It has been a good start to the week’s trading, with the S&P/ASX200 up today, gaining 65.50 points or 0.89% to 7,408.10.
The top-performing stocks in this index are Flight Centre Travel Group Limited up 9.10% and Redbubble Limited up 5.50%.
Shares in takeover target Australian Pharmaceutical Industries (ASX:API) jumped 3.1% to $1.51 after Sigma Healthcare made a $773.3 million takeover bid, with Wesfarmers circling.
Sigma shares were up 0.8% to 60 cents at the time of writing, while Wesfarmers shares slipped 0.5% to $57.06.
Over the last five days, the index has gained 2.21% and is currently 2.94% off its 52-week high.
The good performance this morning has been driven by financials and materials stocks.
Last week, the best performing sectors were Utilities up over 4%, followed by Energy up over 3% and Communication Services up over 1%.
The worst performing sectors were Financials down over 2% followed by Materials down over 1% while Industrials was just in the red.
Certainly, a better start for the financials and materials sectors this week.
The best performers in the ASX/S&P top 100 stocks were AusNet Services up over 30% after a takeover bid from Canada’s Brookfield, AGL up over 8% and REA Group up over 7%.
The worst-performing stocks were Lynas Rare Earths down over 8% followed by Bluescope Steel and Link Administration, both down over 5%.
All eyes on economic recovery
While the city of Perth hosted one of the most entertaining AFL grand finals in recent memory, Melbournians were locked out of the event they call their own and had to watch and celebrate in their own homes.
Meanwhile, Sydneysiders will be watching an all-Sydney rugby league grand final on their TV sets as well as Brisbane plays host.
Hopefully, those sorts of trends change soon with both Melbourne and Sydney eyeing off an easing of restrictions.
Victorian Premier Daniel Andrews told Victorians this morning that modest changes could be expected this week, while a series of “vaccinated economy trials” would begin in regional areas.
The shires of Buloke, Pyrenees, Bass Coast, Bendigo, East Gippsland and Warrnambool will test systems that could help businesses fully open (and deal with aggressive unvaccinated customers).
Meanwhile, in NSW Premier Gladys Berejiklian revealed a three-stage plan to reopen with key dates locked in for October and December.
Stage one is expected to kick in on October 11, at which point pubs, retail stores and gyms are meant to open, but only for the fully vaccinated.
Stage two, which could happen a couple of weeks after stage one, may see international travel resume and stage three will see unvaccinated people afforded some freedoms.
All this points to a full reopening of some of the key drivers of economic stimulus that have suffered most: hospitality, travel, recreation and retail.
On the small cap front
Resource Base Limited (ASX:RBX) is up 46.34%, Revolver Resources Holding Ltd is up 33.87% and Arafura Resources Limited is up 23.08%.
AVZ Minerals Ltd (ASX:AVZ) is up 14.06% after securing a cornerstone investor for the development of Manono Lithium and Tin Project in the DRC on entering an agreement with Suzhou CATH Energy Technologies (ASX:EGY).
Noxopharm Ltd (ASX:NOX) is up 4.42% having passed a milestone in securing the future commercial value of Veyonda® with the US Patent Office allowing key abscopal response claims for the company’s DARRT immuno-oncology treatment.
Others small caps of note:
- AQI +4.35%
- ARR +19.44%
- AZY +2.08%
- ARU +23.08%
- AGC +8%
- ASM +4.75%
- BSX +2.11%
- BNL +3.23%
- CV1 +2.78%
- CPN +2.9%
- CVS +11.11%
- CRL +10.34%
- CMP +2.44%
- CZN +5.88%
- CPH +4.55%
- CLE +10%
- EXL +4.76%
- FYI 8.5%
- FEX +4.44%
- FFX +2.44%
- G1A +2.44%
- IMU +4.17%
- KSN +2.56%
- KNM +7.69%
- LIT +2%
- MXR +5.68%
- MEI +7.14%
- NTU +6.67%
- PAB +2.38%
- PXX +8.57%
- POL +16%
- POS +2.5%
- PDI +6.45%
- QML +4.69%
- QPM +3.77%
- RPM +8.2%
- RED +2.44%
- SNS +4%
- STK +11.54%
- TMT +2.41%
- TIE +7.35%
- TSC +10%
- VMSW +7.55%
- VRC +3.03%
- WKT +2.50%
- WWI +2.08%