Almost all 200 stocks made gains this morning: ASX tracking 3.2% higher at noon

The Australian share market shot up at the open and is now tracking almost 3.2 per cent higher at noon. Almost all the top 200 stocks have made gains today. Viva Energy saw their shares rise today after releasing their underlying net profit for the six months to June to be between $20 million and $50 million compared with $50.9 million a year ago.

The S&P/ASX 200 index is 184 points up at 5,903. On the futures market the SPI is 160 points higher.

Local economic news

Total payroll jobs increased by 1.0 per cent through May,

Residential property prices rose 1.6 per cent in the March quarter 2020. All capital cities recorded a rise in residential property prices in the March quarter 2020, with Australia's two largest cities, Sydney (+1.9 per cent) and Melbourne (+2.1 per cent), continuing to lead the rises.

House prices rose 2.6 per cent in Sydney and 2.3 per cent in Melbourne, while attached dwelling prices rose 1.5 per cent in Melbourne and 0.8 per cent in Sydney.

Broker moves

Citi rates Healius (ASX:HLS) as a Buy from a Neutral. They have a binding agreement to sell the medical centre businesses to BGH Capital for $500 million. Citi believes the outcome is positive for shareholders as the level of gearing was uncomfortably high and there was a high level of expenditure required to meet forecasts for divisional earnings.Target rises to $3.50 from $2.75. Shares in Healius (ASX:HLS) is trading 3.2 per cent higher at $3.11.

Company news

Village Roadshow (ASX:VRL) has extended by two weeks the exclusivity period for its discussions with private equity firm BGH Capital Pty Ltd. The Transaction Process Deed with BGH has been amended, with the initial four week period being extended by two weeks to 30 June, with a further two week extension if the parties continue to actively pursue the potential transaction. BGH is looking to buy the cinema and theme park owner for up to $468.5 million. Shares in Village Roadshow (ASX:VRL) are trading 2.3 per cent lower at $2.12.

Best and worst performers

The best-performing sector is Energy gaining 5.3 per cent, while the worst performing sector is Utilities with the fewest gains at 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Viva Energy Group (ASX:VEA) rising 14.8 per cent to $1.75, followed by shares in Super Retail Group (ASX:SUL) and APE Eagers (ASX:APE).

The worst performing stock in the S&P/ASX 200 is Mineral Resources (ASX:MIN) dropping 0.9 per cent to $19.67, followed by shares in Jumbo Interactive (ASX:JIN) and Ausnet Services (ASX:AST).

Commodities and the dollar

Gold is trading at US$1,731 an ounce.
Iron ore price is 1.5 per cent lower at US$103.44.
Iron ore futures are suggesting a rise of 1 per cent.
One Australian dollar is buying 69.44US cents.

Source: Finance News Network