Construction work falls 2.6% in Sept quarter: ASX tracking 0.8% higher at noon

The Australian share market rose at the open and is now tracking 0.8 per cent higher at noon. Shares in Whitehaven Coal (ASX:WHC) are doing well today meanwhile shares in Mesoblast (ASX:MSB) have dropped over 5 per cent after a rally earlier this week.

The S&P/ASX 200 index

The S&P/ASX 200 index is 53 points up at 6,697. On the futures market the SPI is suggesting a rise of 48 points.

Local economic news

Total construction work done fell 2.6 per cent to $51.2 billion in the September quarter.

Broker moves

Citi rates Zip Co (ASX:Z1P) as an Upgrade to a Neutral from a Sell. Citi notes increasing competition does not appear to have affected customer usage or margins in the company's October trading update. Yet the broker continues to envisage downside risk to medium-term growth forecasts and margins from competition.Target price is $6.70. Shares in Zip Co (ASX:Z1P) are 4.5 per cent lower $5.98.

Company news

Harvey Norman (ASX:HVN) has reported a 160.1 per cent increase in profit before tax between July 1 and October 31 to $341.11 million compared to $131.17 million for the prior corresponding period. They reported a 28.2 increase in aggregated sales from Harvey Norman wholly-owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland, and Northern Ireland and from majority-owned company-operated stores in Singapore and Malaysia and independent Harvey Norman, Domayne and Joyce Mayne branded stores. Shares in Harvey Norman (ASX:HVN) are currently 1.2 per cent lower at $4.65.

IPO

Mobile engagement solutions provider Plexure Group (ASX:PX1) started trading today at $1.16, and is currently trading at $1.15.

Best and worst performers

The best-performing sector is Energy adding 3.1 per cent, while the worst performing sector is Information Technology shedding 2.1 per cent.

The best performing stock in the S&P/ASX 200 is Whitehaven Coal (ASX:WHC) rising 10.7 per cent to $1.55, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Platinum Asset Management (ASX:PTM).

The worst performing stock in the S&P/ASX 200 is Mesoblast (ASX:MSB) dropping 5.6 per cent to $4.22, followed by shares in NextDC (ASX:NXT) and ZIP Co (ASX:Z1P).

Commodities and the dollar

Gold is trading at US$1,811 an ounce.
Iron Ore Price has gained 0.1 per cent at $127.42.
Iron ore futures are pointing to a rise of 0.3 per cent.
One Australian dollar is buying 73.61US cents.

Source: Finance News Network