Clinuvel Pharmaceuticals (ASX:CUV) launches Scenesse: Aus shares 0.5% higher at noon

Market Reports

by Ortenzia Borre

The Australian share market opened higher again this morning and is now trading 0.5 per cent higher at noon. Lynas Corporation (ASX:LYC) is leading the top 200 gains at midday, up over 15 per cent, following their intended contract US Department of Defense and Avita Medical (ASX:AVH) coming in last.

The S&P/ASX 200 index is 27 points up higher at 5,248. On the futures market the SPI is 8 points up. 

Broker moves 

Citi has rated A2 Milk Company (ASX:A2M) as a Buy. The broker says stockpiling played a significant role in the better-than-expected March quarter and is positive about the sales outlook, given the recruitment of new consumers that have driven market share gains. Citi also considers the upgraded margin guidance of 31-32% for FY20 operating earnings is conservative and retains a Buy rating and raises the target to $21.50 from $19.20. Shares in A2 Milk Company (ASX:A2M) are trading 0.05 per cent lower at $18.61. 

Company news 

Clinuvel Pharmaceuticals (ASX:CUV) has launched its Scenesse peptide in the People's Republic of China. Collaborating with local partner Winhealth Pharma, the treatment of rare genetic metabolic disorder erythropoietic protoporphyria (EPP) peptide will be treated on patients across prominent hospitals and medical centres. Director of global operations Lachlan Hay says it’s taken some time in selecting a reputable Chinese partner with a firm standing locally, more so to find one who shows the same expansion thrift as they do. Shares in Clinuvel Pharmaceuticals (ASX:CUV) is trading 3.9 per cent lower at $20.44.

Best and worst performers 

The best-performing sector is Materials, adding 2.6 per cent, and the worst performing sector this morning is Healthcare shedding 1.1 per cent. 

The best performing stock in the S&P/ASX 200 is Lynas Corporation (ASX:LYC), rising 15.4 per cent to $1.61, followed by shares in Ohh! Media (ASX:OML) and Santos (ASX:STO)

The worst performing stock in the S&P/ASX 200 is Avita Medical (ASX:AVH), dropping 6.4 per cent to 44 cents, followed by shares in Blackmores (ASX:BKL) and AP Eagers (ASX:APE)

Commodities and the dollar 

Gold is trading at US$1,712 an ounce. 
Iron ore price rose 0.8 per cent to US$85.04 
Iron ore futures are pointing to a rise of 1.4 per cent. 
One Australian dollar is buying 63.08 US cents.