Stellar day: Aus shares 0.79% higher at noon

Market Reports

by Kathy Skantzos

Following record leads from Wall Street, the Australian share market surged ahead this morning and is now tracking 0.79 per cent higher at noon, topping the 6000 mark.

The energy sector has charged ahead, with Beach Energy (ASX:BPT), Woodside (ASX:WPL) and Santos (ASX:STO) making gains. Materials is also performing well, pulled up by Bluescope (ASX:BSL), Fortescue (ASX:FMG), BHP (ASX:BHP) and Rio Tinto (ASX:RIO). Platinum Asset Management (ASX:PMT) is bringing Financials up, despite Macquarie Bank (ASX:MQG) tracking lower as it went ex-dividend today. Telcos are down with Telstra (ASX:TLS) dropping.

The S&P/ASX 200 index is 46 points up at 6000. On the futures market the SPI is 46 points higher.

Company news

After announcing tender results last week, Mustang Resources (ASX:MUS) announced the company is undertaking an assessment of market intelligence from the first tender which took place last Monday. The results in this assessment will play a key role in determining the future operational and marketing strategies of the company. Mustang expects to update the market in the next two weeks. Shares in Mustang Resources (ASX:MUS) are trading 8.89 per cent lower at 4 cents.

De Grey Mining (ASX:DEG) has announced a prospectus to offer 12 million October 2020 Options to corporate consultants and 1.5 million October 2020 options to DJ Carmichael. The mining company will also offer up to 1,000 shares in the company at 20 cents a share. Shares in De Grey Mining (ASX:DEG) are trading flat at 30 cents.

Best and worst performers

The best performing sector is Energy, gaining 2 per cent to 10,371. Shares in Beach Energy (ASX:BPT) have risen 4.13 per cent and trading at $1.14. Shares in Santos (ASX:STO) and Woodside (ASX:WPL) are also stronger.

The worst performing sector is Telcos, falling 0.01 per cent to 1,251. Shares in Telstra (ASX:TLS) have fallen 0.14 per cent, trading at $3.48. Shares in TPG (ASX:TMP) and Chorus (ASX:CNU) are tracking higher.

Commodities and the dollar

Gold is trading at $US1,280 an ounce and one Australian dollar is buying 76.94 US cents.