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The ASX200 higher; Archer Materials plummets 9%; Flight Centre soars on travel ban lift

  • The ASX200 is trading 1.02% higher at 7259 points after lunchtime.
  • Archer Materials plummets 9% after successful $15m equity raise.
  • Flight Centre hit a 20-month high as international borders set to open.

The Australian market is trading sharply higher, up 1.02% at 7259 points as financial stocks lead gains on the key index, with CBA adding 3.5% in morning trade while NAB is up 2.1%.

The tech sector is trading lower after lunchtime as losses for Xero, Megaport and Computershare offset Tyro Payments’ more than 3% gain.

Bitcoin is trading 0.26% higher over the last 24-hours at US$47,768.24 at 1:30pm AEST.

Investors are growing concerned about a share dilution following Archer Materials’ latest update on its recent equity raise, with the Archer Materials share price plummeting more than 9% today. The update advises of the company’s successful $15m institutional placement at $1.45/share which will see around 10.3 million new ordinary shares issued. The company said the funds raised will be used to develop its CQ quantum computing chip and lab-on-a-chip biochip technologies.

Making headlines, Flight Centre shares hit a 20-month high this morning, up just under 9% as investors grow confident for a return to travel in the very near future. Investors are piling into travel stocks today following Prime Minister Scott Morrison’s announcement on Friday that Australia’s international travel restrictions will be removed from November for states that reach 80% vaccination rate.

Eminem former US President Donald Trump has filed a lawsuit in Florida in a bid to force social media giant Twitter to reinstate his Twitter profile, arguing that Twitter’s ban violates the First Amendment and goes against Florida’s new social media law.

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