The ASX 200 (ASX: XJO) is tipped to start the day in the green, with the latest ASX futures pointing to a positive open on Friday.
Here’s what’s making headlines across local and global sharemarkets.
ASX 200 delivers a gain, AMP shares enter trading halt
The S&P/ASX 200 managed to register a slight gain on Thursday, finishing 0.2% higher behind strength in the banking and healthcare sectors, with National Australia Bank Ltd (ASX: NAB) up 0.5% and CSL Limited (ASX: CSL) 1.4% amid a search for quality.
The news of the day was the rumoured departure of ‘saviour’ CEO Francesco de Ferrari, with AMP Ltd (ASX: AMP) entering a trading halt after falling 3.8% during the day.
The Australian Securities Exchange (ASX: ASX) is likely to face additional pressure after its upstart competitor Chi-X was purchased by global giant Cboe, with significant technological investment set to follow; ASX shares fell 1.0%.
Suncorp Group Ltd (ASX: SUN) was the first of the banks to begin outlining the cost of the Northern floods, confirming it had received 5,400 flood-related claims already, sending shares close to 1% lower.
Resolute Mining Limited (ASX: RSG) once again confirmed why investors seeking commodity exposure should do so directly, not through mining companies, with shares falling 26.2% after losing its mining lease in Ghana.
Netwealth and Hub24 share prices tumble, Brickworks on the up
The lowlight of the day was the wealth platform sector as both Netwealth Group Ltd (ASX: NWL) and Hub24 Ltd (ASX: HUB) fell by 13.7% and 14.0%, respectively.
The trigger was an announcement by the former that its wholesale interest agreement with Australia and New Zealand Banking Group Ltd (ASX: ANZ) would be coming to an end in 12 months’ time. Under the deal, Netwealth is able to receive an interest rate of 0.95% on balances held in its custodial accounts, whilst paying close to 0% back to account holders.
Brickworks Limited (ASX: BKW) was one of few highlights, jumping 4.7% after revealing half-year results, announcing a 22% increase in net profit to $71.2 million and lifting its dividend by 5%. The company has benefitted from a stimulus-led housing recovery, with Australian earnings up 60% to $16 million, supported by the Home Builder program. CEO Lindsay Partridge did however note concerns around the outlook for 2022 should migration and international student arrivals remain at current levels.
Construction material suppliers Boral Limited (ASX: BLD) and AdBri Ltd (ASX: ABC) benefitted from the report, jumping 5.3% and 1.3%, respectively.
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US markets stage U-turn, Suez remains blocked
All three US benchmarks finished higher on Thursday, the Dow Jones up 0.6%, S&P 500 0.5% and Nasdaq 0.1% despite having a weaker start.
The oil price has fallen even though as the Suez Canal remains blocked for the second straight day. It has been estimated that some 2 million barrels of oil are delayed every day by the stoppage.
President Biden delivered his first press conference since taking office, offering a similar rhetoric to Donald Trump. He indicated that China ‘will not be the most powerful country’ on his watch and would be outspending them on innovation and infrastructure to ensure this. In a wide-ranging conference, he also pointed to action should North Korea continue to test missiles.
Boeing Co (NYSE: BA) was a key gainer, adding 3.3% after announcing it planned to resume delivery of its 787 Dreamliners, highlighting an end to the year from hell for planemakers.