Tech stocks rise: Aus shares 0.67% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher following tech stocks on Wall Street leading the rebound on Monday after fears of a potential trade war were calmed. It’s hoped the US and China will negotiate a deal.

The Financial sector is leading the way followed by technology with utilities trailing behind which is seeing the local bourse maintain momentum in the first two hours of trade.

Stocks advancing today include A2 Milk (ASX:A2M) and nickel sulphide explorer Western Areas (ASX:WSA),
On the downside, gold miners were giving back some of the previous session's gains, with Newcrest down (ASX:NCM) and Northern Star (ASX:NST) also down.

At noon the S&P/ASX 200 index is 39 points up at 5829. On the futures market the SPI is 28 points higher.

Company news

Copper miner Oz Minerals (ASX:OZL) has announced a takeover offer for Avanco Resources.

Perth-headquartered Avanco has established a significant presence in mineral-rich Brazil.

The offer was unanimously recommended by Avanco’s board in the deal that values the junior copper company at $444 million.

The takeover bid continues OZ Minerals' growth push, with the company currently building its Carrapateena copper mine in South Australia and studying its West Musgrave base metals project in South Australia.

Shares in Oz Minerals (ASX:OZL) are currently trading 0.44 per cent lower at $8.96

Best and worst performers

The best performing sector is industrials adding 1.3 per cent to 5660 points while the worst performing sector is REITS, shedding 0.03 per cent to 1293 points.

The best performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA), rising 8.97 per cent to $3.28, followed by shares in Whitehaven Coal (ASX:WHC) and Independence Group (ASX:IGO) also stronger

The worst performing stock in the S&P/ASX 200 is Alumina (ASX:AWC), dropping 2.23 per cent to $2.42, followed by shares in Fortescue Metals Group (ASX:FMG) and Northern Star Resources (ASX:NST).

Gold and the dollar

Gold is trading at $US1,353 an ounce.

One Australian dollar is buying 77.49 US cents.

Cryptocurrencies

Bitcoin has lost 3 per cent to US$8228, Ethereum lost 6 per cent to US$491 and Eos lost 9 per cent to US$5.92