RBNZ keeps cash rate on hold at 0.25%: ASX tracking 1.8% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 1.8 per cent higher at noon. Shares in Nufarm (ASX:NUF) have risen today despite reporting a statutory net loss after tax of $456 million. Meanwhile, shares in Virgin Money UK (ASX:VUK) continue to fall.

The S&P/ASX 200 index

The S&P/ASX 200 index is 103 points up at 5,887. On the futures market the SPI is suggesting a rise of 108 points.

Local economic news

Retail sales fell 4.2 per cent last month in seasonally adjusted terms. In year on year terms, August 2020 was up 6.9 per cent over August 2019 mainly due to a shopping boom after covid-19 restrictions.

Company news

Novonix (ASX:NVX) is pleased to announce a restructure and recommitment of the Board, major shareholders and Executive leadership. Dr Chris Burns has been appointed as Group Chief Executive Officer. Chris is the co-founder and CEO of NOVONIX Battery Testing Services Inc based in Canada and co-developed the breakthrough Ultra-High-Precision-Coulometry (UHPC) technology with Professor Jeff Dahn. The company is also pleased to announce the appointment of Nick Liveris as Chief Financial Officer. The operating divisions of the Company are in the USA and Canada and the Company plans to expand into Europe as a second phase of market penetration in the medium term. Shares in Novonix (ASX:NVX) are currently tracking 5.3 per cent higher at $1.79.

IPO

Plenti (ASX:PLT) listed today – starting price was $1.40, issue price $1.66. The Company and its subsidiaries provides a technology-led consumer lending and investing platform in Australia. The Group is focused on lending to creditworthy borrowers in the following key lending segments: secured automotive loans, renewable energy loans and personal loans. Currently their shares are trading at $1.42.

Best and worst performers

The best-performing sector is consumer discretionary adding at 2.7 per cent, while the worst performing sector is energy losing the least at 0.5 per cent.

The best performing stock in the S&P/ASX 200 is Service Stream (ASX:SSM) rising 12.4 cent to $2, followed by shares in Nufarm (ASX:NUF) and AP Eagers (ASX:APE).

The worst performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS) dropping 5.8 per cent to $2.19, followed by shares in Whitehaven Coal (ASX:WHC) and Avita Therapeutics (ASX:AVH).

Commodities and the dollar

Gold is trading at US$1,903 an ounce.
Iron ore price is 2.1 per cent lower at US$117.30.
Iron ore futures are suggesting a fall of 0.7 per cent.
One Australian dollar is buying 71.36US cents.