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The ASX200 seesaws; Pointsbet surges on licence update; Seven West rallies on AGM & FY21.

  • The ASX200 is trading just 0.08% higher at 7458.10 points on Tuesday.
  • Pointsbet surges 8% on New York State recommendation for licence.
  • Seven West Media rises on AGM & FY21 results including $1.27bn revenue.

The Australian market seesawed in morning trade before settling just 0.08% higher at 7458.10 points after lunchtime as tech stocks rebound from yesterday’s turbulent session to lead gains today. The ASX is also boosted today by a rally for NAB after the bank released impressive FY21 results.

The tech sector’s rally is driven by Tyro Payments surging 5.35%, Megaport jumping 4.27% and Afterpay trading just under 3.5% higher.

Bitcoin is trading at a new record high US$67,816.83 at 1:30pm AEDT, up 3.8% in the last 24-hours.

Online-bookmaker Pointsbet is surging 8% today after the company told investors that a ‘platform provider’ licence to operate mobile sports wagering in New York was recommended for Pointsbet by the New York State Gaming Commission in a meeting on Monday. Recommended operators will now undertake independent system testing ahead of an official launch expected early in 2022.

Making headlines, Seven West Media shares are rallying today after the media giant held its AGM today noting key updates including a return to the top position of free-to-air networks. For FY21, Seven West Media reported a 4% revenue growth to $1.27bn, net debt down 40% to $240m, secured landmark deals with Facebook and Google, and the company is well positioned to achieve the targeted 40% share in 1H FY22.

And Ilume is a Melbourne startup set to launch smart dog bowls, collars and an app to track the exercise and diet levels of a dog to formulate recipes and health insights for a furry friend.

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