Boral (ASX:BLD) shares down after discovery of financial irregularities: ASX tracking 0.3% higher at noon
The Australian share market have risen at the open following positive leads from Wall Street. It is now tracking 0.3 per cent higher at noon. Boral (ASX:BLD) shares slipped today after reporting they had identified financial irregularities in their North American window’s business. They estimate that this could have a one-off impact on EBITDA in the order of US$20 million to US$30 million. Western Areas (ASX:WSA) shares are on the up after they reported that the fire in the area of the Forrestania Nickel Operation (FNO) is being monitored and the risk has now passed. No mining or infrastructure assets sustained damage.The best-performing sector is Utilities, while the worst performing sector is Information Technology.
The S&P/ASX 200 index is 22 points up at 6,705. On the futures market the SPI is 0.3 per cent higher.
Economic News
AiG performance of construction November
Broker moves
UBS has upgraded Northern Star Resources (ASX:NST) to a Buy from Neutral with a target price of $12.00. The broker says they have been enjoying a valuation premium after several years of outperformance in production, exploration and acquisitions. But that premium has now been wiped out given the turnaround at the Alaska operation Pogo is 6-12 months behind. The turnaround is coming though. Hence the upgrade from UBS. Shares in Northern Star Resources (ASX:NST) are currently up 2.1 per cent to $10.01.
Company news
Medical Developments International (ASX:MVP) announced today that the Russian Ministry of Health has accepted their Marketing Authorisation Application (MAA) for review for Penthrox. Penthrox is a fast onset, non-opioid analgesic for pain relief by self-administration in patients with trauma.The company submitted the MAA for Penthrox on 30 September and after a two-month validation period, the Russian Ministry of Health advised that the Penthrox MAA had been accepted. The EAEU rules means MVP’s application is for Penthrox to be approved for sale in Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. Shares in Medical Developments International (ASX:MVP) are currently up 2.1 per cent to $7.24.
IPO
Financial technology company Tyro Payments (ASX:TYR) provider of EFTPOS payments solutions, small business loans and banking products to Australian businesses.issued at $2.75, opened at $3.30 and currently trading at $3.43.
Exploration company Macarthur Minerals (ASX:MIO) issued at $0.25 opened at $0.28 and is currently trading at $0.30.
Best and worst performers
The best-performing sector is Utilities adding 0.7 per cent, while the worst performing sector is Infotech, shedding 0.1 per cent.
The best performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA) rising 5 per cent to $2.83, followed by shares in Bluescope Steel (ASX:BLS) and NIB Holdings (ASX:NHF)
The worst performing stock in the S&P/ASX 200 is Boral (ASX:BLD), dropping 6.7 per cent to $4.59, followed by shares in Jumbo Interactive (ASX:JIN) and Pro Medicus (ASX:PME).
Commodities and the dollar
Gold is trading at US$1,476 an ounce.
Iron ore price lost 0.5 per cent to US$88.65
Iron ore futures are pointing to a fall of 0.8 per cent.
One Australian dollar is buying 68.38 US cents.
Copyright 2019 – Finance News Network
Source: Finance News Network
