Materials leading at Midday, Aus shares up 0.8%

Market Reports

by Liz Pal

Following positive leads, the Australian share market opened higher and is continuing to rally. At noon it was up 0.8 per cent. Stand out sectors Materials and Financials climbing around 1 per cent, just in the first 2 hours of trade. The likes of Sandfire Resources (ASX:SFR) and QBE Insurance (ASX:QBE) both leading the charge of around 2 percent increase, leading their respective sectors.

The S&P/ASX 200 index is 46 points up at 5,893. On the futures market the SPI is 40 points higher.

Local economic news 
The ABS has reported on the September New motor vehicles sales, with trend the trend estimate of 99, 850 decreased by 0.3 percent, compared to August 2017.

Company news
Eden Innovations (ASX:EDE) has extended their first bulk agreement with Valley Prestress to supply an additional two plants. The clean tech and carbon-strengthened concrete supplier entered the three year agreement in March 2017. The contract includes supply to support the construction of bridges for the Texas Department of Transportation. Whilst no minimum order outlined in the contract, Eden has been advised the sales across the three plans would increase to $1.4US million. Shares in Eden are trading up 8.33 per cent at 16c.

Megastar Marketing (ASX:MSM) has reported strong results inline of internal KPIs. The global online entertainment company, headquartered in Sydney and Oakland, is continuing to build awareness though its endorsement by Megastar CCO, musician and head judge Usher. Global TV audience of the competition continues to grow, currently reaching 12.5 million viewers in the US alone. Shares in Megastar Marketing are 4.44 per cent higher to 24c.

Best and worst performers
The best performing sector is materials, gaining 1.1 per cent to 10,788 Shares in Independence Group (ASX:IGO) have risen 5.84 per cent and trading at $4.17. Shares in Western Areas (ASX:WSA) and Galaxy Resources (ASX:GXY) are also higher.
The least gaining sector is utilities , slipping 0.6 per cent to 8,124. Shares in AGL Energy (ASX:AGL) are down 1.2 per cent trading at $23.66. Shares in Infigen Energy (ASX:IFN) and APA Group (ASX:APA) are also lower.

Commodities and the dollar
Gold is trading at $1,295US an ounce and one Australian dollar is buying 78.43US.