Gaining momentum: Aus shares 0.63% higher at noon

Market Reports

by Carolyn Herbert

It has been a positive start to the trading day for the Australian share market, bouncing at the open and gathering momentum in the first two hours of trade, tracking 0.63 per cent higher at noon. While it is a sea of green across most sectors today, the Utilities space is leading the charge, followed by gains in Energy and REITs. Once again Health Care is leading the losses, along with Consumer Discretionaries.

The S&P/ASX 200 index is 36 points up at 5,757. On the futures market the SPI is 33 points higher.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.33 per cent, Hong Kong’s Hang Seng has added 0.51 per cent and the Shanghai Composite has gained 0.22 per cent.

Economic news

The Reserve Bank of Australia will hold its August board meeting this afternoon. Despite rumblings of a potential rate hike in the near future, most economists believe the central bank will once again keep interest rates on hold at a record low of 1.5 per cent.

Company news

Oroton Group Limited (ASX:ORL) has negotiated amendments to the terms of its facility agreement with Westpac, which will enable it to continue using its existing $35 million facility. The Australian accessories retailer has also provided guidance for FY17, forecasting net debt to come in at $6 million, and underlying EBITDA of between $2 and $3 million. Shares in Oroton Group are trading down 2.78 per cent at $1.05.

Catapult Group International Limited (ASX:CAT) has achieved preliminary FY17 revenue of $61.8 million based on the Group’s guidance assumptions. The company says FY17 has been a transformational year with pro-forma revenue growth in its Elite Wearables business of 52 per cent and group wide revenue growth exceeding 20 per cent. Catapult says its also confident in delivering positive underlying EBITDA for FY17.Shares in Catapult Group are trading down 5.94 per cent at $1.90.

Best and worst performers

The best performing sector is Utilities, gaining 1.44 per cent to 8,341. Shares in AGL Energy Limited (ASX:AGL) have risen 2.03 per cent and trading at $24.59. Shares in Ausnet Services (ASX:AST) and Infigen Energy (ASX:IFN) are also stronger.

The worst performing sector is Health Care, falling 0.33 per cent to 22,271. Shares in Nanosonics (ASX:NAN) have fallen 2.97 per cent, trading at $2.29. Shares in Cohclear (ASX:COH) and Regis Healthcare (ASX:REG) are also lower.

IPOs

Evans & Partners Global Disruption Fund (ASX:EGD) started trading today. The investment fund floated with an issue price of $1.60, opened at $1.60 and is currently trading at $1.65.

Gold and the dollar

Gold is trading at $US1,269 an ounce.
The Australian dollar is buying $US0.8041.




 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.