The Australian share market charged 0.5 per cent higher in the first 15 minutes of trade continuing its 10-day uptrend, and now it’s extending on that. Most of the sectors are trading higher with Staples, Healthcare and Industrials gaining 1 per cent or more. But the smaller tech sector is up the most, 2.8 per cent.
From the get-go we had positive Wall Street leads with US stocks seeing their best rally after the Mid-Term-Elections since 1982, with the Nasdaq up 2.6 per cent after Microsoft (NYSE:MSFT) rose 3.9 per cent and the S&P 500 & Dow rose of 2.1 each.
Broker moves Domino’s Pizza Enterprises
(ASX:DMP) has been downgraded by Citi to a sell on the back of the firm seeing a soft start in FY19. Citi’s 12-month price target is $45.20. Domino’s trades 10.9 per cent lower at noon.
Sydney Airport
(ASX:SYD) had its buy position maintained by Citi, with a price target of $7.74, but Citi says it prefers Auckland International Airport
(ASX:AIA). Sydney Airport
(ASX:SYD) trades 0.7 per cent higher at noon.
The S&P/ASX 200 index is 0.6 per cent higher or 34 points up at 5,931. On the futures market the SPI is 13 points higher.
Company news Travel agency services firm, Corporate Travel Management
(ASX:CTD) says its short seller VGI Partners, has a fundamental misunderstanding of the corporate travel sector and of CTD’s business model. It comes as the company responded to the second VGI report, which is ‘biased towards its short position in the company’. CTM tasked EY to look at the second damming report, but EY says its report is 'superficial'. Shares in Corporate Travel Management
(ASX:CTD) have bounced back from the last two days of selling and are trading 13.8 per cent higher at $22.75 at noon, but it still has not recovered from its 22 per cent slide on last Wednesday (October 31).
REA Group
(ASX:REA) shares have charged up 10 per cent, hitting month-and-a-half high, after it announced revenue rose 17 per cent in the September quarter, compared to the same time last year. Its EBITDA (earnings) rose 23 per cent to $131 million and free cash flow rose 52 per cent. Shares in REA Group
(ASX:REA) are trading 10.2 per cent higher at $79.99 at noon.
Best and worst performersThe best performing sector is Health Care adding 1.5 per cent, while the worst performing sector is Utilities, shedding 3.7 per cent.
The best performing stock in the S&P/ASX 200 is Corporate Travel Management Limited
(ASX:CTD), rising 13.8 per cent to $22.75, followed by shares in REA Group
(ASX:REA) and Afterpay Touch Group Limited
(ASX:APT).
The worst performing stock in the S&P/ASX 200 is James Hardie Industries Plc
(ASX:JHX), dropping 14.2 per cent to $16.99 followed by shares in Domino's Pizza Enterprises Limited
(ASX:DMP) and Apa Group
(ASX:APA).
Commodities and the dollar Gold is trading at US$1,225 an ounce.
Iron ore price fell 0.6 per cent to US$75.27 and its futures are pointing to a rise of 0.6 per cent.
One Australian dollar is buying 72.73 US cents.
CryptocurrenciesBitcoin has gained 0.4 per cent to US$6,530, Ethereum has fallen 0.6 per cent to US$218 and XRP has lost 1.2 per cent to US$0.54, in the last 24 hours.
