Aus shares edge up in choppy trade: S&P/ASX 200 0.2% higher at noon

31Aug

Aus shares edge up in choppy trade: S&P/ASX 200 0.2% higher at noon

 

The local bourse has edged higher in choppy trade defying expectations of a slip as some of the big banks and BHP trade higher. The S&P/ASX 200 index is 11 points up or 0.2 per cent higher at 6,085. On the futures market the SPI is 12 points higher.

NAB shares are up 0.6 per cent after terms of its $1.44 billion sale of MLC to IOOF were confirmed.

Temple & Webster’s shares have jumped 12 per cent after the Online furniture retailer posted a 270 per cent rise in full year profit to just under $14 million.

Bubs Australia is raising $38.3 million at 80 cents per share to fund global market expansion, including its China manufacturing with Beingmate, and strengthen the balance sheet.The raise includes a $28.3m placement and a $10m share purchase plan.

Ooh Media is among the top performers following the news Nova Entertainment CEO Cathy O’Connor will replace outgoing CEO Brendan Cook. O’Connor will join the outdoor media company from early 2021. Shares in Ooh Media are trading 5.3 per cent higher at $1.05.

Local economic news

According to the latest credit data from the Reserve Bank monthly personal lending dropped 1.8 per cent in July, taking annual growth to negative 12.1 per cent. Business lending also declined by 0.6 per cent in July. Lending for housing has stayed steady at 0.2 per cent for July.

Meantime , Business inventories dropped 3 per cent in the June quarter much worse than market forecasts of a 1 per cent fall.
However seasonally adjusted company profits were up 15 per cent – beating economists forecasts of a 7.5 per cent drop.

Broker moves

Wagering group Pointsbet (ASX:PBH) is down 8.6 per cent to $12.79 following a downgrade from Credit Suisse Credit Suisse has Downgraded Pointsbet to underperform from neutral following the company’s agreement with NBCUniversal. Credit Suisse says the market commitment , at US$393m over five years, is so large that the company is unlikely to deliver operating earnings in the US until at least FY25.The updated target price is $6.50.

Best and worst performers

The best-performing sector is energy gaining 1.9 per cent, while the worst performing sector is healthcare losing 0.5 per cent.
The best performing stock in the S&P/ASX 200 is COSTA GROUP HOLDINGS LIMITED(ASX:CGC) rising 7.3 per cent to $2.55, followed by shares Harvey Norman (ASX:HVN) and Ooh Media (ASX:OML). The worst performing stock in the S&P/ASX 200 is Orocobre (ASX:ORE) dropping 10.2 per cent to $2.60, followed by shares in Fortescue Metals (ASX:FMG) and Dominos Pizza (ASX:DMP).

Commodities and the dollar

Gold is trading at US$1,971 an ounce.
Iron ore price Is 1.8 per cent higher at US$124.37
Iron ore futures are suggesting a rise of 3.1 per cent.
One Australian dollar is buying 73.66 US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

07Sep

Aus shares rebound: CSL pushes higher after news of government funding for COVID-19 vaccine

07 Sep 2020 - Australian shares are bouncing back from a dip at the open. CSL has risen almost 1 per cent on news of its COVID-19 supply deal with the Federal Government. BHP Group has risen 2.5 per cent and Rio Tinto is up almost 3 per cent. The S&P/ASX 200 index is 25 points up or 0.4 per cent higher at 5950. On the futures market the SPI is 33 points higher.

Read More
05May

US regional banks continue to tumble amid ongoing crisis

05 May 2023 - Stocks declined Thursday, as contagion fears in the regional bank space were reignited.

Read More
30Dec

Wall St mixed on S&P 500 70th record close, M&As in lithium sector to gear up: ASX poised to rise

30 Dec 2021 - Mixed closed around the major indexes around the globe on thin volume. M&As in lithium sector to gear up with 48 companies set to trade ex-div on ASX today.

Read More
08Sep

Payroll jobs across Australia fall 0.4 per cent: Aus shares close 1.1% higher

08 Sep 2020 - The Australian share market rose at the open, hitting above the 6000 benchmark, closing 1.1 per cent up at the end of today’s trade. Payroll jobs across Australia fell by 0.4 per cent over the month to 22 August, according to figures released by the Australian Bureau of Statistics (ABS) today.

Read More
20Sep

Major indexes fall: Fed not expected to raise rates

20 Sep 2023 - Stocks retreated on Tuesday as Wall Street awaited the results of this week’s Federal Reserve policy meeting.

Read More
06Jan

Gold miners lead gains: Aus shares close flat

06 Jan 2020 - Australian share market recovers closing flat. Evolution Mining (ASX:EVN) and Newcrest Mining (ASX:NCM) led the gains. Bega (ASX:BGA) drops 9.3 per cent on bushfire update.

Read More
28Aug

Construction work done falls sharper than expected: ASX 0.2 per cent higher at noon

28 Aug 2019 - The ASX opened lower following soft leads from Wall Street and is now tracking 0.2% higher at noon. Shares in Bega Cheese (ASX:BGA) are on the up despite reporting today and showing their profit has seen a decline by half to $11.8 million. Afterpay Touch Group (ASX:APT) reported its full year results showing its statutory loss hit $42.9 million.

Read More
06Mar

Tech, Health care and Materials down over 2%: Aus market sheds 1.3% at noon

05 Mar 2021 - Despite a slight bump at the open, the ASX has trended lower during the first 2 hours of trade and is down 1.3 per cent at noon. The Tech, Health care and Materials sectors are all down over 2 per cent this morning. Lithium-boron producer Ioneer (ASX:INR) has completed its fully underwritten institutional placement raising $80 million.

Read More
21Dec

Travel restrictions imposed on NSW after more Covid cases: ASX to open lower

21 Dec 2020 - The ASX looks set to open lower this morning as the new coronavirus outbreak has led to border restrictions with all states and territories closing their borders to NSW. European countries have closed their borders to the UK and the US is also coping with a second wave. Iron ore is on the up and the AUD is standing at almost US$0.76. Synlait Milk (ASX:SM1) has updated its full year 2021 guidance.

Read More
24Feb

Worley doubles dividend: Aus shares 2.1% lower at noon

24 Feb 2020 - The Australian share market lost ground at the open following cautious leads from the US. It floated lower throughout the first half of the session and is tracking 2.1 per cent lower at noon. Every sector is down, with Consumer Discretionary, Energy and Information Technology losing over 3 per cent this morning. Worley (ASX:WOR) has doubled its interim dividend following strong results for the half year.

Read More