Health booster shot, Lynas rallies again: Aus shares 0.6% higher at noon

Market Reports

by Jessica Amir

The Australian share market is bouncing back from yesterday’s fall, with most sectors of the market in profit territory, except Telcos and Utilities. Health care is leading the rally with the likes of Cochlear (ASX:COH) 2.4 per cent higher at noon.

Miners are also boding well too with BHP (ASX:BHP) 1 per cent higher at noon, after the iron ore price rose 0.9 per cent to US$65.75 its futures are pointing to a rise of 0.1 per cent. While a stronger US dollar is weighing on most commodity  prices.

Lynas Corp (ASX:LYC) is continuing its strong rally, after it gained 6 per cent yesterday and at noon today it’s 10.5 per cent higher, which has seen the stock break above its 50-day moving average price, with buying momentum pushing higher.

The S&P/ASX 200 index is 38 points or 0.6 per cent higher at 6,265. We haven’t quite made up from yesterday’s 0.93 per cent slip though. While, on the futures market the SPI is eyeing a 39 point gain.

Company news

A small lithium company with tenements (prospecting licences) in South and Western Australia, Woomera Mining (ASX:WML) has renewed an exploration licence for a year. It’s one of four prospecting licences (tenements) that make Woomera’s Musgrave project, that’s a part of a joint venture with the $3 billion company, Oz Minerals (ASX:OZL). Oz Minerals (ASX:OZL) can earn up to 75 per cent on Woomera’s Musgrave Alcurra-Tieyon project, in return for spending $7.5 million. Woomera Mining (ASX:WML) are trading flat at $0.10, while Oz Minerals (ASX:OZL) shares are trading 25 per cent higher year-on-year, while at noon they are 0.6 lower at $9.37..

After Agricultural chemical company, Nufarm (ASX:NUF) advised its was hit by the driest autumn in over 100 years and cut it earnings forecast, shares in GrainCorp (ASX:GNC) saw some selling today. The Central Bank of Norway, Norges Bank closed out their major holding in the firm. Shares in GrainCorp (ASX:GNC) are trading 1.4 per cent lower at $7.29 at noon.

Best and worst performers

The best performing sector is HealthCare adding 1.1 per cent, while the worst performing sector is Telcos, slipping 0.6 per cent.

The best performing stock in the S&P/ASX 200 is Lynas Corporation Limited (ASX:LYC), rising 10.5 per cent to $2.37, followed by shares in Treasury Wine Estates Limited (ASX:TWE) and Ansell Limited (ASX:ANN).

The worst performing stock in the S&P/ASX 200 is Infigen Energy (ASX:IFN), dropping 3.1 per cent to $0.64, followed by shares in Viva Energy Reit (ASX:VVR) and Graincorp Limited (ASX:GNC).

Asian markets

Higher: Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has gained 0.9 per cent and the Shanghai Composite has gained the most, 1.1 per cent.

Commodities and the dollar

Gold is trading at $US1,223 an ounce.
One Australian dollar is buying 73.83 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading mixed. Bitcoin has gained 2.8 per cent to US$7,763, Ethereum has fallen about 2.3 per cent to US$454 and EOS has shed 1.1 per cent to US$7.96.