Crown Resorts shares rocketed after the company kept its Melbourne casino licence while investors were less game on others before Wednesday's inflation data.Crown was one of the biggest movers on Tuesday after a royal commission report recommended measures to prevent organised crime other than cancelling the licence.

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