New 10-year high: Aus shares 0.1% higher at noon

Market Reports

by Jessica Amir

The Australian share market set a new 10-year high today, and looks to extend its record run, notching its third day of straight gains. But weak sentiment from Wall Street closing lower on trade war fears, and the Philippine Stock Exchange entering a bear market, initially put fear into our local market today, but we managed to shake that off.

UBS also revealed analysis from APRA's Q1 property statistics, saying lending has further slowed. UBS also noted the housing market is slowing faster than expected.

Despite that, the S&P/ASX 200 index is 6 points up or 0.1 per cent higher at 6,238. On the futures market the SPI is 6 points higher. About half of the sectors are in the red today with Telcos again leading the decline again, with Telstra (ASX:TLS) fast approaching its all-time low price of $2.62. It’s now trading 2.4 per cent lower at $2.66.

The energy sector is in the red, despite the US crude oil price gaining 1.3 per cent and being above OPEC’s target price.

While heavyweight miners, Rio (ASX:RIO) and BHP (ASX:BHP) are trading lower, Fortescue (ASX:FMG) is gaining. Iron ore price fell 0.9 per cent to US$64.88, while its futures eye a gain of 0.3 per cent.

Company news

Reliance Worldwide (ASX:RWC) made it’s way as one of today’s top performers earlier in the session. It’s issued new shares onto the market, following its capital raising via a retail entitlement offer. Earlier this month (5 June) it also issued new shares following its institutional raising. Its shares are trading 1 per cent higher at $5.49, closer to its all time high.

Cochlear (ASX:COH) has released a smart phone app, making it easier for people who use its sound processing device, to adjust their settings, to really personalise their hearing, and locate missing sounds. Shares in Cochlear (ASX:COH) are trading 0.2 per cent higher at $203.46.

IPOs

Investment management company, WAM Global Limited (ASX:WGB) started trading today. It floated with an issue price of $2.20, opening at $2.19 and its trading at $2.19.

Best and worst performers

The best performing sector is financials adding 1.1 per cent, while the worst performing sector is telcos, shedding 2.1 per cent.

The best performing stock in the S&P/ASX 200 is Australia and New Zealand Banking Group Limited (ASX:ANZ), rising 2.8 per cent to $28.63 (after it revealed it’s doubling its share buy-back from $1.5 to $3 billion). Followed as the second and third best performers are G8 Education Limited (ASX:GEM) and Tassal Group Limited (ASX:TGR).

The worst performing stock in the S&P/ASX 200 is Bellamy's Australia Limited (ASX:BAL), dropping 4.8 per cent to $17.10, followed by shares in Beach Energy Limited (ASX:BPT) and Seven West Media Limited (ASX:SWM).

Asian markets

Japan’s Nikkei has lost 0.84 per cent, Hong Kong’s Hang Seng has shed 0.6 per cent and the Shanghai Composite has lost 0.63 per cent.

Commodities and the dollar

Gold is trading at $US1,268 an ounce.
One Australian dollar is buying 73.83 US cents.

Cryptocurrencies

Bitcoin is at US$6,659 Ethereum trades at US$517 and EOS is at US$10.21.