Job vacancies rise 59.4% from May: ASX tracking 1.5% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open is now tracking 1.5 per cent higher at noon. Shares in plumbing supplies group Reliance Worldwide (ASX:RWC) have shot up today after reporting strong first quarter sales in its US business. Meanwhile, shares in Omni Bridgeway (ASX:OBL) are falling this morning.

The S&P/ASX 200 index

The S&P/ASX 200 index is 89 points up at 5,905. On the futures market the SPI is suggesting a rise of 99 points.

Economic news

Total job vacancies in August 2020 were 206,000, an increase of 59.4 per cent from May 2020

Broker moves

Credit Suisse rates BHP (ASX:BHP) as an Upgrade to an Outperform from Neutral. The broker estimates for China's steel consumption to around 1bn tonnes per year until 2022. This drives a more constructive view on iron ore and iron ore price forecasts are revised up by 30% and 18% for 2021 and 2022, respectively. The broker also has a more constructive view on coking coal. Target price is lifted to $39 from $37. Shares in BHP (ASX:BHP) are currently 2.89 per cent higher at $36.63.

Company news

OceanaGold Corporation (ASX:OGC) has entered into an agreement with a syndicate of underwriters to raise $157 million ($C150 million) to fund its Haile underground development and ongoing exploration. Also for the development of the Company's mineral properties in New Zealand, as well as for working capital and for general corporate purposes. New shares will be issued at $C2.06 each. Shares in OceanaGold Corporation (ASX:OGC) are 9.3 per cent lower at $2.14.

Best and worst performers

The best-performing sector is Materials rising 2.4 per cent, while the worst performing sector is Consumer Staples with the fewest gains adding almost 1 per cent.

The best performing stock in the S&P/ASX 200 is Reliance Worldwide Corp (ASX:RWC) rising 9.95 cent to $4.20, followed by shares in Lynas Corp (ASX:LYC) and Unibail-Rodamco-Westfield (ASX:URW).

The worst performing stock in the S&P/ASX 200 is Omni Bridgeway (ASX:OBL) dropping 2 per cent to $3.85, followed by shares in Pro Medicus (ASX:PME) and Cooper Energy (ASX:COE).

Commodities and the dollar

Gold is trading at US$1,889 an ounce.
Iron ore price is 5 per cent higher at US$123.47.
Iron ore futures are suggesting a rise of 4.99 per cent.
One Australian dollar is buying 71.75US cents.