ASX 200 jumps 1.2%: Technology One results, Brickworks update, gold miners sink

Brickworks Limited (ASX:BKW) and TechnologyOne Ltd (ASX:TNE) shares are making a splash on the ASX 200 on Tuesday…
The post ASX 200 jumps 1.2%: Technology One results, Brickworks update, gold miners sink appeared first on Motley Fool Australia. –

asx 200

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain thanks to positive vaccine news. The benchmark index is currently up 1.2% to 6,638.7 points.

Here’s what has been happening on the market today:

Technology One full year results.

The TechnologyOne Ltd (ASX: TNE) share price is on the rise today after it delivered a solid full year result which beat its guidance. Due to a combination of strong software-as-a-service growth and good cost control, the enterprise software company’s underlying profit before tax came in at $82.5 million. This was up 13% year on year and compares favourably to its guidance range of 8% to 12% growth for FY 2020.

Brickworks trading update.

The Brickworks Limited (ASX: BKW) share price is pushing higher today after the release of a trading update. According to the release, the building products company has started FY 2021 in a positive fashion. Although its North American business is facing disruptions to sales activity and manufacturing operations from COVID-19, the rest of the business appears to be performing well. For example, management advised that the Building Products Australia business delivered first quarter earnings well ahead of the prior corresponding period.

Gold miners sink lower.

The AstraZeneca COVID-19 vaccine news is weighing heavily on safe haven assets today. This has led to the gold price and gold miners such as Northern Star Resources Ltd (ASX: NST) and Silver Lake Resources Limited (ASX: SLR) falling heavily. So much so, the S&P/ASX All Ordinaries Gold index is down 5.1% at lunch.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Beach Energy Ltd (ASX: BPT) share price with a 9% gain. A rise in oil prices following the vaccine news appears to be behind this rise. The worst performer has been the Saracen Mineral Holdings Limited (ASX: SAR) share price with a 6.5% decline. This follows the aforementioned pullback in the gold price.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 jumps 1.2%: Technology One results, Brickworks update, gold miners sink appeared first on Motley Fool Australia.

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