Last Orders: ASX rockets over 1 per cent led by resources; hits record closing high

The ASX had a solid start to the week, gaining over 1 per cent and hitting a record high.

The ASX 200 closed 1.3 per cent up at 7,172.8 which is a record closing high although not quite an all-time intra day high.

The #ASX 200 rose by 92pts or 1.3% to 7172.8, hitting a record closing high & is just 25pts or 0.35% away from hitting an all-time intraday high. Iron ore miners provided the largest boost on Monday #ausbiz

— CommSec (@CommSec) May 10, 2021

All sectors were in the green except utilities, which fell 0.1 per cent while resources were the best performing, gaining 3.35 per cent. The runner up was industrials, which rose 1.27 per cent. Small caps saw less of a surge, with the ASX Emerging Companies Index only gaining 0.12 per cent closing at 2,109.

The top stocks with news were Xantippe Resources (ASX:XTC), which won an exploration license and E2 Metals (ASX:E2M) off the back of exploration results.

ANNOUNCEMENTS YOU MAY’VE MISSED

A2 Milk (ASX:A2M) fell yet again after another earnings downgrade. The company is tipping $1.2-$1.25 billion in revenue in FY21 having tipped up to $1.55 billion in December and $1.4 billion in February. The company blamed difficult trading conditions in the China infant nutrition and daigou reseller markets.

Regional Express (ASX:REX) also gave a trading update in which it tipped – despite high competition and the end of JobKeeper – that it would finish FY21 in a breakeven situation. The company also said it would announce even more routes on “other Qantas monopoly ports” soon.

Asthma inhaler manufacturer Adherium (ASX:ADR) has told shareholders to reject the bid made by Respiri (ASX:RSH). It argues the differences between the two meant such a deal would increase risk and Adherium had good long term prospects as a stand alone entity.

Despite the exploration results today E2 Metals (ASX:E2M) received a s.249D notice requesting a meeting to remove its director Todd Williams. While the company said it would hold a meeting it warned shareholders no replacement director was proposed and Williams’ removal would see the company short of the quorum for public company directors under the Corporations Act.

Payments company Tyro (ASX:TYR) announced it was entering the telehealth space by acquiring Melbourne digital health payments business Medipass for $22.5 million. The company, which is part-owned by NAB Ventures, has a cloud-based platform enabling healthcare providers to accept payments without a healthcare terminal.

Cannabis stock Bod Australia (ASX:BDA) recorded the highest ever monthly sales of its products in Australia – filing 1,789 MediCabilis prescriptions in Australia. The company also told shareholders it had a number of new products in the pipeline that would be launched imminently.

American Pacific Borates (ASX:ABR) told shareholders it was deferring construction of Phase 1A of its Fort Cady borate mine. The move sent the company crashing over 25 per cent today.

Credit Intelligence (ASX:CI1) announced the appointment of Will Banks as Group Chief OperatingOfficer (COO). Banks brings over 20years’ experience in the fintech and banking industry and was the CEO of Challenger Capital, Daytek Capitaland IQ Option Europe Ltd.