Macquarie rates BHP Group (ASX:BHP) as an outperform: Aus shares 0.3% higher at noon

15Nov

Macquarie rates BHP Group (ASX:BHP) as an outperform: Aus shares 0.3% higher at noon

 

The Australian share market opened lower following positive leads from the US. It has had a seesaw start to the session and is tracking 0.3 per cent higher at noon. Most of the sectors are in the green. The Information technology and Consumer Staple sectors are lifting the market, each rising over 2 per cent. The worst performing stock this morning has been G8 education (ASX:GEM) following the sale of 25 of its centres in Western Australia.

The S&P/ASX 200 index is 22 points up at 6,721. On the futures market the SPI is 29 points higher.

Economic News

Australia's trend unemployment rate remained steady at 5.3 per cent in October 2019, according to the latest information released by the Australian Bureau of Statistics today. This follows an unemployment rate of 5.2 per cent in September and met the consensus figure the market was anticipating.

Broker moves

Macquarie rates BHP Group (ASX:BHP) as an outperform, and has increased its 12-month price target to $40.00. Macquarie updated the forecast to include unsanctioned projects and notes that “the company's outlook for the petroleum division is significantly more positive than Macquarie's base case when unsanctioned projects are included”. Shares in BHP Group (ASX:BHP) are trading 0.7 per cent lower at $36.54.

Company news

SG Fleet Group (ASX:SGF) has purchased a stake in Collaborate Corporation (ASX:CL8). SG Fleet Group is a Fleet management company that offers salary packaging and novated lease advisers. Collaborate is a peer to peer marketplace platform with a focus on mobility solutions, including a car subscription offering. The stake comes in the form of an equity placement at an average price of 1.4 cents per share, for a combined value of $2.2 million. Under the agreement, SG Fleet will also provide vehicles to Collaborate to facilitate further growth of its Carly car subscription division. Shares in SG Fleet Group (ASX:SGF) are trading 1.1 per cent higher at $2.71.

Best and worst performers

The best-performing sector is Information Technology, adding 2.6 per cent, while the worst performing sector is Financials, shedding 0.5 per cent.

The best performing stock in the S&P/ASX 200 is Nearmap (ASX:NEA) rising 17.5 per cent to $2.93, followed by shares in AfterPay Touch Group (ASX:APT) and A2 Milk Company (ASX:A2M).

The worst performing stock in the S&P/ASX 200 is G8 Education (ASX:GEM), dropping 18.3 per cent to $2.12, followed by shares in Avita Medical (ASX:AVH) and Sandfire Resources (ASX:SFR).

Commodities and the dollar

Gold is trading at US$1,463 an ounce.
Iron ore price lost 0.6 per cent to US$81.03.
Iron ore futures are pointing to a fall of 0.7 per cent.
One Australian dollar is buying 68.10 US cents.
  
Copyright 2019 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

24Jun

Wall St closes mix as calm returns, Why Adairs is a hold: ASX to dip

24 Jun 2021 - In this report, I cover Wall St's mixed performance as investors took a breather amid surprising economic news. A wrap up of yesterday's local bourse which chased tech shares after bond yields eased. Why Ords downgrades Adairs (ASX:ADH). US Afterpay expands to 13 big names overnight.

Read More
21Nov

Afternoon update: ASX trading 0.33% higher as iron ore prices lift

21 Nov 2023 - The S&P/ASX 200 is trading 0.33 per cent higher at 7,082.

Read More
11Mar

Midday: ASX tracking 1.3% lower at noon

11 Mar 2020 - The ASX shot up at the open and then fell in mid morning trade and failed to gain momentum and is now tracking 1.3% lower at noon. Shares in ship building company Austal (ASX:ASB) are on the rise as are shares in Fortescue Metals Group (ASX:FMG). Shares are down in Pilbara Minerals (ASX:PLS) and Newcrest Mining (ASX:NCM). Panoramic Resources (ASX:PAN) responds to media article.

Read More
29Dec

Wall St mixed led by losses in tech, UBS rates Pexa as buy: ASX to rise

29 Dec 2021 - Wall St closes mixed after strong gains the day prior amid US CDC cuts isolation period from 10 days to 5 days. The ASX is ready to play catch up rally. UBS initiated coverage for Pexa (ASX:PXA) as a buy.

Read More
29May

5th consecutive week of gains: Aus gain 4.5% over week

29 May 2020 - Despite today’s losses, the market finished the week 4.5% higher. That’s the fifth consecutive week of gains for the ASX200. Investors are optimistic that the easing of covid-19 restrictions will signal an economic rebound. Heavy industry engineering and construction company Lycopodium (ASX:LYL) has revised its NPAT guidance for the financial year ending 30 June down to $11.5 million.

Read More
22Aug

Nasdaq gains as Nvidia pops ahead of earnings report

22 Aug 2023 - The Nasdaq Composite snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade.

Read More
07Jun

US SEC cracks down on Binance and Coinbase

07 Jun 2023 - The S&P 500 advanced modestly on Tuesday to its highest close since 2023 began as Wall Street digested a recent rally that led the broad index to its highest level in nine months.

Read More
27Apr

Italy to ease their coronavirus lockdown on May 4th: ASX poised to open higher

27 Apr 2020 - Following strong leads from US markets, the ASX looks set to open higher this morning. On Friday Trump injected $761b into small businesses and hospitals. US coronavirus cases rose 3.3 %, below the one-week average. Italy will ease its lockdown on May 4 after reporting the fewest deaths since mid-March. And the securities of National Australia Bank (ASX:NAB) will be placed in trading halt.

Read More
25Aug

The Dow records its worst day since March

25 Aug 2023 - Stocks fell sharply Thursday after a tech rally, sparked by stronger-than-expected Nvidia results, was short-lived. Traders also braced for a key speech from Federal Reserve Chairman Jerome Powell.

Read More
16Feb

Leadership changes at Fortescue Metals (ASX:FMG): ASX closed 0.7% higher

16 Feb 2021 - At the closing bell the S&P/ASX 200 index closed 48 points up, or 0.7% higher to finish at 6,917. Fortescue Metals Group (ASX:FMG) announced some leadership changes today - Greg Lilleyman, Chief Operating Officer, has resigned from his position.

Read More