TechnologyOne (ASX:TNE) responds to 'false and misleading' report: Aus shares 0.7% higher at noon

Market Reports

by Ortenzia Borre

The Australian share market opened higher this morning and is now trading 0.7 per cent up at noon. In a COVID-19 breaking news update, the reality of a second wave across NSW is growing as the state closes a second pub and gym linked the Crossroads Hotel cluster, and Victoria has recorded 177 new cases overnight, the lowest number in the past 3 days.

The S&P/ASX 200 index is 43 points up at 5,962. On the futures market the SPI is 58 points up. 

Broker moves 

Ord Minnett has rated REA Group (ASX:REA) as an Accumulate.The broker assesses new listings have improved with the lifting restrictions across the country. Depth uptake in June has accelerated as well.
This continued growth in depth uptake during the pandemic will cushion some of the downturn in new listings, Ord Minnett believes. Shares in REA Group (ASX:REA) are trading 0.6 per cent higher at $105.41. 

Company news 

TechnologyOne (ASX:TNE) has responded to a piece in today’s the Australian Financial Review regarding a research report published by GMT Research about the company’s audited results. The company has confirmed that the claims made in the AFR by GMT Research are false and misleading. TechnologyOne says GMT Research spent only 30 minutes with them and are very surprised with their limited knowledge that they would have published a report in the first place, and more importantly without verifying the accuracy of the report with them. TechnologyOne was at no time shown the report. Shares in TechnologyOne (ASX:TNE) are trading 5.6 per cent lower at $8.25.

Best and worst performers 

The best-performing sector is Utilities, adding 1.7 per cent, while the worst performing sector is Information Technology shedding 1.8 per cent. 

The best performing stock in the S&P/ASX 200 is IGO (ASX:IGO), rising 4.5 per cent to $5.07, followed by shares in South32 (ASX:S32) and Virgin Money UK (ASX:VUK)

The worst performing stock in the S&P/ASX 200 is Avita Medical (ASX:AVH), dropping almost 5.96 per cent to $7.41, followed by shares in TechnologyOne (ASX:TNE) and IPH (ASX:IPH)

Commodities and the dollar 

Gold is trading at US$1,804 an ounce. 
Iron ore price is steady at US$106.32.
Iron ore futures are pointing to a rise of 3.5 per cent. 
One Australian dollar is buying 69.64 US cents. 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.