The Australian share market spent the morning recovering from its sell-off amid US and Chinese trade tensions which saw the S&P500 on Wall Street and the tech heavy Nasdaq close lower.
A swing up of 1.4 per cent in AGL (ASX:AGL) was seen this morning, after the energy company received an non-binding offer to snap up its coal fired power station, Liddell for $250 million, which AGL says significantly undervalues the cash flows up to 2022.
Vocus Group (ASX:VOC) also charged up 5.1 per cent after Kevin Russell was appointed as new group CEO and Director
We’ve also seen health care shine again today, with an IPO from Wednesday, Star Combo Pharma (ASX:S66) gain 34 per cent to $1.61 after it floated with an issue price of $0.50 on 16 May 2018.
The miners are under pressure today after iron ore price fell 0.8 per cent to US$66.92 and its futures are pointing to fall of 3 per cent. We are seeing Fortescue (ASX:FMG) lose 2.2 per cent, while Rio (ASX:RIO) is about 1 per cent down.
All in all, half of the sectors are in the green, and the S&P/ASX 200 index is 2 points or 0.03 per cent up at 6,090. On the futures market the SPI is 3 points higher.
Logistics software heavyweight, WiseTech Global (ASX:WTC) has seen a run in its shares after being sold off for two days. It comes as the firm issued $100 million shares to a global institutional investor. Under the agreement 2.6 per cent of WTC’s shares will be issued to a fund manager in LA called, Capital Group’s SmallCap World Fund. The funds will be used to bolster WiseTech’s long-term growth plans and balance sheet. The transaction will occur tomorrow. Its shares are trading 4.3 per cent at $14.42.
Australian Mines (ASX:AUZ) has also seen a rise in its shares today, extending its gains from Friday and taking it back closer to its 50-day moving average price. It comes as company that’s working in the electric vehicle market in cobalt, nickel and scandium, rose its stake in the Marymia gold and copper project in WA to an 80 per cent, after it satisfied the spending requirements. Since 2014 it has spent $3 million on exploration at the site, with the deal being signed with Riedel Resources (ASX:RIE). If we look at Australian Mines (ASX:AUZ) shares they are trading 1.2 per cent up at $0.08 and Riedel Resources (ASX:RIE) is trading 3 per cent higher at $0.07.
Best and worst performers
The best performing sector is healthcare adding 1.4 per cent, while the worst performing sector is telcos, shedding 0.8 per cent.
The best performing stock in the S&P/ASX 200 is Vocus Group (ASX:VOC), rising 5.1 per cent to $2.48, followed by shares in Wisetech Global (ASX:WTC) and Nanosonics (ASX:NAN).
The worst performing stock in the S&P/ASX 200 is Asaleo Care (ASX:AHY), dropping 7 per cent to $1.33, followed by shares in Boral (ASX:BLD) and South32 (ASX:S32).
Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 1.1 per cent and the Shanghai Composite has gained 0.5 per cent.
Commodities and the dollar
Gold is trading at $US1,290 an ounce.
One Australian dollar is buying 75.25 US cents.
Bitcoin trades at US$8,475, Ethereum is at US$710 and EOS is at about US$14.00