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Crown rises, caution before inflation data

Steven DeareAAP
Shares were a little higher on the ASX.
Camera IconShares were a little higher on the ASX. Credit: AAP

Crown Resorts shares rocketed after the company retained its Melbourne casino licence while investors barely nudged the Aussie market before Wednesday's inflation data.

Crown was one of the biggest movers on Tuesday after a royal commission report recommended measures to prevent organised crime other than cancelling the licence.

Shares closed 8.7 per cent higher to $10.50.

Another casino operator, Star Entertainment, appeared to benefit from the same news.

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Star has been accused of similar lapses at its Queensland and Sydney casinos, although a royal commission is not planned.

Shares were up more than four per cent to $3.61.

Technology stocks soared after a strong Nasdaq performance but the ASX was otherwise listless.

IG Markets analyst Kyle Rodda said concerns about rising prices and the consequences may be on investors' minds.

"There remains the lurking spectre of inflation, along with the prospect of tighter global monetary policy," he said.

Central banks have kept rates low to help economies through the pandemic.

Inflation will likely be a key discussion point when the central banks of Canada, Europe and Japan have meetings this week.

"That's keeping traders on their toes," Mr Rodda said.

Australia's annual inflation recently jumped to its highest level in 13 years - 3.8 per cent - due to surging fuel prices.

Another high reading may prompt more bets of a rate rise before 2024. The Reserve Bank says this will not happen.

Meanwhile, annual general meeting season continues for ASX companies. Woolworths will be among those to brief investors on Wednesday.

US earnings season is in one of its heaviest reporting weeks and the technology giants report this week.

In the latest ASX session, the benchmark S&P/ASX200 index closed higher by 2.4 points, or 0.03 per cent, to 7443.4.

The All Ordinaries closed up five points, or 0.06 per cent, to 7759.3.

Technology distributor Dicker Data climbed more than 14 per cent after improving third-quarter profit by 26 per cent.

The year-on-year improvement was helped by the purchase of Exceed Group this year.

While Dicker was unable to forecast an end to the computer chip shortage, it said it had a backlog of orders it would be able to fulfil.

Ampol leaders said fuel prices were trending higher in recent weeks after coronavirus rules were eased in NSW and Victoria.

Third-quarter earnings were up 75 per cent on the same virus-affected quarter last year. However the 2021 third-quarter was also blighted by lockdowns in some states and New Zealand.

Shares closed even at $31.26.

Most of the miners gave back gains from Monday. Fortescue lost almost one per cent, Rio Tinto dipped 0.57 per cent, and BHP improved by 0.74 per cent.

The big four banks were mostly higher. The Commonwealth lost 0.34 per cent.

Oil Search narrowed its full-year production forecast to 26 million barrels of oil from 28 million.

Third-quarter sales were up 12 per cent on the previous quarter, helped by higher LNG and gas prices.

The company is progressing its merger with Santos, while a court hearing looms in Papua New Guinea, where lots of oil and gas extraction takes place.

Shares were down 1.34 per cent to $4.42.

The Australian dollar was buying 75.09 US cents at 1716 AEDT, higher from 74.89 US cents at Monday's close.

ON THE ASX

* The benchmark S&P/ASX200 index closed higher by 2.4 points, or 0.03 per cent, to 7443.4 on Tuesday.

* The All Ordinaries closed up five points, or 0.06 per cent, to 7759.3.

* At 1716 AEDT, the SPI200 futures index was even at 7418 points.

CURRENCY SNAPSHOT

One Australian dollar buys:

* 75.09 US cents, from 74.89 cents on Monday

* 85.52 Japanese yen, from 85.02 yen

* 64.72 Euro cents, from 64.24 cents

* 54.56 British pence, from 54.36 pence

* 104.70 NZ cents, from 104.46 cents.

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