ASX 200 rises 0.4%

The S&P/ASX 200 Index (ASX:XJO) went up by 0.4% today as resource shares such as Rio Tinto Limited (ASX:RIO) pulled the ASX higher.

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ASX 200

Credit: Cimexus

The S&P/ASX 200 Index (ASX: XJO) went up by 0.4% today to 6,825 points.

Here are some of the highlights from the ASX:

Resource shares go higher

One of the top five performers today in the ASX 200 was the Fortescue Metals Group Limited (ASX: FMG) share price in reaction to the profit update at the end of last week when it said that FY21 half-year profit is expected to be in the range of US$4 billion to US$4.1 billion. It also said that preliminary accounts showed it made a net profit after tax of US$940 million in December 2020 alone.

The disclosure came about after Fortescue’s chairman and founder gave a speech, which included plans of Fortescue to become a leader in ‘green hydrogen’ and it’s trying to see if it can make steel using hydrogen rather than coal.

Two other large contributors to the ASX 200 today were the BHP Group Ltd (ASX: BHP) share price which went up just over 1% and the Rio Tinto Limited (ASX: RIO) share price grew by 2%.

Mach7 Technologies Ltd (ASX: M7T)

The Mach7 Technologies share price rose by 9% today.

It announced that it has signed a contract amendment with Adventist Health System/West for the license of the Mach7 PACS (picture archive communication system) solution and associated services.

Mach7 was initially contracted with Adventist in April 2020 to provide its eUnity Diagnostic Viewer and March7 Universal Worklist to Adventist Health Tulare, one of the hospitals in the Adventist Health network.

Mach7’s PACS solution is part of the Adventist PACS replacement program which is being rolled out across all 22 of its hospitals. The contract is valued at over $7.9 million, including migration services and five years of support and maintenance.

The software deployment will occur in stages as software licenses are ordered by individual hospitals in the Adventist Health group. Mach7 said it’s expecting to receive the first of those orders this quarter from three hospitals, which is expected to comprise approximately 7% of the total contract value. Mach7 expects to receive further orders this financial year, with a goal of having the majority of the Adventist Health hospitals using the Mach7 PACS by the end of the 2021 calendar year.

Mike Lampron, the CEO of Mach7, said: “I am delighted to partner with Adventist for their PACS replacement project. The collaborative partnership we have established with Adventist Health has allowed us to help them expand their enterprise imaging growth strategy. I am confident Mach7’s full enterprise PACS solution will provide a flexible and scalable foundation that meets the needs of radiologists across their health network.”

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price went up by 0.6% today after the company announced that it had appointed ex professional basketballer Shaquille O’Neal, four-time NBA championship winner, as its Australian brand ambassador.

Under the agreement, Mr O’Neal will headline the company’s new 2021 Australian brand campaign, which will roll out across television, digital, mobile and social media.

Pointsbet co-founder Andrew Fahey said: “Shaq is an iconic figure in the worlds of sports and entertainment and was our clear number one pick to represent the PointsBet brand in Australia. US sports, particularly professional basketball, continue to be the fastest-growing betting sport in Australia, and we are very excited to align with such a transcendent athlete.

“Further, we are delighted that Mr O’Neal has agreed to take part of his consideration in the form of equity in Pointsbet, which underscores the alignment and trust across our teams and our shared belief in the opportunities ahead for Pointsbet.”

Mr O’Neal said: “The rise of responsible sports betting is really exciting, and I am so excited to join forces with Pointsbet, the best-in-class partner in Australia when it comes to online sportsbooks.”

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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended MACH7 FPO and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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