Trading resumes after technical hitch: ASX tracking 0.4% higher at noon

17Nov

Trading resumes after technical hitch: ASX tracking 0.4% higher at noon

 

After a rocky day yesterday, the Australian share market rose at the open and is now tracking 0.4 per cent higher at noon. Unibail-Rodamco-Westfield (ASX:URW) shares have jumped over 16 per per cent. Two IPO’s are currently performing well, Native Mineral Resources Holdings Limited (ASX:NMR) and Universal Store Holdings Limited – (ASX:UNI) after a false start yesterday.

The S&P/ASX 200 index

The S&P/ASX 200 index is 28 points upat 6,512. On the futures market the SPI is suggesting a rise of 17 points.

Broker moves

Macquarie rates AGL Energy (ASX:AGL) as Downgrade to an Underperform from a Neutral. The NSW energy roadmap released last week provides some opportunities for AGL Energy, but these are far outweighed by the structural impact, Macquarie notes. The policy will shift the markets to being in structural oversupply. Shares in AGL Energy (ASX:AGL) 0.1 per cent lower at $13.08.

Company news

Austal Limited (ASX:ASB) has announced that Aulong Shipbuilding, a joint venture between Austal and Jianglong Shipbuilding, in China, has delivered a 42 metre, high-speed catamaran passenger ferry to repeat customer, Blue Sea Jet of China. The Blue Sea Jet will operate “Xin Hai Chi”, with capacity for 272 passengers over two decks, in the waters of the Dawan District between Guangdong, Hong Kong, and Macau. Austal Limited (ASX:ASB) shares are currently 2.5 per cent higher at $2.86.

IPO

Native Mineral Resources Holdings Limited (ASX:NMR) started trading today after failing to launch yesterday because of a technical glitch on the ASX.The Mining and Exploration company shares issued at $0.20, started trading at $0.24 and is currently $0.20.

Universal Store Holdings Limited – (ASX:UNI) started trading today, their shares issued at $3.80, trading at $4.34 and are currently at $4.53.

Best and worst performers

The best-performing sector is Energy adding 3.5 per cent, while the worst performing sector is Infotech shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 is Unibil-Rodamco-Westfield (ASX:URW) rising 16.8 per cent to $4.67, followed by shares in Whitehaven Coal (ASX:WHC) and Perenti Global (ASX:PRN).

The worst performing stock in the S&P/ASX 200 Netwealth Group (ASX:NWL) dropping 6 per cent to $16.19, followed by shares in AusNet Services (ASX:AST) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$1,890 an ounce.
Iron Ore Price has added 1.4 per cent at $124.07
Iron ore futures are pointing to a rise of 1.1 per cent.
One Australian dollar is buying 73.24US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

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