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ASX rebound wanes as blue-chips sag; Afterpay leads tech rise

Summary

  • The ASX 200's rebound from a 10-week low is running out of steam. The index, which jumped by as much as 1.3% at the open, was last up just 0.2%
  • Woolworths boss Brad Banducci has warned the Victorian government its stores in the state could suffer from stock shortages by Christmas if restrictions on grocery supply chains aren't eased
  • Myer has swung to a $172m full-year loss after the retailer was forced to write down the value of its brand name amid the COVID-19 crisis. Its stock was 14.7% lower at 22 cents. 
  • Markets in China, Hong Kong, Japan, and Korea are ahead today. US futures were down 0.1% at 3pm AEST

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ASX rebound runs out of puff as heavyweights pull back

By Alex Druce

The ASX 200 has almost entirely handed back its early lead as the market's heavyweight stocks pull back.

The index - which was as much as 1.3 per cent higher at Thursday's open - was ahead by just 0.1 per cent at 5883.2 by 2pm.

The ASX bounced strongly at the open after hitting a 10-week low on Wednesday. Local stocks followed Wall Street higher, after US stocks arrested their three-day slide overnight.

The local financial sector was in the red with each of the major lenders declining. NAB fell 1.2 per cent to lead losses, with Commonwealth Bank sagging 0.5 per cent, ANZ down 1 per cent, and Westpac shedding 0.9 per cent.

BHP was flat and Rio Tinto also eased back, sitting just 1.1 per cent higher after a 1.8 per cent jump at the open. Fortescue Metals was down 0.6 per cent, having earlier risen by 1.3 per cent.

Ex-dividend CSL was up 0.2 per cent at $281.7. Wesfarmers fell 0.7 per cent, Woolworths 0.8 per cent, and Transurban 0.4 per cent. The property sector was 0.9 per cent lower.

Tech stocks were still ahead, rising 1.6 per cent as a sector. Afterpay was up 3.1 per cent at $76.35.

Markets in China, Hong Kong, Japan, and Korea are ahead today. US futures were down 0.3 per cent at 2pm AEST

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