The Australian share market spiked 10 minutes into the session, has been tracking sideways for most of the morning and is now tracking 0.3 per cent higher at noon. This comes despite soft leads from Wall Street. All sectors in the green, with Utilities and Consumer Discretionary leading the way.
The S&P/ASX 200 index is 20 points higher at 6,697. On the futures market the SPI is 25 points higher.
Graphite company, Magnis Energy Technologies (ASX:MNS) have secured $8 Million in funding from Middle East based Negma Group. Negma will provide up to $8 Million over the course of 12 months with a maximum monthly subscription of $700,000. The price of the shares issued will be at an 8 per cent discount to the previous ten-day volume weighted average price. An option for an additional $4 million subscription is on offer at the same terms. The funds will be used for working capital and advancing all projects. Shares in Magnis Energy Technologies (ASX:MNS) are trading flat at 18 cents at noon.
Best and worst performers
The best-performing sector is Utilities, adding 1 per cent. The sector with the fewest gains is Materials, adding 0.01 per cent.
The best performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA), rising 12.7 per cent to $1.20, followed by shares in Jumbo Interactive (ASX:JIN) and IDP Education (ASX:IEL).
The worst performing stock in the S&P/ASX 200 is Clinuvel Pharmaceuticals (ASX:CUV),dropping 4.2 per cent to $24.44, followed by shares in Pro Medicus (ASX:PME) and Bingo Industries (ASX:BIN).
Asian markets are mixed
Japan’s Nikkei has lost 1.1 per cent, Hong Kong’s Hang Seng has shed 0.5 per cent and the Shanghai Composite has added 0.01 per cent.
Commodities and the dollar
Gold is trading at US$1,506 an ounce.
Iron ore price rose 0.6 per cent to US$90.91.
Iron ore futures are pointing to a rise of 0.9 per cent.
One Australian dollar is buying 67.51 US cents.