“The idea that it can’t rattle fast is just wrong,” said Summers.
Australian tech stocks fell sharply earlier in the week, but the sector made up some of those losses on Tuesday. Xero was up 2.2 percent to $ 125.62, Megaport was up 2.9 percent to $ 10.98, and WiseTech Global was up 2 percent to $ 28.15.
Real estate-related businesses also traded higher, with Growthpoint Properties rising 1.8 percent to $ 3.39 and Abacus Property Group also rising 1.8 percent to $ 2.82.
Auckland International Airport rose 2.8 percent to $ 6.93, but other travel stocks were weak, extending losses the previous day after Queensland announced a three-day lockdown to counter a COVID-19 outbreak in the state. Flight Center fell 1.8 percent to $ 17.63.
AGL shares fell 3.5 percent to $ 9.81 after the utility announced it would split in two. It will be split into “new AGL”, Australia’s largest retailer of multi-product energy, and “PrimeCo”, Australia’s largest electricity producer.
Santos was down 1.1 percent to $ 7.13 after announcing a final investment decision for the Barossa $ 3.6 billion gas and condensate project off the Northern Territory coast.
PointsBet fell 9.3 percent to $ 12.27 after reports in the US that New York state legislation to approve mobile sports betting could be delayed.
US website Actionnetwork cited a report from Deutsche Bank that US legislation may not end by Wednesday. After the news, other US sports betting stocks, including DraftKings and Penn Gaming, fell 8 percent each.
Miners were also weak: Silver Lake Resources fell 5.6 percent to $ 1.52, Resolute Mining fell 7.7 percent to 42 ¢, and Northern Star fell 3.9 percent to $ 9.75. Nickel Mines fell 5.3 percent to $ 1.26. The Steelmaker BlueScope Steel fell 3.9 percent to $ 19.23.
Syrah Resources fell 4.2 percent to $ 1.04. It announced to shareholders that after ramping up production at the company’s Balama facility, it will no longer issue any proposed $ 28 million convertible bond tranche to Australian Super.
News Corp fell 2.3 percent to $ 30.40 after telling shareholders it was acquiring the book and media segment from Houghton Mifflin Harcourt for $ 349 million and transferring the company to its book publishing division from Harper Collins would integrate.
Eagers Automotive fell 2.9 percent to $ 14.22 after Bell Potter downgraded it from Buy to Hold. The move reflected the dealership’s share price, which was in line with its price target of $ 15.50.
By selling the Daimler truck business, the broker has raised its forecast for earnings per share for 2021 by 10 percent. The results for fiscal year 2022 and fiscal year 2023 were downgraded by 2 percent.
Telstra gained 1.2 percent to $ 3.43 after a two-stage upgrade at Morgan Stanley. The broker raised the country’s largest telecommunications company from “underweight” to “overweight”.
Telstra’s shares are worth $ 4, according to Morgan Stanley’s estimate of the value that can be unlocked through the telecommunications company’s separation. However, due to the bear-case scenario, if Telstra goes wrong, the stock will only be $ 2 per share.
Telstra can likely keep its dividend at 16 ¢ per share by spinning off the tower business, which will reduce net debt, the broker said.
