The S&P/ASX 200 (ASX: XJO) continued its strong recent run, gaining 0.9% on Wednesday behind strength in the materials (up 1.4%) and financial sectors (up 1.2%).
The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) both rallied by more than 1% despite further falls in the iron ore price as China clamps down steel production.
But it was all about lithium once again, as the close of the COP26 convention saw the likes of Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) gain over 6% and 5%, respectively, as the surge in demand for electric vehicles and batteries is set to continue.
Featured video: Inside the ACDC Battery Tech ETF
CBA embraces crypto
In the financials sector, Commonwealth Bank of Australia (ASX: CBA) surprised by announcing it will be offering cryptocurrency payments via its personal banking app, with CBA shares gaining 1.2% on the news.
Traders were also positive on the fact that higher interest rates tend to offer greater scope for higher profit margins for the sector.
AMP share price spikes higher on asset sale
The embattled AMP Ltd (ASX: AMP) topped the market, gaining over 9% after announcing it would divest the remaining 19% of life insurance Resolution Life it owns for $524 million.
The deal adds $450 million to its balance sheet amid the hope of some sort of capital return.
Amcor covers supply chain issues
Consumer packaging business Amcor CDI (ASX: AMC), which reports in the US quarterly period, announced that quarterly profit had increased 2% to $202 million for the quarter despite growing supply chain and resin input issues.
Revenue jumped by more than 9%, however, the majority of this came in the form of higher costs that were passed onto customers.
That said, management reaffirmed its expectation of between 7% and 11% earnings growth despite growing raw material shortages.
The company noted the prioritisation of its existing customers and ensuring it had security of supply as key drivers of the strong quarter.
Tyro share price tanks
Shares in Tyro Payments Ltd (ASX: TYR) fell more than 15% after the company delivered its AGM in the afternoon, with investors seemingly concerned with the circa 25% transaction growth in the four months to the end of October.
Management continues to hold off on providing specific guidance but confirmed transaction values in NSW had spiked by over 40%.
Investors may also have been worried about Tyro’s gross profit line, which has grown at a slower pace compared to revenue in the year to date. The company released an additional announcement after hours, clarifying that gross profit has been reduced by the company’s Bendigo Bank Alliance revenue share deal.
Huon takeover confirmed
Finally, salmon farmer Huon Aquaculture Group Ltd (ASX: HUO) looks set to overcome Twiggy Forrest’s complaints with the Federal Court approving the takeover by Brazilian meat processing giant, JBS.
ASX 200 today
Looking ahead, the ASX 200 is tipped to open on positive footing this morning after all three US benchmarks finished higher overnight. To find out more, check out my US stock market report.
