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ASX Market Report

Fixed Interest
Close Points
Currency Close Points
All Ordinaries 7779 28 0.36 $A vs $US 0.7418 0.0021 0.29
S&P/ASX 200 7503 29 0.38 $A vs GBP 0.5317 0.0006 0.10
10-year Bond Rate 1.14 -- -- $A vs YEN 80.94 0.32 0.40
  $A vs EUR 0.6246 0.0015 0.25
  $A vs $NZ 1.0479 -0.0019 -0.18
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ASX Code Company Name Impact Morningstar Rating for Stocks
NWS News Corporation (NWS)
OSH Oil Search Limited (OSH)
STO Santos Limited (STO)

[Morningstar with AAP]: The ASX200 has closed higher than 7500 points for the first time as robust economic forecasts and a falling dollar help investors look beyond coronavirus lockdowns.

The market reset records for the second day this week, helped by BHP gaining more than two per cent and a good US lead.

ThinkMarkets analyst Carl Capolingua said US payment provider Square's $39 billion offer for Afterpay on Monday showed a lower Aussie dollar was helping shares look appealing to overseas investors.

"There is lots of cash out there, and with a falling Aussie dollar there are going to be lots of takeovers," he said.

Mr Capolingua also said it was possible investors may direct some money from China to Australia, given China's regulatory crackdowns.

Shares in US and European-listed gaming companies fell overnight after fears the sector could be next in regulators' crosshairs.

China recently set new rules for private eduction providers, which caused stock prices to slump.

Australia's economy has its own challenges. People in southeast Queensland and NSW are enduring coronavirus lockdowns. The latter again had more than 200 daily infections.

Yet the Reserve Bank on Tuesday said the economy would recover from the lockdowns and grow by more than four per cent next year.

Investors on Wednesday put much of their money into materials shares.

Rio Tinto improved by 1.52 per cent to $134.40. Fortescue was better by 0.38 per cent to $24.09.

There was also money for energy shares. They rose by 0.89 per cent.

The benchmark S&P/ASX200 index closed higher by 28.7 points, or 0.38 per cent, to 7503.2.

The index earlier achieved its best level in history of 7509.2.

The All Ordinaries closed up 28.2 points, or 0.36 per cent, to 7778.7.

Wesfarmers shares traded for the most in their history, $62.76.

The Bunnings owner has recently tried to buy Australian Pharmaceutical Industries but has so far been unsuccessful.

Shares closed higher by 0.55 per cent to $62.55.

Air New Zealand forecast a bigger financial hit after New Zealand suspended its travel bubble with Australia.

The airline forecast losses before significant items and tax to worsen from the previously stated $NZ450 million ($A427 million) to $NZ530 million ($A503 million) this financial year.

The company updated its estimate after New Zealand suspended quarantine-free travel from July 23 for eight weeks due to COVID-19 in Australia.

Shares were lower by 0.71 per cent to $1.40.

Genworth Mortgage Insurance reported a first-half earnings gain after a loss in the same period last year.

Low interest rates and a booming housing market helped a first-half net profit after tax of $59.4 million.

Shareholders will receive an interim payout of five cents per share. They received nothing at the same time last year.

Shares were up 7.55 per cent to $2.28.

In banking, the Commonwealth was best of the big four banks.

Its shares rose 0.77 per cent to $102.23.

Afterpay's momentum appeared to have subsided after Square's bid prompted gains of more than 30 per cent over the past two days.

Shares on Wednesday closed lower by 0.92 per cent to $126.67.

Property group Dexus said it had settled the sale of a property in North Sydney for $273 million.

The funds will be used to repay debt.

Shares were down 0.48 per cent to $10.40.

The Australian dollar was buying 74.14 US cents at 1728 AEST, higher from 73.92 US cents at Tuesday's close.


The benchmark S&P/ASX200 index closed higher by 28.7 points, or 0.38 per cent, to 7503.2 on Wednesday.

The All Ordinaries closed up 28.2 points, or 0.36 per cent, to 7778.7.

At 1728 AEST, the SPI200 futures index was lower by five points, or 0.07 per cent, at 7406 points.

The NZX 50 added 96.79 points (0.76%) to 12,797.29 while the Nikkei dropped -57.75 points (-0.21%) at the time of writing, to be closed at 27,584.08

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