Travel stocks rally, Magellan falls on CEO departure: ASX up 0.5% at noon

The Australian sharemarket opened higher and held its spot in positive territory thanks to a rise in consumer discretionary, tech and travel stocks. At noon, the S&P/ASX 200 is 0.5 per cent or 33.7 points higher at 7278.8. The SPI futures are pointing to a fall of 12 points.

Across the sectors, only 2 out of 11 are in the red. Consumer discretionary is adding the most points, up 1.3 per cent, followed by technology and real estate, both up 1 per cent. Meanwhile, utilities and materials are both down 0.4 per cent.

Travel stocks are rallying as Omricon fears ease. Qantas (ASX:QAN) is up 4.4 per cent, Flight Centre (ASX:FLT) up 5.4 per cent and Corporate Travel Management (ASX:CTD) is up 5.6 per cent as the best-performing stock.

Tech stocks are also lifting, with buy now-pay later giant Aftepay (ASX:APT) rebounding from yesterday’s performance, up 1.1 per cent. Meanwhile, Zip Co (AS:Z1P) is up 5.9 per cent following its trading update and wagering giant PoinstBet (ASX:PBH) is up 6.2 per cent, despite no officially released company news. 

In headlines this morning, Magellan Financial Group (ASX:MFG) is down 3.7 per cent as the worst-performing stock, after news broke that its chief executive officer Brett Cairns will resign. Bank of Queensland (ASX:BOQ) is up 4.1 per cent cent, despite a warning its operating profit margin is set to come under pressure.

Heavyweight miners are dragging, led by Fortescue Metals (ASX:FMG) down 1.7 per cent, despite iron ore prices trading higher. 
 
IPO

RocketBoots (ASX:ROC) has listed on the ASX today. Their shares issued at $0.20, started trading at $0.17 and are currently at $0.185.

Best and worst performers

The best-performing sector is Consumer Discretionary, up 1.3 per cent. The worst-performing sector is Materials, down 0.4 per cent.

The best-performing stock in the S&P/ASX 200 is Corporate Travel Management (ASX:CTD), trading 5.6 per cent higher at $23.21. It is followed by shares in PointsBet Holdings (ASX:PBH) and Zip Co (ASX:Z1P).

The worst-performing stock in the S&P/ASX 200 is Magellan Financial Group (ASX:MFG), trading 3.89 per cent lower at $29.87. It is followed by shares in Iluka Resources (ASX:ILU) and ASX (ASX:ASX).

Commodities and the dollar

Gold is trading at US$1779.85 an ounce.
Iron ore is 1.9 per cent higher at US$100.40 a ton.
Iron ore futures are pointing to a rise of 3.9 per cent.
One Australian dollar is buying 70.44 US cents.