Fourth day of gains: Aus shares 0.2% higher at noon

Market Reports

by Jessica Amir

The Aussie share market is on track for its fourth day of straight gains. After opening in the black the local bourse has been maintaining momentum with most sectors trading higher and energy leading the way with Whitehaven Coal (ASX:WHC) and Oil Search (ASX:OSH) gaining over two per cent after a lift in crude oil price.

Among the big miners, Rio (ASX:RIO) has gained the most about 1.9 per cent at noon after reporting Pilbara iron ore production and shipments lifted in the first quarter, when compared to the first quarter of 2017. Meantime its bauxite rose while its mined copper gained a massive 65 per cent compared to the same time last year.

Also helping the heavyweight miners rally today, is a lift in the iron ore price to $64.51 with the futures eyeing a further lift.

The S&P/ASX 200 index is 14 point or 0.2 per cent higher at 5,855. On the futures market the SPI is 19 points higher.

Economic news

Travelers from China hit record high. Meantime overseas trend arrival estimates is now standing 4.8 per cent higher than in February last year.

Company news 

Woodside Petroleum (ASX:WPL) has seen its revenue rise 18 per cent quarter on quarter to $1.2 billion. It also announced steady production from its Asian pacific resource development, Wheatstone Train 1. Woodside Petroleum (ASX:WPL) shares are trading 1.2 per cent up at $30.74.

Credit Corp (ASX:CCP) which acquires past due debts from major banks, finance companies, telcos etc, is seeing big bounce in its shares today. It comes as it announced its US earnings are on track and its expecting its US net profit after tax to be in positive territory in FY18 of around US$2 million. Shares in Credit Corp (ASX:CCP) are trading 4.7 per cent higher at $18.76.

And sadly Abacus Property Group’s (ASX:ABP) founder and managing director, Dr Frank Wolf passed away this morning after a short battle with cancer. Abacus, staff and partners have extended their sympathies to his family. As for its shares they are trading higher.

In IPOs

Jupiter Mines (ASX:JMS) started trading today. It floated with an issue price of 40 cents, opened at 39 cents and its trading at 37.5 cents.

Best and worst performers

The best performing sector is energy adding 1.1 per cent to 10,804 points while the worst performing sector is telcos, shedding 0.7 per cent to 1,137 points.

The best performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC), rising 5.3 per cent to $10.70, followed by shares in Platinum Asset Management (ASX:PTM) and Credit Corp Group (ASX:CCP).

The worst performing stock in the S&P/ASX 200 is CYBG Plc (ASX:CYB), dropping 4.9 per cent to $5.29, followed by shares in Vocus Group (ASX:VOC) and Retail Food Group (ASX:RFG).

Asian markets 

Japan’s Nikkei has added 1.2 per cent, Hong Kong’s Hang Seng has added 0.7 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at $US1,345 an ounce.
One Australian dollar is buying 77.67 US cents.

Cryptocurrencies

Bitcoin trades at US$7,961, Ethereum trades at US$508 and Verge has fallen 21 per cent to US$7.8 cents