Holding its breath: Aus shares up 0.58 per cent at noon

Market Reports

by Carolyn Herbert

Australian investors are holding their breath as votes are counted to determine the next US president. The local bourse followed Wall Street’s positive lead and opened sharply higher, but in early vote counting where Donald Trump was showing a lead in Florida the market dropped like a stone into negative territory. At around lunch time, with North Carolina and Ohio looking like a win for the democrats our local bourse shot back up trading 0.58 per cent at noon. The financials space, namely the big four banks are leading the charge, up around 2 per cent rebounding from yesterday’s losses.

The S&P/ASX 200 index is 30 points up at 5,287. On the futures market the SPI is 25 points higher.

Company news

Aristocrat Leisure Limited (ASX:ALL) has announced that its CEO and Managing Director Jaimie Odell has resigned and intends to conclude his employment with the gaming company at the end of February next year. The board has appointed Trevor Croker as CEO elect, subject to necessary regulatory pre-approvals. Mr Croker will relocate to the US to take up the role. Shares in Aristocrat Leisure are trading down 5 per cent at $14.43.

Cash Converters International Limited (ASX:CCV) says it has been cooperating in an investigation by ASIC into its compliance with certain provisions applicable to small amount credit contracts. It has confirmed it has entered into an Enforceable Undertaking in relation to the matters investigated. Under the undertaking the company will remediate certain customers who applied for and were granted small amount credit contracts via the website between 2013 and 2016. The total remediation amount is $10.8 million. Shares in Cash Converters are trading up 7.58 per cent at $0.35.

Best and worst performers

The best performing sector is Financials, gaining 1.2 per cent to 5,888. Shares in Challenger Financial have risen 2.29 per cent and trading at $10.71. Shares in CBA and NAB are also stronger.

The worst performing sector is Consumer Discretionaries, falling 0.7 per cent to 2,032. Shares in Aristocrat Leisure have fallen 5 per cent, trading at $14.43. Shares in Bapcor and News Corp are also lower.

IPOs

Elanor Retail Property Fund Limited (ASX:ERF) started trading today. The property fund manager floated with an issue price of $1.35, opened at $1.35 and is currently trading at $1.35.

Gold and the dollar

Gold is trading at $US1,273 an ounce.
The Australian dollar is buying $US0.7757.




 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.