The Australian share market has mustered today, clawing back some of yesterday’s 1 per cent loss. It comes as over half of the sectors seeing gains, with miners out in front after the price of lead trades near a six week high, and gold rose to its highest level in 2.5 months.
Gold players like Newcrest Mining
(ASX:NCM) are up over 3.3 per cent.
Lithium plays are also boding well, like Mineral Resources
(ASX:MIN) and Orocobre
(ASX:ORE) which are up about 2 per cent while heavyweight miners like BHP
(ASX:BHP) trades over 1.7 per cent higher with Rio Tinto
(ASX:RIO) following.
Meantime in the Healthcare space, which is trading lower, we are seeing cannabis company’s rally such as AusCann
(ASX:AC8) which is about 2.9 per cent higher, ahead of Canada legalising recreational marijuana.
The S&P/ASX 200 index is 28 points higher or 0.5 per cent higher at 5,866. On the futures market the SPI is 23 points higher.
Local economic newsPersonal finance/borrowing fell by 1 per cent from July to August, while housing finance fell 0.2 per cent over the same period (in trend terms).
Company news Propertylink Group
(ASX:PLG) received a sweetened deal from ESR Real Estate, with the Asian firm increasing its takeover offer by $0.05 to $723 million. The firm previously offered $693 million takeover offer at $1.15 cash per share, and now its offer stands at $0.20 per cent. Meantime, Propertylink says it has decided not to proceed over Centuria’s Industrial REIT
(ASX:CIP) takeover after CIP reject the offer. Shares in PropertyLink
(ASX:PLG) are trading 2.4 per cent higher at $1.17 while, shares in Centuria Industrial REIT
(ASX:CIP) are trading 1.1 per cent lower at $2.71.
Heavy earthmoving equipment company, Emeco Holdings
(ASX:EHL) shares have seen a fresh rally today with the stock being upgraded to a buy by Goldman Sachs, with the leading bank initiated coverage of the company with a price target of $0.47. It also made its way to one of our top performing posts after issuing its Annual Report, reiterating its return to profitability for the first time since FY13. In September Emeco also made its way to the top 200 after the S&P/ASX200 quarterly rebalance. Shares in Emeco Holdings
(ASX:EHL) have been on an upward trend since mid-2016 and today its shares are trading 4.6 per cent higher to $0.35
Best and worst performersThe best performing sector is Materials adding 1.3 per cent, while the worst performing sector is Telcos, shedding 1.5 per cent.
The best performing stock in the S&P/ASX 200 is Emeco Holdings Limited
(ASX:EHL), rising 4.6 per cent to $0.35, followed by shares in Sims Metal Management Limited
(ASX:SGM) and Lynas Corporation Limited
(ASX:LYC).
The worst performing stock in the S&P/ASX 200 is TPG Telecom Limited
(ASX:TPM), dropping 2.6 per cent to $7.57, followed by shares in CYBG Plc
(ASX:CYB) and Telstra Corporation Limited
(ASX:TLS).
Commodities and the dollar Gold is trading at US$1,229 an ounce.
Iron ore price is steady at US$71.66 with the iron ore price rising over 10 per cent year-on-year.
Its futures are pointing to a fall of 0.7 per cent.
One Australian dollar is buying 71.39 US cents.
CryptocurrenciesBitcoin has added 4.8 per cent to US$6,587, Ethereum gained 6.5 per cent to US$208 and XRP has added 10.4 per cent to US$0.45.
