The Australian share market is having a bit of an off-day…
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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a disappointing note. The benchmark index is currently down 0.5% to 7,127.5 points.
Here’s what is happening on the market today:
A2 Milk share price rises
The A2 Milk Company Ltd (ASX: A2M) share price is pushing higher on Tuesday amid potentially positive news out of China. According to China’s official news agency Xinhua, China will support couples who wish to have a third child. This compares to a limit of two previously. The government made the move in response to the country’s ageing population. The new policy is aimed at raising China’s fertility rate, which bodes well for infant formula demand.
Mining giants rise
Mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) are trying the best to lift the ASX 200 on Tuesday. All three miners are pushing higher at lunch. This appears to have been driven by a rise in the iron ore price overnight. According to Metal Bulletin, the spot iron ore price climbed 4.4% to US$198.83 a tonne following a rise in Chinese steel prices.
Woolworths completes Quantium investment
The Woolworths Group Ltd (ASX: WOW) share price is trading lower despite announcing the successful completion of its Quantium transaction. According to the release, this transaction has strengthened its partnership with the data science and advanced analytics business, increasing its shareholding from 47% to 75%. Woolworths paid $223 million for the additional stake. CEO Brad Banducci commented: “Through this transaction, we aspire to bring together Quantium’s advanced analytics capability and Woolworths Group’s retail capabilities to unlock value across our entire retail ecosystem.”
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the a2 Milk share price with a gain of 3%. This follows changes to China’s two-child policy. The worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 4% decline. This is despite there being no news out of the sports betting company.
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