The Australian share market started the week on shaky ground, slipping at the open despite record Wall Street leads from Friday. A suite of upgrades and better than expected results are now seeing the market somewhat claw back.
We have seen Afterpay (ASX:APT) shares continue to break records, and its 8.2 per cent higher at noon, setting an all-time high, week after week. Morgans and Ord Minnett both upgraded the buy now pay later company on Friday the company’s US expansion strengthens.
Platinum Asset Management (ASX:PTM) shares trade 5.7 per cent higher after being upgraded to a neutral position from underperform by Credit Suisse, after their FY18 results were slightly better than Credit Suisse had expected.
On the sector front, half are making positive tracks, with Techs stocks leading, followed by Telcos and Discretionary
At noon the index S&P/ASX 200 index is 4 points or 0.1 per cent lower at 6,243. Taking the market back to where it was two weeks ago. We do have a bit of ground to make up after the Australian share market lost 1.5 per cent last week amid political instability and company results.
On futures market the SPI is flat.
Renewable energy generator, Infigen Energy (ASX:IFN) reported its net profit after tax grew 42 per cent to $45.7 million in the 2018 financial year gain 42 per cent. While its revenue (from ordinary activities) grew 14 per cent to $223.8 million on the back of higher production sold and slightly higher electricity prices in NSW. Shares in Infigen Energy (ASX:IFN) are trading 4.8 per cent higher at $0.65.
The owner of IGA and Mitre10 and Celebrations, Metcash (ASX:MTS) inked a long-term supply agreement with the governing body of independent Foodland Supermarket retailers in South Australia, meaning it now has long-term supply agreements with the majority of retailers in that state. The deal will also see Foodland retailers commit to being supplied from Metcash’s new proposed distribution centre in South Australia for 10 years. Shares in Metcash are trading 2.3 per cent lower at 2.79 at noon.
Best and worst performers
The best performing sector is Telcos adding 0.7 per cent, while the worst performing sector is Staples, shedding 0.6 per cent.
The best performing stock in the S&P/ASX 200 is Afterpay (ASX:APT), rising 8.2 per cent to $21.30, followed by shares in Platinum Asset Management (ASX:PTM) and Infigen Energy (ASX:IFN).
The worst performing stock in the S&P/ASX 200 is G8 Education Limited (ASX:GEM), dropping 14.1 per cent to $2.08, followed by shares in Reliance Worldwide Corporation (ASX:RWC) and Costa Group Holdings Limited (ASX:CGG).
Higher: Japan’s Nikkei has gained 0.9 per cent, Hong Kong’s Hang Seng has risen 1.2 per cent and the Shanghai Composite has gained the least 0.8 per cent.
Commodities and the dollar
Gold is trading at US$1,205 an ounce.
Iron ore price gained 1.3 per cent to US$67.03. Its futures are pointing to a dip of 2.1 per cent.
One Australian dollar is buying 73.25 US cents.
Bitcoin has fallen 0.4 per cent to US$6,699, Ethereum has fallen 0.9 per cent to US$274.