Australian sharemarket fails to hold on to early gains but Airtasker makes stellar debut

The ASX was barely changed on Tuesday but all eyes were on this year’s third biggest float, a gig economy marketplace that leapt almost 80 per cent.

The Australian sharemarket closed flat after fading from earlier gains while gig economy marketplace Airtasker made a stunning debut.

The S&P/ASX200 finished just 7.1 points lower at 6745.4 while the All Ordinaries Index eased 8.4 points to 6986.6.

OpenMarkets Group chief executive Ivan Tchourilov said Wall Street was again mixed overnight with the Nasdaq lifting just one point while the broader S&P 500 was up just shy of 1 per cent.

CommSec analyst Steve Daghlian said the local bourse had a slow start but lifted in intraday trade, combining with Monday’s solid performance to recoup all of last week’s declines.

But it didn’t hold.

Crown Resorts pulled back after soaring 21 per cent in the previous session after US private equity giant Blackstone made an unsolicited, highly conditional $8bn takeover offer for the embattled casino operator, which faces a royal commission in Victoria on Wednesday.

Crown stock dipped 1 per cent to $11.85 - exactly Blackstone’s cash per share bid - as analysts said the company’s property assets were a major lure and regulators could favour a clean slate under new ownership.

Rip Curl owner Kathmandu reported a strong result but says it won’t pay back about $20m in JobKeeper and other wage subsidies.

Outdoor and adventure clothing retailer Kathmandu, which owns Rip Curl and Oboz, reported on Tuesday a net profit of $NZ22.3m ($A20.6m) for the six months to January 31 after sales rose 12.9 per cent.

Kathmandu also resumed dividend payments to shareholders, declaring a 2 NZ cents per share interim payout.

Shares in the group jumped 9.25 per cent to $1.24.

Airtasker rocketed 61.5 per cent to $1.05.

Mr Tchourilov noted the company was up as much as 78 per cent in early trade after raising more than $80m from a substantially oversubscribed public offer, giving it a market capitalisation of about $255m upon listing – the third biggest float this year so far.

“OpenMarkets investors have wasted no time in getting a piece of the action with the stock being the second most purchased across our client base today,” he said.

Airtasker said there was much higher than expected demand from staff and Taskers for shares in the company, with more than $2.5m worth snapped up by them.

“We have an incredible foundation to build from,” chief executive Tim Fung said.

Airtasker chief executive Tim Fung with chairman James Spenceley. Picture: Ryan Osland

Sigma Healthcare, which has Australia’s biggest retail pharmacy footprint with brands including Amcal, booked a near $60m full year reported net profit, a turnaround from a $12.3m net loss for the previous year, and reinstated its dividend.

Shares in the company gained 4.48 per cent to 70 cents.

Coal miner New Hope reported a $55m half year statutory net loss after a fall in production but said the result was in line with expectations.

New Hope shares lifted 1.5 per cent to $1.35.

Whitehaven Coal downgraded its full year guidance to take into account floods in NSW and ongoing shipping problems at the Port of Newcastle, including weather-related restrictions that have led to a 40-vessel backlog.

“While Whitehaven does not expect flooding at any of its operations, there is an elevated possibility of temporary inundation of local roads which could disrupt workforce movements and product haulage,” the company said.

Insurance claims are pouring in as floodwaters continue to rise. Picture: David Gray/Getty Images

Its shares slipped 1.14 per cent to $1.73.

As flooding continues in NSW and southeast Queensland, Suncorp Group gave up 0.4 per cent to $9.88 while fellow insurer IAG put on 0.63 per cent to $4.78.

Prime Minister Scott Morrison told a press conference about 9000 flood insurance claims had been lodged so far.

ANZ slid 1.3 per cent to $28, Commonwealth Bank gave up 0.36 per cent to $84.77, National Australia Bank retreated 0.69 per cent to $25.94 and Westpac slipped 0.93 per cent to $24.43.

Rio Tinto softened five cents to $107.76 and BHP added 1.01 per cent to $44.95.

The Aussie dollar was buying 76.84 US cents, 55.53 British pence and 64.42 Euro cents in afternoon trade.

Originally published as Australian sharemarket fails to hold on to early gains but Airtasker makes stellar debut