GDP has grown by 3.1% during the fourth quarter: ASX tracking 0.7% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher and is now tracking 0.7 per cent higher at noon. The S&P/ASX 200 index is 44 points up at 6,807. On the futures market the SPI is 52 points higher.

Local economic news

Australia’s GDP has grown by 3.1 per cent during the fourth quarter on a quarter-on-quarter basis, smashing consensus forecasts for a 2.5 per cent increase.

Company news

Wisr (ASX:WZR) has increased its Warehouse loan funding facility to $350 million. It said this would improve loan economics and could increase revenues. The increased facility limit reflects the strong support from Wisr’s incumbent senior bank and mezzanine funders, on the back of continued strong credit performance. Shares in Wisr (ASX:WZR) are 5.3 per cent higher at $0.20.

IPOs

EZZ Life Science Holdings (ASX:EZZ) started trading today. They distribute skincare products and production and distribution of consumer health products in Australia and New Zealand. They issued at $0.50, started trading at $0.68 and is currently at $0.80.

Best and worst performers

The best-performing sector is Materials, adding 2.5 per cent, while the worst performing sector is Infotech, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS), rising 9.5 per cent to $1.32, followed by shares in Nufarm (ASX:NUF) and Westgold Resources (ASX:WGX).

The worst performing stock in the S&P/ASX 200 is Megaport (ASX:MP1), dropping 4.2 per cent to $12.11, followed by shares in News Corporation (ASX:NWS) and Austal (ASX:ASB).

Commodities and the dollar

Gold is trading at US$1,731 an ounce.
Iron ore price rose 0.6 per cent to US$175.55.
Iron ore futures are pointing to a rise of 1.2 per cent.
One Australian dollar is buying 78.30 US cents.