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ASX finishes higher as Treasury Wines plummets

·3-min read
Colorful hot-air balloons flying over the Doi Luang Chiang Dao with sunrise and morning mist at Chiang mai, Thailand.
The ASX lifted at the open. Image: Getty

The benchmark S&P/ASX200 (^AXJO) finished Tuesday up 0.77 per cent to 6,123.40 points, with healthcare and information technology pulling much of the weight.

The broader All Ordinaries index (^AORD) also finished 0.81 per cent higher, at 6,268.70 points.

Engineering group Monadel saw shares surge 19.93 per cent as it announced its full-year results, noting the results highlighted the impact of Covid-19 on its operations.

Cloud computing firm Megaport also thundered 10.77 per cent higher after it announced the release of a new product which extends network functions.

What happened at midday?

The ASX200 was up 0.13 per cent in midday trade to 6,084.10 points as healthcare and information technology stocks continued to pull the bourse higher.

The All Ordinaries was also higher, up 0.18 per cent to 6,229.70 points.

Cochlear was up a huge 8.45 per cent but Treasury Wines was in a world of pain, down 14.10 per cent. Australia’s big banks were also all in the red.

Cochlear’s boost came as it shared its half-year results, posting a $238.3 million net loss for 2020 as Covid-19 limited its elective surgery branch and a patent litigation case cost it $416.3 million.

Treasury Wines’ tumble came as China announced an anti-dumping investigation into Australian wine. China is Australia’s largest export destination for wine.

Investors this morning received the RBA’s August meeting minutes, which predict the Australian economy will take longer to recover than expected, largely due to Victoria’s disaster. However, the board members also agreed the overall Covid-19 fallout hasn’t been as bad as expected.

What happened this morning?

The ASX200 opened 0.26 per cent higher after Wall Street lifted higher on a tech surge overnight. That brought it to 6,091.90 points at 10:16am AEST.

The All Ordinaries also opened 0.28 per cent higher to 6,236.10 points.

The healthcare, information technology and consumer staples sectors led the market higher.

Investors were this morning weighing up the significance of Coles’ and Westpac’s half-year reports, released this morning.

Westpac will pull its first half dividend payment to shareholders due to the coronavirus’ effects on its business.

Coles’ earnings before interest and tax increased 4.7 per cent to $1.76 billion - a welcome return to growth after it fell 8.3 per cent this time last year.

What happened last night?

Wall Street finished higher with the tech-heavy Nasdaq hitting a record and the S&P also approaching record territory.

The Dow Jones Industrial Average fell 0.31 per cent to end at 27,844.91 points while the S&P 500 gained 0.27 per cent to 3,381.99 and the Nasdaq Composite climbed 1.0 per cent to 11,129.73, its fifth closing high this month.

With AAP.

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