Xmas cheer, 9 year highs: Aus shares 0.3% higher at noon | Finance News Network

Xmas cheer, 9 year highs: Aus shares 0.3% higher at noon

Market Reports

by Jessica Amir

The Australian share market shot up at the open on the back of Wall Street closing higher amid US companies pledging to put their tax bill savings toward higher wages.

Most the sectors are in positive territory and leaving the ASX200 a nine year highs.

And on the back of the crude oil price rally to a three week high, the energy sector is front as centre as the star shiner for far. Oil Search (ASX:OSH) share price shot 1.7 per cent higher, while Beach Energy (ASX:BPT) is not that far behind.

Meantime, franchise giant, Retail Food Group (ASX:RFG) is continuing its rebound from yesterday and has gained over 6 per cent, while it gained 32 per cent yesterday.

The S&P/ASX 200 index is 22 points higher or 0.3 per cent higher at 6,082.

On the futures market the SPI is 21 points higher.

Company news

The Foreign Investment Review Board (FIRB) has approved China Energy Reserve and Chemicals Group’s (CERCG) takeover of oil and gas exploration company, AWE (ASX:AWE). However Mineral Resources (ASX:MIN) takeover by a scrip-based $0.80 a share, was recommended by the AWE board last week. Shares in AWE are 0.6 per cent higher at $0.86.

And mining company, Queensland Bauxite (ASX:QBL) and allege product provider, Algae Tech (ASX:AEB) have partnered up to develop veterinary cannabis medication. They entered into an agreement to combine resources, expertise and knowledge to fast track research in animal treatment. Shares in QBL are trading 14 per cent higher at $0.06.

Fleet transport business, P2P Transport (ASX:P2P) inked a deal to buy an extra 109 Professional Tax Gold Coast cars, in addition to the 108 it snapped up last week, which take its total fleet to 937. The extra cars contribute $7.1 million to revenue, and an extra $1.85 million of EBITDA, which means it will be able to achieve its forecasts. P2P Transport shares are 1.5 per cent higher at $1.38

Best and worst performers

The best performing sector is Energy, gaining 0.8 per cent to 10,817.
The worst performing sector is Consumer Staples, falling 0.06 per cent. 

Shares in Retail Food Group Limited (ASX:RFG) have risen 6.3 per cent and trading at $2.29. Shares in Aveo Group (ASX:AOF) and Australian Agricultural Company Limited (ASX:AAC) are also stronger. 

Shares in Altium (ASX:ALU) have fallen 2.3 per cent, trading at $13.50. Shares in Sims Metal Management (ASX:SGM) and Western Areas (ASX:WSA) are also lower. 

To commodities and the dollar

Gold is trading at $US1,266 an ounce and one Australian dollar is buying 77.10 US cents.

Cryptocurrencies

Bitcoin which was come off its $20,000 high from four days ago. Its now trading at $15,395
Ethereum fallen to $802
And Litecoin has fallen as well to $308
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She was a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked as a financial planner and real estate agent.