All Ords hits all time high, breaks 2007 record: ASX tracking 0.9% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher following positive leads from Wall Street, continued to climb and is now tracking 0.9 per cent higher at noon. The All Ords hit an all time high in the opening hour this morning. The last time the All Ords hit a record was back in November 2007. It didn’t last long as the global financial crisis hit. Iluka Resources (ASX:ILU) shares are down after their released their quarterly review today showing they produced less zircon and mineral sands in the 2019 June quarter than the 2018 June quarter. St Barbara (ASX:SBM) shares also dipped lower in early trade as they missed quarterly expectations this morning.The Communication sector is leading the way and the Consumer Staples sector trailing behind.

The S&P/ASX 200 index is 57 points up at 6,782. On the futures market the SPI is 0.8 per cent higher.

Company news

Altura Mining (ASX:AJM) has signed a Cornerstone Investment Framework Agreement with Zinciferous. Zinciferous is an unlisted Australian public company which holds an option to acquire up to an 80 per cent interest in the newly constructed Tianyuan Lithium Carbonate Plant in China.The Terms Sheet provides a potential opportunity for Altura to participate in the downstream processing of lithium in a the new lithium conversion facility in China. Shares in Altura Mining (ASX:AJM) are trading 4.4 per cent higher at $0.12.

Best and worst performers

The best-performing sector is the Communication sector, adding 1.5 per cent, while the worst performing sector is Consumer Staples, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Smart Group (ASX:SIQ), rising 4.8 per cent to $9.65, followed by shares in Domain Holdings (ASX:DHG) and Eclipx Group (ASX:ECX).

The worst performing stock in the S&P/ASX 200 is Regis Resources (ASX:RRL) dropping 8.7 per cent to $5.91, followed by shares in Iluka Resources (ASX:ILU) and Sandfire Resources (ASX:SFR).

Asian markets

Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has gained 0.8 per cent and the Shanghai Composite has added 0.9 per cent.

Commodities and the dollar

Gold is trading at US$1,420 an ounce.
Iron ore price fell 0.4 per cent to US$117.82
Iron ore futures are pointing to a fall of 2.1 per cent.
One Australian dollar is buying 69.80 US cents.