Shaking off trade war fears: Aus shares 0.5% higher at noon

Market Reports

by Jessica Amir

The Australian share market popped up at the open, despite trade war fears putting pressure on metal prices again, Copper fell to a new near 11 month low and on Wednesday zinc prices ended 3.2 per cent down, at the lowest close since June 2017. 

In a reverse of yesterday, most of our sectors are trading higher, while Telcos again are in the lead, while the consumer discretionary space is the only sector that’s seeing soft trading.

As for stand out stocks, Cleanaway Waste Management (ASX:CWY) is trading near it’s all time high and 3.3 per cent higher today.

Meantime Woolworths (ASX:WOW) put a feather in its cap after it signed a new 15-year deal with Caltex (ASX:CTX), which will see the petrol company pay Woolies $50 million, while Woolies also stands to get a pre-tax benefit of $80 million per annum. Its shares are trading 0.8 per cent higher. 

We are seeing the likes of BHP (ASX:BHP) and Rio (ASX:RIO) slightly fall, while Fortescue (ASX:FMG) trades about 0.5 per cent higher at noon.

The S&P/ASX 200 index is 30 points or 0.5 per cent higher at 6,214. On the futures market the SPI is 28 points higher.

Company news

Bellamy’s Australia (ASX:BAL) received some extra buy in today with the Central Bank of Norway, Norges Bank takings its stake in the company to over 5.6 per cent. Shares in Bellamy’s Australia (ASX:BAL) are trading 6.8 per cent lower at $13.17.

Anti-cancer drug company, Noxopharm (ASX:NOX) revealed its pre-clinical data confirming its drug NOX66 increases the killing effect of radiation in paediatric brain cancer. Shares in Noxopharm (ASX:NOX) are trading 0.78 per cent lower at $0.64.

And among small caps, cloud software company, Dropsuite (ASX:DSE) shares rallied to a weekly high, after its paid users rose 33 per cent or by 100,000 in three weeks, taking its total paid users to over 400,000. The company partners with small and medium sized businesses, also partnering with large names, including one of the world’s biggest hosting providers, GoDaddy. Shares in Dropsuite (ASX:DSE) are trading 20 per cent at $0.12

IPOs

Online marketing platform for real estate agents, RMA Global Limited (ASX:RMY) started trading today, with an issue price of $0.25, it opened at $0.24 and its trading at $0.22.

Best and worst performers

The best performing sector is telcos adding 1.9 per cent, while the worst performing sector is consumer discretionary, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 is Cleanaway Waste Management (ASX:CWY), rising 3.3 per cent to $1.72 followed by shares in Evolution Mining (ASX:EVN) and Ausdrill (ASX:ASL)

The worst performing stock in the S&P/ASX 200 is Domino's Pizza Enterprises Limited (ASX: DMP), dropping 8.4 per cent to $49.34, followed by shares in Bellamy's Australia (ASX:BAL) and Carsales.vom (ASX:CAR).

Asian markets

Mixed: Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has gained 0.03 per cent.

Commodities and the dollar

Gold is trading at $US1,259 an ounce.
Iron ore price dipped 0.5 per cent to US$64.20 and its futures are pointing to a fall of 1.2 per cent.
One Australian dollar is buying 73.85 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 3 per cent to US$6,662 Ethereum is about 4 per cent to US$475 and EOS is 5 per cent higher to US$9.08