Bouncing back: Aus shares 0.3% higher at noon

Market Reports

by Jessica Amir

The Australian share market is making green tracks, recovering from its early drop, and clawing back some of yesterday’s losses.

Financials are leading over half of the sectors higher today, followed by healthcare, staples and miners. Lithium major Galaxy Resources (ASX:GXY) is shooting the lights out, gaining about 13 per cent after announcing it will sell a northern tenement package in sought after Argentina, for US$280 million.

BHP (ASX:BHP) is bouncing back and trading higher, along with Fortescue Metals (ASX:FMG) while Rio Tinto (ASX:RIO) trades slightly lower with iron ore price slightly dipping 0.1 per cent to US$63.89, and its futures pointing to a rise of 1 per cent.

The S&P/ASX 200 index is 19 points or 0.3 per cent higher at 6,023. On the futures market the SPI is 11 points higher.

Company news 

Big Un (ASX:BIG) has notified shareholders Nicolas Jordon was appointed as executive chairman. He has been Non-Executive Chairman since March 22, 2018. He will work closely with the existing management team and will help with negotiations with stakeholders. He was officially inducted into the role yesterday, 28 May 2018. He was formerly the head of Lehman Brothers, Russian operations. Big Un (ASX:BIG) last traded at $2.22.

Origin Energy (ASX:ORG) announced drilling activity that has the potential to increase gas reserves and production in the Peat Gas Field, in Queensland. And as that area is a High Peak Royalties (ASX:HPR) area, Origin has paid HPR almost $59,200. Origin says the area has potential significant volumes of gas and the existing infrastructure help with development. Origin Energy (ASX:ORG) are trading 0.1 per cent higher at $9.50, while High Peak Royalties (ASX:HPR) shares last traded at 5 cents.

Fund manager, WAM Asset Management (ASX:WAM) advised the IPO of its global fund, WAM Global has now raised $330 million and is accepting oversubscriptions of up to $220 million. The priority and general offer is set to close on 8 June 2018 with the shares set to list on 22 June. As for WAM shares they are trading 7 per cent off their all time high, today they are 0.6 per cent higher at noon at $2.39.

IPOs

Galileo Mining Limited (ASX:GAL) started trading today. The cobalt and nickel explorer floated with an issue price of 20 cents, opened at 35 cents and its trading at 32.5 cents.

Payroll outsourcing company, PayGroup Limited (ASX:PYG) started trading today after having 400 clients’ entities across 18 countries on its books, It floated with an issue price of 50 cenets, opened at 65 cents and its trading at 61 cents.

Best and worst performers

The best performing sector is finanical adding 0.8 per cent, while telcos are the worst performing sector shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Galaxy Resources Limited (ASX:GXY), rising 12.9 per cent to $3.38, followed by shares in Retail Food Group Limited (ASX:RFG) and Apn Outdoor Group Limited (ASX:APO).

The worst performing stock in the S&P/ASX 200 is ALS (ASX:ALQ), dropping 5.4 per cent to $7.15, followed by shares in The A2 Milk Company Limited (ASX:A2M) and Tpg Telecom Limited (ASX:TPM).

Asian markets

Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has gained 0.1 per cent.

Commodities and the dollar

Gold is trading at $US1,300 an ounce.
One Australian dollar is buying 75.28 US cents.

Cryptocurrencies

Bitcoin trades at US$7,132, Ethereum trades 9 per cent lower to US$522 and EOS is 9 per cent lower to US$11.69