Resilient rise: Aus shares 0.07% up at midday

Market Reports

by Jessica Amir

The Australian share market saw a dip at the open, following mixed news from Wall Street, after Apple’s shares fell 2.5 per cent, while the Dow held above the 23,000 milestone.

But the local bourse flexed its muscle, shaking off weak sentiment, with half of our sectors pushing up with utilites leading. Suncorp (ASX:SUN) is outperforming the banks and the big four, charging about 1.4 per cent higher.

While selling in Energy after the oil price dived 1.4 per cent is seeing Sandfire Resources (ASX:SFR) and Santos (ASX:STO) dive over 2 per cent. 

The S&P/ASX 200 index is 5 points up or 0.07 per cent higher at 5,901 at noon. 

On the futures market the SPI is 5 points up.

Company news

Buy now, pay later company, Zip Money (ASX:ZML) has reported record quarterly revenue of $6.9 million, which is a 22 per cent gain compared to the fourth quarter of FY2017. It comes as the company’s platform transaction rose by 23 per cent on last quarter, with a 34 per cent gain in merchants and customers, including Westpac (ASX:WBC). Shares in Zip Money (ASX:ZML) are trading about 7.8 per cent higher at $0.63.

Australian Kingfish, tuna and Mulloway producer, Clean Seas Seafood (ASX:CSS) has raised $7 million (before costs) through an institutional placement. The oversubscribed shares had an issue price of 6 cents per share. The company is also planning to raise $8.9 million (before costs) through a rights issue. The funds will be used to support the significant increase in Kingfish biomass. The proceeds will also be used to expand its farming infrastructure and invest in new equipment. Shares in Clean Seas Seafood (ASX:CSS) are trading about 9.6 per cent lower at 7 cents.

And Tawana Resources (ASX:TAW) is now fully funded to start production at its lithium tantalum mine in WA. It comes the company secured $25 million in equity investment. Shares in Tawana Resources (ASX:TAW) are trading about 7 per cent higher at 38 cents.

The best and worst performers

The best performing sector is Utilites, gaining 1.87 per cent to 8,457. Shares in Apa Group (ASX:APA) have risen 2.24 per cent and trading at $8.68. Shares in AGL Energy (ASX:AGL) and Spark Infrastructure Group (ASX:SPI) are also stronger.

The worst performing sector is Engery, falling 0.77 per cent to 9,406. Shares in Santos (ASX:STO) have fallen 2.45 per cent, trading at $4.17. Shares in Beach Energy (ASX:BPT) and Whitehaven Coal (ASX:WHC) are also lower.

Gold and the dollar

Gold is trading at $US1,290 an ounce and one Australian dollar is buying 78.75 US cents.