The Australian sharemarket closed at its highest level since February 2020; BHP Group rises after paying bumper dividend; JCap says Nearmap response avoided key issues; RBA outlines thinking behind extension of QE; Fortescue clears out leadership amid Iron Bridge cost blowout.
Tech lifts ASX higher; energy, gold lower
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ASX closed Tueday for Australia Day
Spot gold flat at $US1855/oz
4.51PM – Jan 25, 2021
Vesna Poljak
Australian shares rose in a quiet session ahead of the Australia Day public holiday, led by Fortescue Metals Group, which advanced more than 4 per cent following an enthusiastic reception to Friday’s trading update.
The S&P/ASX 200 Index rose 24.3 points or 0.36 per cent to 6824.69 on Monday. The All Ordinaries added 0.46 per cent to 7111.39.
Fortescue shares put on 4 per cent to $25.30. The iron ore producer on Friday forecast first-half net profit of $US4 billion to $US4.1 billion when it reports on February 18. Iron ore traded in the spot market fell 0.9 per cent to $US169.97 a tonne for 62 per cent-grade ore, according to Fastmarkets MB.
ASX snaps losing streak; Woodside, Oil Search rally
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Nick Lenaghan
Shopping centre landlords face increasing pressure from tenants to adopt turnover-style rent agreements as the switch to online shopping accelerates, according to an S&P Global Ratings report.
At the same time, major mall owners – who range from listed players such as Westfield operator Scentre and Vicinity Centres to unlisted owners including investment platforms QIC and ISPT – are grappling with the prospect of softer demand for space as retailer defaults increase and large international brands reduce their footprints.
The rent war that broke out last year as retailers shut down during the height of the pandemic triggered a broader debate over whether leases could be better adjusted to accommodate modern shopping habits as consumers turn increasingly online.
ASX jumps in broad rally; Fortescue at record high; Link tumbles
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S&P500/Nasdaq futures are mixed
Asia Pacific markets are on the front foot
AUD buys US77.1c
4.59PM – Jan 4, 2021
Robert Guy
It s tempting to dismiss the surge in the price of Bitcoin and Ethereum as a speculative blow-off powered by hot money chasing momentum. But the rally in digital currencies reflects an unease about the unholy trinity of debt, deficits, and debased currencies forged by policymakers desperate to revive growth.
The rally in Bitcoin beyond $US30,000 is a digital indictment of the easy money policies embraced by the world s central banks, as increasingly aggressive balance sheet expansions obliterate the concept of a price for risk and fuel an ever growing everything bubble .
ASX closes 0.7pc higher; City Chic shares at record
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Vesna Poljak
The S&P/ASX 200 Index closed at 6,643.1 points up 43.5 points or 0.66 per cent on Wednesday.
Mesoblast rallied 9 per cent to $2.37 on no apparent news, Smartgroup almost 8 per cent to $6.78 following an earnings upgrade, and GUD more than 5 per cent to $12.41.
Cooper Energy fell 4.1 per cent to 35¢.
BHP Group fell 1 per cent to $42.45, Rio Tinto was down 0.49 per cent to $114.85 and Fortescue Metals Group lost 1¢ to $23.47.
Westpac was flat at $19.56, Commonwealth Bank rose 0.9 per cent to $83.18, National Australia Bank rose 0.2 per cent to $22.98 and ANZ Banking Group added 0.8 per cent to $23.10.