Australian shares gaining across the board at midday

[Pelican Press 0]

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*********** shares gaining across the board at midday

The local share market is bouncing back from the prior day’s losses with gains across the board.

At noon AEST on Tuesday, the benchmark S&P/ASX200 index was up 57.1 points, or 0.74 per cent, to 7,820.3, recouping nearly all of Monday’s 59.1 points of losses.

The broader All Ordinaries had added 53.1 points, or 0.66 per cent, to 8,065.1.

Overnight the S&P500 edged higher to reach its 35th record high of 2024 ahead of Federal Reserve chairman Jerome Powell’s testimony before Congress at midnight AEST.

Domestically traders were digesting a trio of business and consumer surveys.

NAB’s monthly business survey found business conditions continued to ease in June, while the ANZ-Roy Morgan and Westpac-Melbourne Institute surveys both showed further declines in consumer confidence.

“Sentiment ******** stuck in the same deeply pessimistic range that has dominated for two years now,” said Westpac senior economist Matthew Hassan.

Still, every sector of the ASX was in the green at noon with telecommunications the biggest gainer, up 1.6 per cent.

Telstra had risen 2.6 per cent to a nearly three-month high of $3.745 after announcing it would raise most mobile prices.

The financial sector was up 0.7 per cent, with all the big retail banks in the green.

CBA was up 0.8 per cent, NAB had advanced 0.6 per cent and Westpac and ANZ had both added 1.3 per cent – the latter rising as ANZ said its acquisition of Suncorp’s banking arm would complete on July 31.

In the heavyweight mining sector, BHP was up 0.6 per cent, Rio Tinto had added 1.0 per cent and Fortescue had edged 0.1 per cent higher.

In industrials, Droneshield rose 6.5 per cent to a fresh all-time high of $2.14, bringing its gains to 478 per cent for the year as the war in Ukraine highlights how modern conflicts will be increasingly fought via drone.

Bapcor was up 1.2 per cent to $5.13 after the Autobarn owner announced it was rejecting a $1.8 billion buyout offer from Bain Capital.

The $5.40-per-share proposal doesn’t represent fair value for Bapcor and isn’t in the best interest of shareholders, Bapcor said.

The *********** dollar was buying 67.43 US cents, from 67.43 US cents at Monday’s ASX close.

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