Materials shares rebound, help ASX higher | Ralph-Lauren

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Materials shares have bounced back from four consecutive sessions of losses to help the Australian share market higher.

Materials shares were up 0.72 per cent despite the iron ore price continuing to ease.

Chinese government officials last week declared a crackdown on rising commodity prices after iron ore rose as high as $US240 per tonne.

Shares in the big three miners – BHP, Fortescue and Rio Tinto – were at least one per cent higher on Tuesday.

Property shares were best and higher by 0.96 per cent.

The heavyweight category of financial shares was up 0.75 per cent.

The benchmark S&P/ASX200 index was up by 44.1 points, or 0.62 per cent, to 7090 at 1200 AEST.

The All Ordinaries was higher by 46 points, or 0.63 per cent, to 7322.

Stocks closed higher on Wall Street earlier. Technology and communication companies had solid gains.

Inflation concerns cooled as investors may be starting to view US President Joe Biden’s infrastructure bill as likely to be smaller than first thought.

The president is still negotiating the bill and last week reduced its size.

In Australia, restrictions on gatherings are back after Victoria recorded a fifth case of COVID-19 in Melbourne’s northern suburbs.

Public gatherings will be restricted to 30 people and masks will be mandatory for most people indoors.

Shops, cafes, restaurants and pubs will stay open but with coronavirus conditions.

On the ASX, Brisbane-based software provider TechnologyOne posted a 48 per cent rise in first-half earnings but warned full-year figures could be much different.

Sales of the company’s enterprise resource planning software contributed to a net profit after tax of $28.2 million for the six months to March 31.

Boss Ed Chung said while the software as a service product was gaining sales, TechnologyOne was reducing its legacy licence fee product.

Sales of the latter will drop by about $7 million over the full year.

Shares were lower by 0.11 per cent to $8.98.

Cancer treatment provider Imugene shot up 8.64 per cent to 44 cents after chairman and chief executive bought more shares in the business.

Executive chairman Paul Hopper bought 25 million shares for $1.07 million.

Chief executive Leslie Chong bought 36.2 million shares for $1.51 million.

Among the big miners, BHP gained 1.21 per cent to $47.44. Fortescue climbed 2.24 per cent to $21.85. Rio Tinto improved by 1.27 per cent to $121.02.

The big four banks were higher by less than one per cent.

ANZ was best, rising 0.81 per cent to $28.39.

The Australian dollar was buying 77.52 US cents at 1200 AEST, higher from 77.40 US cents at Monday’s close.

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