Australian sharemarket closes barely changed, struggles to find direction

The Australian sharemarket inched slightly higher as it struggled to find direction, with tech stocks among the winners and miners among the losers.

The benchmark S&P/ASX200 index climbed to a new intraday record high of 7315 before closing just 10.7 points or 0.15 per cent higher at 7292.6 while the All Ordinaries Index lifted a mere 10.7 points or 0.14 per cent to 7542.3.

CommSec analyst James Tao said the big four banks were a mixed bag, with the losers weighing on the market.

ANZ slipped 0.21 per cent to $28.76, Commonwealth Bank gave up 0.44 per cent to $101.48, National Australia Bank rose 0.49 per cent to $26.77 and Westpac appreciated 0.38 per cent to $26.73.

Westpac and its subsidiaries St George, Bank of Melbourne and BankSA hiked their two- and three-year fixed rates for owner-occupiers by 0.10 per cent.

Australian sharemarket closes barely changed, struggles to find direction

Camera IconWestpac hiked two- and three-year fixed rates for owner-occupiers by 0.10 per cent. NCA NewsWire/Sarah Matray Credit: News Corp Australia

RateCity research director Sally Tindall said it came as no surprise as CBA did the same last month.

“The fixed rate market is set to look completely different by this time next year,” she said.

“Right now, there are still 176 home loan rates under 2 per cent but by mid-2022, there could be none.”

Standard & Poor Global Ratings revised its outlook on Australia’s AAA rating from negative to stable, in line with the quicker and stronger than expected economic recovery, which was mirrored in its improved outlooks for NAB, Westpac and ANZ.

Woodside Petroleum announced it had agreed with the West Australian government to set new interim and long-term targets to achieve net zero greenhouse gas emissions by 2050 at its Pluto LNG project in the state’s Pilbara region.

Woodside shares were 0.5 per cent weaker at $23.89.

Australian sharemarket closes barely changed, struggles to find direction

Camera IconWoodside is aiming for net zero emissions at its massive Pluto project. Supplied by Woodside Credit: Supplied

After iron ore prices fell by more than 2 per cent overnight, Rio Tinto backtracked 0.93 per cent to $124.16, BHP dropped 0.96 per cent to $48.38 and Fortescue declined 1.02 per cent to $22.42.

OMG chief executive Ivan Tchourilov said there was a bit of movement in the biotech space after digital brain health assessment provider Cogstate announced partner company Eisai had been granted approval to accelerate their development of an Alzheimer’s treatment.

The news sent Cogstate’s shares rocketing by 51.35 per cent to $1.40 and gave other biotech names like Mesoblast a boost, with the stock surging 8.76 per cent to $1.92, Mr Tchourilov said.

“It’s a significant announcement from a fairly unknown player that appears to be making big steps forward in treating Alzheimer’s disease,” he said.

There were some winners in the tech sector, with logistics software provider Wisetech Global gaining 5.84 per cent to $31.15 — its best day in about nine months — while buy-now-pay-later market leader Afterpay appreciated 0.85 per cent to $97.20.

The Aussie dollar was fetching 77.45 US cents, 54.77 British pence and 63.6 Euro cents in afternoon trade.

News Related


BofA Securities wins trust from Korean internet-only banks

Seen is a Bank of America branch in New York in May 2009. Reuters-Yonhap By Park Jae-hyuk BofA Securities, the investment banking division of Bank of America, has come under the spotlight in… Read more »

Local PEFs place growing emphasis on ESG

gettyimagesbank By Anna J. ParkEnvironmental, social, and corporate governance (ESG) themed investing is increasingly becoming the norm in private equity financing (PEF), as a growing number of limited partners ― investors in a… Read more »

National Pension Service seeks 'Korean-style' ESG investing

National Pension Service (NPS) Chairman Kim Yong-jin delivers a speech during the 2021 ESG Plus Forum at Conrad Seoul on Yeouido, Friday. Courtesy of NPS Shinhan, SK, Incheon Airport execs join hands for… Read more »

K bank on track to brisk success

By Lee Kyung-min K bank has drawn 1.2 trillion won ($1 billion) in equity financing, increasing its total capital to over 2.1 trillion won, comparable to rival Kakao Bank which has drawn a… Read more »

LG, SK, Halla set to join Hanon Systems bid

Hanon Systems’ logo By Lee Min-hyung LG, SK and Halla are set to join a bid to take over Hanon Systems, whose estimated market value tops 10 trillion won ($8.86 billion). According to… Read more »

[Reporter's Notebook] Morgan Stanley's remarks on short-selling raises doubts

A man enters the Morgan Stanley building in New York in this 2007 file photo. AP-Yonhap By Park Jae-hyuk Morgan Stanley’s recent remarks on the lifting of the short-selling ban here is raising… Read more »

Recovery rally takes bitcoin back above $40,000

A small toy figure and representations of the virtual currency bitcoin stand on a motherboard in this picture illustration taken May 20. Reuters-Yonhap A rebound in bitcoin held strong on Thursday, even as… Read more »

Cryptocurrencies' extreme volatility rekindles uncertainty of digital rally

Gettyimagesbank By Anna J. Park Is this the end of the cryptocurrency rally or is it simply another of the frequent volatile correction periods? No one seems to know, as the prices of… Read more »

Revised law to allow confiscation of seed money in stock manipulation cases

gettyimagesbank Stock manipulators will face confiscations of not only illegal gains but also their seed money under a revised capital market law that seeks to raise the integrity of the market. The National… Read more »

Markets ponder Musk role in cryptocurrency turbulence

SpaceX founder and Tesla CEO Elon Musk holds a helmet as he visits the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany, May 17. Reuters-Yonhap First he loved them, then he… Read more »

Vinh Hoan's revenue jumps 61% in April

Inside one of Vinh Hoan’s processing plants. — VNS/VNA Photo Vinh Hoan Corporation (VHC) just released its April business results with a gain of 61 per cent year-on-year in total revenue. Of which,… Read more »

Japanese giant ENEOS Corporation continues to buy stakes of PLX

Customers buying gasoline at a Petrolimex station in Phu Tho Province. Japanese leading energy group keeps strengthening its position in Petrolimex.— Photo ENEOS Corporation has just registered to buy 25 million shares… Read more »

DIC to mobilise $87 million by issuing bonds

DIC Corp’s Chi Linh City project in Vung Tau City, Ba Ria-Vung Tau Province. — Photo DIC Corporation is expected to issue VND2 trillion (US$87 million) worth of bonds with a term… Read more »

Thaco cancels public company registration

A Thaco plant in Chu Lai Open Economic Zone, the central province of Quang Nam. —Photo courtesy of Thaco A recent announcement from the State Securities Commission of Viet Nam (SSC) revealed the… Read more »

Shares fail to gain on pillar stocks

The market breadth was positive as 123 stocks rose while 288 stocks slid. Photo Shares failed to gain on Thursday morning due to strong profit-taking weighing on pillar stocks. The market benchmark… Read more »

Shares jump on surging blue-chips, VN-30 Index reaches 1,400

A worker at a factory of Hoa Phat Group (HPG). HPG soared 4.3 per cent on Wednesday. — VNA/VNS Photo Shares made strong gains on Wednesday with the VN-30 Index conquering the 1,400-point… Read more »

Becamex plans to raise $65 million via bonds

A corner of the Viet Nam-Singapore I Industrial Park constructed by Becamex IDC in Binh Duong Province. — Photo The board of directors of the Investment and Industrial Development Joint Stock Corporation… Read more »

Securities companies mobilise trillions of dong to serve investors

Securities firms can borrow more to serve the increasing demand of customers. — Photo With securities firms now allowed to increase their total liabilities to serve the increasing number of customers, the… Read more »

Bank stocks weigh market

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) decreased by 0.37 per cent to 1,254.08 points. Photo Shares dropped on Tuesday morning due to strong profit-taking weighing on… Read more »

Shares lose ground on heavyweights

Cargo is being loaded onto a Vietjet plane. Shares of Vietjet (VJC) lost 3.3 per cent Monday. — Photo courtesy of Vietjet Vietnamese shares dropped on Monday, weighed down by market heavyweights as… Read more »

Shares lost ground on steel stocks

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) decreased by 0.12 per cent to 1,264.83 points. VNA/VNS Photo Shares ended Monday morning on a negative note due to strong… Read more »

BCG eyes robust growth in 2021

Nguyen Ho Nam, chairman of Bamboo Capital JSC. Nam said three investors had shown interest in buying all 60 million private shares. — VNS Photo Bamboo Capital JSC targets consolidated net revenue and… Read more »

ACB get nod to increase capital to over VND27 trillion

A customer makes transaction at a branch of ACB in Ha Noi. In the first quarter this year, ACB’s pre-tax profit totaled VND3.1 trillion, 61 per cent higher than the same period of… Read more »

HAGL Agrico plans revenue down by 20% this year

Farmers at Hoang Anh Gia Lai International Agricultural JSC (HNG). HNG’s pre-tax profit is expected to be modest this year at VND16 billion, down 66.7 per cent compared to 2020. — Photo… Read more »

Market edges higher on financial stocks

Shares rose on Friday morning, reversing course boosted by bank stocks and securities’ stocks. The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) increased by 0.23 per cent to 1,264.9… Read more »

Shares subside on late selling pressure

Transactions at Techcombank. Techcombank (TCB) declined by 2.5 per cent on Thursday. — Photo courtesy of Techcombank Vietnamese shares declined on Thursday, dragged by market heavyweights as selling pressure increased significantly towards the… Read more »

Shares edge higher on bank stocks

The market inched slightly higher on Thursday morning, boosted by bank stocks while losses in other large-cap stocks pared the gains. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose 0.29… Read more »

Hoa Phat leads “one-trillion-dong profit club”

Steel production line at Hoa Phat Group’s Hai Duong Steel Joint Stock Company. Hoa Phat led the “one-trillion-dong profit club” for January-March. — VNA/VNS Photo Danh Lam Twenty-two companies have entered the “one-trillion-dong… Read more »

Stocks from key sectors fall as selling pressure persists

The market edged lower on Wednesday morning as many big stocks across key sectors faced strong selling pressure. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) dropped 0.2 per cent to… Read more »

Shares pull back from early gains fostered on selling pressure

A Techcombank office during working hours. The bank shares fell 2.29 per cent on Tuesday. — Photo The market reversed course to trade lower on Tuesday as selling pressure reappeared. However, it pared… Read more »

Market continues to rally on large-cap stocks

Shares rose on Tuesday as stocks in banking and material sectors supported the market. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 0.45 per cent to 1,265.31 points. The market… Read more »

Market reverses course, VN-Index up nearly 18 points

Masan High-Tech Materials’ mineral processing plant at Nui Phao polymetallic mineral mine. Masan Group shares hit the maximum daily gain of 7 per cent on Monday. Photo HA NOI — Viet Nam’s… Read more »

Shares recover, boosted by material and bank stocks

The market rebounded on Monday morning, helped by gains in large-cap stocks. On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index rose 0.67 per cent to 1,250.17 points despite the market’s breadth remaining… Read more »

Shares forecast to correct on cautious sentiment

Investors make transaction orders at Bao Viet Securities Co’s transaction floor. It is forecast that the market will see corrections at the beginning of this week. — VNA/VNS Photo Tran Viet Vietnamese stocks… Read more »

International IPOs help boost Vietnamese enterprises' positions

Inside Vinfast’s automobile processing plant in Cat Hai, Hai Phong City. — The carmaker is considering an IPO in the US. — Photo IPOs (Initial Public Offering) or being listed on foreign… Read more »

Shares trim losses on late buying force

An investor watches stock indices on the board at the Ho Chi Minh Stock Exchange in HCM City. — VNA/VNS Photo Hua Chung Vietnamese shares trimmed losses in late trade on Friday as… Read more »

US$1.14 billion raised from G-bonds in April

An auction of Government bonds at HNX. — VNA/VNS Photo Tuan Anh The State Treasury raised more than VND26.3 trillion (over US$1.14 billion) worth of Government bonds (G-bonds) via 16 auctions on the… Read more »

Hoang Anh Gia Lai to sell 80 million shares of HAGL Agrico

Workers collecting latex at HAGL’s farm in Attapeu, Laos. — Photo Hoang Anh Gia Lai (HAGL) has just registered to sell 80 million shares of HAGL Agrico (HNG), reducing its owner’s equity… Read more »

Brokers set high 2021 profit targets on positive market

Trading hours at Ho Chi Minh City Securities Corporation (HSC).— Photo As the market benchmark VN-Index broke the psychological level of 1,200 points, along with many positive outlooks about the market, securities… Read more »

ABBANK plans to hike charter capital

ABBANK plans to increase its charter capital to over VND9.4 trillion (US$408.08 million) and targets higher business goals. — Photo courtesy of the bank An Binh Commercial Joint Stock Bank plans to increase… Read more »

Shares struggle on rising Covid cases, VN-Index keeps rising

Vietnamese stocks struggled in volatile markets on Thursday morning with sentiment hit by increasing COVID-19 cases nationwide, but VN-Index managed to increase. Photo Vietnamese stocks struggled in volatile markets on Thursday morning… Read more »

Vinaconex reports outstanding profit in Q1

Vinaconex’s buildings at Lang Ha Street, Dong Da District, Ha Noi. — Photo Vietnam Construction And Import-Export JSC (Vinaconex) posted higher profit after tax in the first quarter of 2021 despite losses… Read more »

Vinacomin’s revenue hits US$1.67 billion in four months

In April, Vinacomin produced 3.58 million tonnes of raw coal and sold 3.83 million tonnes. — Photo The Viet Nam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) sold nearly 13.9… Read more »

Shares decline on selling pressure

Việt Nam’s stock market declined on Tuesday morning as investors sold large-cap stocks. — Photo Việt Nam’s stock market declined on Tuesday morning as investors sold large-cap stocks. On the Ho Chi… Read more »

Analysts split on market trends this week

One of PVD’s offshore jack-up rigs. The company shares lost 6.2 per cent in market capitalisation last week. — Photo PetroTimes Viet Nam’s stock market recorded strong fluctuations last week, but the VN-Index… Read more »

Market rally continues, VN-Index gains more than 8 points

Vietnam’s stock market inched higher on Thursday morning on the gains of large-cap stocks. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose 8.18 points, or 0.47 per cent, to 1,237.73 points. The… Read more »

Gold trading association calls for national gold exchange

A customer buys gold at Bao TIn Minh Chau Gold Firm in Ha Noi. Viet Nam Gold Trading Association (VGTA) has proposed the establishment of a national gold exchange. — VNA/VNS Photo Danh… Read more »

VN looks to promote issuance of Gov’t bonds on int’l market

Since 2005, Vietnam has issued Government bonds on the international capital market three times with positive results. — Photo Experts and economists have proposed expanding the issuance of Government bonds to the… Read more »

Market rises, VN-Index climbs for second consecutive session

A Vietnam Rubber Group worker collecting latex at a rubber plantation. The company shares hit the maximum daily gain of 7 per cent on Wednesday. — Photo courtesy Vietnam Rubber Group Shares finished… Read more »

Yeah1 targets VND2.7 trillion in revenue in 2021

The signing ceremony between Yeah1 and partners to set up alliance in HCM City on Monday. – VNS Photo Digital media company Yeah1 announced a revenue target of VND2.7 trillion (U$117 million) for… Read more »