The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Loosening COVID-19 restrictions in Victoria were enough to fight off the Monday blues for Aussie investors, with the ASX climbing for its ninth time in 11 sessions.

The ASX 200 index comfortably topped last Thursday’s seven-month high by tacking on 0.85 per cent, or 52.6 points. The index closed at 6229.4, marking a new high after March market crash.

The win follows mediocre leads from Wall Street on Friday night, where the Dow Jones gained 0.39 per cent but the Nasdaq lost 0.36 per cent.

Yet, despite the Nasdaq’s fall, our own tech sector led today’s charge, up 1.66. per cent. Richard White’s WiseTech was the pick of the litter today with a 4.43 per cent gain. Computershare gained 2.81 per cent and Xero gained 1.66 per cent. For once Afterpay took a back seat and closed 0.85 per cent higher. Of course, this was still enough to push the buy now, pay later darling to a new all-time high of $97.54.

Health care was next in line today, up 1.59 per cent. Sector heavyweight CSL gained 1.72 per cent and hearing aid maker Cochlear gained 2.16 per cent. Sonic Healthcare gained 0.96 per cent.

Of course, healthy gains from our materials and financials sectors helped support the happy day.

Among our big iron ore miners, Fortescue Metals led the pack with a 1.14 per cent gain. BHP gained 0.69 per cent and Rio Tinto gained 0.12 per cent.

Meanwhile, gold stocks mostly moved with the rest of the market as Newcrest and Northern Star gained 0.86 per cent and 1.69 per cent, respectively. Saracen gained 0.5 per cent. Evolution and St Barbara missed out, however, with 0.5 per cent and 1.32 per cent respective falls.

As for our banking giants, each of our big four closed green. NAB, ANZ, and Commonwealth Bank each gained between 0.94 per cent and 1.11 per cent. Westpac trailed and closed 0.64 per cent higher. Investment bank Macquarie Group gained 1.27 per cent and QBE insurance gained 1.24 per cent.

The real estate sector was the only drag on the market, closing a slight 0.25 per cent lower today. While shopping centre stocks generally had a happy day, property giant Goodman Group let the sector down with a 1.15 per cent decline. Scentre gained 2.26 per cent, Mirvac Group gained 0.45 per cent, and Unibail-Rodamco-Westfield gained 0.3 per cent.

Overseas, it’s mostly green for major Asian indexes. As the ASX closes for the day, the Asia Dow is up by 1.28 per cent, and Nikkei 225 by 1.18 per cent, and the Hang Seng by 0.79 per cent. The Shanghai Composite is missing out and down 0.22 per cent.

As for our local currency, the Aussie dollar is slightly down this afternoon and buying 70.88 US cents, 54.81 pence, and 11.71 South African Rand.

Today’s ups and downs

Small-cap biotech company Holista Colltech (ASX:HCT), which has had a year of speedy climbs and sudden drops, soared once again today. This time, shares surged on news the company’s Path-Away compound has been proven to kill 99.9 per cent of SARS-CoV-2, the virus that causes COVID-19, in a lab. Despite the rollercoaster year the company has had, shareholders flocked back to the company today. HCT shares closed 136.11 per cent higher at 17 cents each.

Meanwhile, former Holista partner Skin Elements (ASX:SKN) tumbled once more after its hand sanitiser supply deal with HCT was torn up on Friday last week. Holista Colltech said Skin Elements breached several conditions in their collaboration agreement and, as such, the deal was now off. SKN responded today, claiming it’s already moved on and found a new partner with a “superior product”. Shareholders didn’t buy it. Shares in Skin Elements lost 28.57 per cent today, now having shaved off almost 70 per cent of their value in the past two sessions.

More From The Market Online
The Market Online Video

Market Open: Mellow session on US markets – big deals on the table

The Australian share market is expected to open fairly flat, in line with US markets. There…
The Market Online Video

TMH Market Close: ASX200 closes lower, tech sector tumbles 3.9pc

The ASX 200 closed lower, with every sector recording a loss. Tech was the biggest drag…

ASX Today: European shares rise; Chinese factory activity contracts

Australian shares face an uncertain start to the new year as traders weigh a positive session in Europe overnight against a sharp contraction

ASX Update: Heavy selling resumes as 2023 brings no relief

The share market slumped to an eight-week low as signs of a sharp slowdown in major trading partner China offset positive leads from