The Australian share market rose at the open and is now tracking 0.3 per cent lower at noon. Shares in Xero (ASX:XRO) are up after they reported their six month revenue rose 21 per cent and shares in Telstra (ASX:TLS) are up after they reported a restructure for the company.
The S&P/ASX 200 index
The S&P/ASX 200 index is 18 points lower at 6,432. On the futures market the SPI is suggesting a fall of 6 points.
Local economic news
Record low levels of travel continue in September. Overseas visitor arrivals to Australia increased 22.6 per cent since the previous month. Australian resident returns from overseas increased 1.1 per cent since the previous month.
Morgans rates IDP Education (ASX:IEL) as an Upgrade to an Add from a Hold. They say the upside from a Covid-19 vaccine is for the potential for international borders to reopen quicker than expected. This would bolster student placement and IELTS testing volumes and earnings. The broker believes the company will be materially better placed when normalised conditions prevail.The target price is increased to $25.09. Shares in IDP Education (ASX:IEL) are trading 3.3 per cent higher at $23.31.
Centuria Property Funds, as Responsible Entity for the Centuria Office REIT (ASX:COF) has entered into an contract for the sale of its 25 per cent interest in a Chatswood office block in New South Wales for $44.7 million. The book value for COF’s 25 per cent interest in the property as at 30 June 2020 was $41.9 million. Settlement is expected to occur in February 2021. Shares in Centuria Office REIT (ASX:COF) are trading 0.4 per cent lower at $2.29.
Hipages Group Holdings (ASX:HPG) started trading today. It’s a holding company for an Australia-based marketplace platform and Software as a Service provider for tradies, that aims to connect tradies and consumers for home improvement jobs.
Best and worst performers
The best-performing sector is Communication services adding 3.04 per cent, while the worst performing sector is Energy shedding 1.4 per cent.
The best performing stock in the S&P/ASX 200 is Telstra Corp (ASX:TLS) rising 4.9 per cent to $3.14, followed by shares in Nine Entertainment co Holdings (ASX:NEC) and Afterpay (ASX:APT).
The worst performing stock in the S&P/ASX 200 is Whitehaven Coal (ASX:WHC) dropping 4.3 per cent to $1.17, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and NRW Holdings (ASX:NWH).
Commodities and the dollar
Gold is trading at US$1,865 an ounce.
Iron ore is 1.9 per cent higher at $124.56.
Futures point to a rise of 0.6 per cent
One Australian dollar is buying 72.90US cents.
And finally a quick reminder our next online event is Nov 17. 5 companies presenting starting 12:30pm, details at the link below https://www.finnewsnetwork.com.au/page/investor-events. Please register to secure a spot.