Private sector credit grows 2.5% year to Oct: Aus shares 0.2% higher at noon
The Australian share market opened slightly higher this morning and is currently 0.2 per cent higher at noon. The S&P/ASX 200 index is 10 points higher at 6,874. On the futures market the SPI is 10 points higher.
Economic news
The Reserve bank of Australia released data on private sector credit for the month of October. Private sector credit grew 2.5 per cent over the year to the close of October, missing expectations of a 2.8 per cent rise, after it grew 4.6 per cent over the same time last year.
Broker moves
Citi rates plus sized fashion retailer, City Chic Collective (ASX:CCX) as a sell, with a 12-month price target of $2.30. The broker likes the company's market position and growth prospects, but considers the company overvalued. Shares in City Chic Collective (ASX:CCX) are trading 0.7 per cent lower at $2.75.
Company news
Revenue for mining equipment and labour company, Mader Group (ASX:MAD), is up 6 per cent for the first quarter of the 2020 financial year. It achieved $67.1 million revenue for the period, exceeding forecasts. It confirms that its estimated net profit is in line with the forecasts provided to the market in its IPO prospectus last September. International operations softened in the first quarter with further softening expected in Q2 due to reduced contract volumes. Revenue in the United States however bucked the tremd, rising 107 per cent to $1.8 million for the quarter. Encouraged by the growth in the US market, Mader Group is planning an expansion into the Canadian market in the 2021 financial year. Shares in Mader Group (ASX:MAD) are trading 1.9 per cent higher at $1.09.
IPO
Carbon Revolution (ASX:CBR) started trading today. The carbon fibre wheel producer, floated with an issue price of $2.60, started trading at $3.25 and is currently trading at $3.52.
Best and worst performers
The best-performing sector is Real Estate, adding 0.6 per cent, while the worst performing sector is Communications, shedding 0.5 per cent.
The best performing stock in the S&P/ASX 200 is Virgin Money UK (ASX:VUK) rising 22.9 per cent to $3.31, followed by shares in NRW Holdings (ASX:NWH) and Mayne Pharma Group (ASX:MYX).
The worst performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA), dropping 3.1 per cent to $2.82, followed by shares in HUB24 (ASX:HUB) and Polynovo (ASX:PNV).
Commodities and the dollar
Gold is trading at US$1,456 an ounce.
Iron ore price rose 0.1 per cent to US$84.42
Iron ore futures are pointing to a rise of 0.2 per cent.
One Australian dollar is buying 67.65 US cents.
Copyright 2019 – Finance News Network
Source: Finance News Network
