Technology and gold stocks drive the local share market higher. Defensive industrials and bank stocks underperform.
S&P/ASX 200 Intraday
Mesoblast (MSB) soars 39.1% after a US Food and Drug Administration Advisory Committee votes 9-to-1 in favour of its remestemcel-L therapy.
National Australia Bank (NAB) gains 1.2% after reporting a June quarter statutory net profit of $1.5 billion and cash earning s of $1.55 billion, a fall of 7.0% on a year ago. Credit impairments were up sharply again in the period after a steep rise in the March quarter 2020. Net interest margins were 'broadly stable.'
Mineral sands producer Iluka Resources (ILU) slips 0.8% after reporting a 17.5% in half-yearly net profit. Revenue was down 16.3%.
S&P/ASX Sector Indices (% change)
Online education provider 3P Learning (3PL) surges 22.8% to $1.345 after entering a scheme implementation arrangement with US-based IXL Learning Inc to acquire the company for $1.35 per share in cash. 3PL also released its full-year results which showed a 72.9% fall in full-year net profit on revenue growth of 1.3%.
Baby Bunting Group (BBN) jumps 10.4% after reporting a 14.3% fall in full-year net profit. Revenue was up 10.1% and the retailer says like-for-like sales growth for the first six weeks of FY21 were up 20.0% on last year.
Gold producer Newcrest Mining (NCM) dips 0.9% despite announcing a 15.3% lift in full-year earnings. Revenue was up 15.3% and underlying earnings were up 34% to US$750 million. However the company flags lower gold production in FY21.
ASX Market Moving Stocks
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