Momentum continues on Monday: Aus shares 0.22% higher at noon

Market Reports

by Jessica Ellerm

Following positive leads, the Australian share market opened higher this morning and is now tracking 0.22 per cent up at noon. If the market can maintain momentum this afternoon, then the ASX will be on track to notch its 4th consecutive day of gains.

The medicinal cannabis good news story continued this morning, with new ASX entrant Elixinol clocking a 75 per cent increase on its issue price of $1.00. Other traditional healthcare stocks slipped, notably bulk billing giant Primary Health Care and cancer treatment company Sirtex Medical.

The S&P/ASX 200 index is 11 points up at 6133. On the futures market the SPI is 12 points higher.

Economic news

The Australian Industry Group announced today that the December Construction Index dropped 4.7 points on November’s read to 52.8. The data suggests a slight moderation in growth in the sector, however with the number still above 50, expansion is thought to be continuing.

Company news

ResApp Health Limited (ASX:RAP) has announced it has enrolled the first patient in its SMARTCOUGH-C-2 study in the United States. The study seeks to evaluate the efficacy of the ResAppDx smartphone application in the diagnosis of childhood respiratory diseases using cough sounds. Shares in ResApp Health Limited (ASX:RAP) are trading 8.24 per cent higher at $0.09.

Internet lottery business Jumbo Interactive Limited (ASX:JIN) has provided a revised trading update for the half year to December 31 2017. The company booked higher than expected jackpots in December and saw improved customer metrics. As a result it has increased its expected total transaction value, revenue and net profit for the period. Shares in Jumbo Interactive Limited (ASX:JIN) are trading 6.27 per cent higher at $3.90.

IPOs

Elixinol Global Limited (ASX:EXL) started trading today. The medical cannabis manufacturer and distributor floated with an issue price of $1.00, opened at $1.75 and is currently trading at $1.60.

Best and worst performers

The best performing sector was telecommunications adding 0.62 per cent to 1,350.

The best performing stock in the S&P/ASX 200 this morning is Vocus Group Limited (ASX:VOC), rising 4.78 per cent to $3.29. Shares in Monadelphous Group Limited (ASX:MND) and Nine Entertainment (ASX:NEC) are also higher.

The worst performing sector so far today is Consumer Discretionary, which has shed 0.16 per cent to 2,344.

The worst performing stock in the S&P/ASX 200 this morning was Primary Health Care (ASX:PRY), dropping 2.77 per cent to $3.51. Shares in Sirtex Medical Limited (ASX:SRX) and Evolution Mining Limited (ASX:ENV) are also lower.

Gold and the dollar

Gold is trading at $US1,321 an ounce.
One Australian dollar is buying 78.66 US cents.

Cryptocurrencies

Bitcoin has fallen 5.14 per cent in the last 24 hours to $16,309
Ethereum gained about 8.98 per cent to $1129
And Litecoin has dropped about 4.37 per cent to $285