The Australian share market has risen at the open following positive leads from Wall Street. It is now tracking 0.1 per cent higher at noon. The best-performing sector is Energy, with both Beach Energy and Cooper Energy among the top performers while the worst performing sector is Consumer Staples.
Citi has rated Scentre Group (ASX:SCG) as a Sell. Scentre Group announced the acquisition of 50% of Garden City in Perth for $570m and the broker understands the expansion of Westfield Stirling, also in Perth, is deferred and the buyback will continue.The positive aspects, in the broker's view, include the acquisition of an interest in a very high-quality asset and marginal accretion in 2020, as well as increased likelihood of some project income. The negatives include a reduction in maximum project income potential as well as an increase in gearing and the deferral of Stirling.
The S&P/ASX 200 index is 9 points up at 6,716. On the futures market the SPI is 0.3 per cent higher.
The Reject Shop (ASX:TRS) has appointed Andre Reich as Chief Executive Officer, stepping into the role from 13 January 2020. Mr Reich has more than 25 years of retail experience, most recently in the role of Chief Operating Officer at Wesfarmers Target Australia we well as General Manager of Merchandise & Marketing at Wesfarmers’ Kmart Australia. He also held the role of CEO at Review Australia. Shares in The Reject Shop (ASX:TRS) are trading 3.3 per cent higher at $2.06.
Battery developer Novonix (ASX:NVX) has secured a deal to supply lithium-ion battery anode material to SAMSUNG SDI, an international manufacturer of lithium-ion batteries. The agreement is the company’s first for its recently launched PUREgraphite Anode product with the company to supply Samsung 500 tonnes of its graphite anode material from October 2020. Novonix confirmed that the material will be manufactured at its facility in the United States before being exported to Samsung’s battery manufacturing facilities in other countries. Shares in Novonix (ASX:NVX) are trading 7.8 per cent higher at 63 cents.
Best and worst performers
The best-performing sector is Energy adding 1.4 per cent, while the worst performing sector is Consumer Staples, shedding 0.6 per cent.
The best performing stock in the S&P/ASX 200 is Beach Energy (ASX:BPT) rising 4.6 per cent to $2.60, followed by shares in Ooh!Media (ASX:OML) and Cooper Energy (ASX:COE).
The worst performing stock in the S&P/ASX 200 is McMillan Shakespeare (ASX:MMS), dropping 13.4 per cent to $12.43, followed by shares in Estia Health (ASX:EHE) and Viva Energy Group (ASX:VEA).
Commodities and the dollar
Gold is trading at US$1,461 an ounce.
Iron ore price gained 0.5 per cent to US$89.06
Iron ore futures are pointing to a rise of 2.8 per cent.
One Australian dollar is buying 68.31 US cents.