Redbubble upgraded to a buy: Aus shares spike

Market Reports

by Katrina Bullock

The Australian share market opened a hair lower this morning following mixed leads from international markets. It saw an early spike in the first 20 minutes of trade and has managed to maintain its lead over the morning. At noon it's tracking 0.6 per cent higher. All of the sectors are trading in positive territory with Technology and Real Estate leading the way in the first two hours of trade.

The S&P/ASX 200 index is 43 points or 0.6 per cent higher at 6,760. On the futures market the SPI is 0.6 points higher.

Broker moves

Goldman Sachs has upgraded Redbubble (ASX:RBL) from a neutral to a buy, with a 12-month price target of $1.65. This comes as 3 new Redbubble products gain traction with artists, and ahead of the impending launch of an additional 2 products. With these additional 5 products, and the 7 which went live in Q4 of last year there has been an 18 per cent rise in the number of products offered by the company. Shares in Redbubble (ASX:RBL) are trading 7.9 per cent higher at $1.43.

Company news

Biopharmaceutical company, Neuren (ASX:NEU) has announced that its North American partner, ACADIA, is set to commence the “LAVENDER” Phase 3 trial of
trofinetide in Rett syndrome. The trial aims to achieve the outcome seen in Neuren’s successful Phase 2 paediatric trial. However, this new trial will be enhanced by incorporating twice the treatment duration, an optimised dosing regimen and a higher statistical powering associated with a much larger sample size. Additionally, the company expects the US Food and Drug Administration to complete its review of the three applications for Orphan Drug designation for NNZ-2591 by the end of Q4.
Executive Chairman Richard Treagus says the Company is approaching an exciting quarter “with some important milestones for the business anticipated”.Shares in Neuren (ASX:NEU) are trading 5.1 per cent lower at $2.04.

Best and worst performers

The best-performing sector is Information Technology, adding 1.3 per cent, while the worst performing sector is Financials, still managing to make some ground and increasing 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Premier Investments (ASX:PMV), rising 18.2 per cent to $18.57, followed by shares in Nearmap (ASX:NEA). IOOF Holdings (ASX:IFL) is coming in third following their announcement this morning that they had successfully defended court proceedings from APRA.

The worst performing stock in the S&P/ASX 200 is New Hope Corporation (ASX:NHC),dropping 2.5 per cent to $2.36, followed by shares in Speedcast International (ASX:SDA) and Washington H Soul Pattinson & Company (ASX:SOL).

Asian markets 

Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has gained 0.1 per cent and the Shanghai Composite has added 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,502 an ounce.
Iron ore price fell 3.3 per cent to US$93.23.
Iron ore futures are pointing to a fall of 2.8 per cent.
One Australian dollar is buying 67.84 US cents.