The Australian share market snapped its four-day losing streak after with the ASX200 breaking above the line in the first two hours of trade, after the oil price spiked to fresh four-year highs.
The likes of Beach Energy (ASX:BPT)
has gained 3.1 per cent, about within a three per range of its five year high.
While Whitehaven Coal (ASX:WHC)
gained 1.4 per cent today with UBS saying it’s a ‘favourite’ for the bank, as it’s ‘rolling in cash’ with the forecast to continue given the strong price for coal. UBS notes this in its June Quarter (ending 26 June) update, saying it was also a stand out in the resources sector, rising 27 per cent, with Alumina and BHP following.
UBS also noted excluding electric vehicles, miners rose 13.7 per cent in the quarter, outperforming the ASX300’s 8.4 per cent gain.
On a yearly basis the cobalt price has gained 30 per cent, nickel is up 59 per cent, while the iron ore is up 8 per cent. Overnight it lost 3 per cent to US$64.60, while its futures are pointing to a gain of 0.6 per cent.
The S&P/ASX 200 index is 13 points or 0.2 per cent higher at 6,209. On the futures market the SPI is 28 points higher.Company news
The world’s ‘first certified organic fast food chain’, Oliver’s Real Food (ASX:OLI)
opened up a new store in Central NSW, in Dubbo, taking its total stores to 28. Shares in Oliver’s Real Food (ASX:OLI)
are trades flat at $0.14
Affordable seniors accommodation provider, Ingenia Communities Group (ASX:INA)
forecast FY19 pre sales will be 46 per cent higher than FY18. Ingenia says it’s because 90 per cent of settlements will be coming from communities which have sales momentum. Shares in Ingenia Communities Group (ASX:INA)
are trading 2.1 per cent lower at $3.04
And Santos (ASX:STO)
announced it will look to pay ordinary dividends that are sustainable through the oil price cycle, targeting a payout range of 10 to 30 per cent of free cash flows that are generated every year. Its shares are 2 per cent higher at $6.24.Best and worst performers
The best performing sector is energy adding 1.6 per cent, while the worst performing sector is REITS shedding 1.4 per cen.
The best performing stock in the S&P/ASX 200 is nib Holdings (ASX:NHF)
, rising 6.9 per cent to $5.88, followed by shares in Speedcast International (ASX:SDA)
and Independence Group Nl (ASX:IGO)
The worst performing stock in the S&P/ASX 200 is Afterpay Touch Group (ASX:APT)
, dropping 4.9 per cent to $8.50, followed by shares in Wisetech Global (ASX:WTC)
and Automotive Holdings Group (ASX:AHG)
. Asian markets
Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng is flat and the Shanghai Composite has lost 0.04 per cent.Commodities and the dollar
Gold is trading at $US1,254 an ounce.
One Australian dollar is buying 73.57 US cents.Cryptocurrencies
Bitcoin trades at US$6,159 Ethereum trades at US$440 and EOS is at US$7.84.