The Australian share market rose at the open, maintaining momentum into the mid-session and is now tracking 0.4 per cent higher at noon. Downer (ASX:DOW) and Cimic (ASX:CIM) are leading the gains this morning after plummeting yesterday and shares in Insurance Australia (ASX:IAG) have tumbled, following the company's expectations update.
The S&P/ASX 200 index is 25 points up at 7,113. On the futures market the SPI is 22 points higher.
Citi has rated Netwealth Group (ASX:NWL) as a Buy. The broker says the company continues to attract high flows which Citi believes reflects the strength of its platform from a technological and functional perspective. While pricing is expected to decline, the broker considers guidance remains conservative and there is upside risk to near-term earnings from better-than-expected flows. The target has been raised to $9.65 from $9.60. Shares in Netwealth Group (ASX:NWL) are trading 4.5 per cent higher at $8.15.
Phoslock Environmental Technologies (ASX:PET) has issued an update on their projects and personnel surrounding the current Coronavirus. The company says their application and engineering teams completed the first Phoslock applications in Wuhan in September & October last year and the further applications scheduled from April will be subject to local conditions. The company has made clear they currently have no personnel in Wuhan, the epicentre of the deadly outbreak. Shares in Phoslock Environmental Technologies (ASX:PET) are trading 2.4 per cent lower at $0.82.
Prospa Group (ASX:PGL) have appointed Peter Loosmore as interim Chief Financial Officer commencing his role next week. Mr Loosmore has previously served as CFO at Westpac Financial Services. A search for a permanent replacement is underway. Shares in Prospa Group (ASX:PGL) are trading 2 per cent higher at $2.04.
Best and worst performers
The best-performing sector is Healthcare, adding 1 per cent, while the worst performing sector is Materials losing 0.3 per cent.
The best performing stock in the S&P/ASX 200 is Netwealth Group (ASX:NWL) rising around 4.5 per cent to $8.15, followed by shares in Downer (ASX:DOW) and Cimic Group (ASX:CIM).
The worst performing stock in the S&P/ASX 200 is Insurance Australia (ASX:IAG), dropping 5.8 per cent to $7.27, followed by shares in Technology One (ASX:TNE) and Nanosonics (ASX:NAN).
Commodities and the dollar
Gold is trading at US$1,561 an ounce.
Iron ore price is 3.4 per cent lower at US$93.44.
Iron ore futures are pointing to a fall of 2.3 per cent.
One Australian dollar is buying 68.46US cents.