The Australian has seen its best rally all week, rising 0.9 per cent with all sectors, but staples making profits. Utilities are leading the way, with most sectors rising about 1 per cent or more.
We did have had mixed leads from the outset, but better than expected economic news, with the Dow Jones rising over 100 points, on shares in 3M, Boeing and Travelers Companies pushing higher, (While the Nasdaq slipped on Facebook’s 19 per cent fall). Oil gained momentum, gold edged lower on US-EU trade concerns sliding, while the iron ore price gained 0.4 to US$66.30 and iron ore futures suggested a gain 2.94 per cent.
The S&P/ASX 200 index is 56 points or 0.9 per cent higher at 6,300. On the futures market the SPI is 50 points higher.
Local economic news
Producer Price Index rose more than expected in the June quarter with the inflationary guide for the business sector, rising 1.5 per cent year-on-year to the June quarter end, beating the dip of 0.7 per cent year-on-year expected. The last reading was up 1.7 per cent over the year.
Charter Hall Group (ASX:CHC) exchanged contracts to purchase three Brisbane CBD retail/office assets for $94 million. The three buildings are known as Number 1 Brisbane Street have three different titles and frontages to Queen Street, George Street and Burnett Lane). Tenants include St George Bank, Chemist Warehouse, The Reject Shop and 7-Elevan and Heritage Building Society, just to name a few. Shares in Charter Hall (ASX:CHC) are trading 1.2 per cent higher at $6.69.
Wattle Health (ASX:WHA) reported positive news for third straight day, and today its announced a 71 per cent rise in gross sales for the 2018 financial year, compared to the same time last year. Its cash flows rose 88 per cent, on the prior quarter. It’s also signed international supplier agreements amounting to over $100 million in revenue over 42 months and if receiving one more approval in China (SAMR, previously known as CFDA) its revenue will reach over $140 million in 42 months in the China market. Shares in Wattle Health (ASX:WHA) are trading higher for the fourth straight day and are now above their 50 day moving average and trading 10.8 per cent higher at $1.39.
Best and worst performers
The best performing sector is utilities adding 1.60 per cent while the worst performing sector is staples, shedding 0.1 per cent.
The best performing stock in the S&P/ASX 200 is Afterpay Touch Group Limited (ASX:APT), rising 3.8 per cent to $14.52, followed by shares in Janus Henderson Group Plc (ASX: HG) and REA Group Ltd (ASX:REA).
The worst performing stock in the S&P/ASX 200 is St Barbara Limited (ASX:SBM), dropping 9.2 per cent to $4.52, followed by shares in Sandfire Resources Nl (ASX:SFR) and Evolution Mining Limited (ASX:EVN).
Mixed at noon: Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite has lost 0.3 per cent.
Commodities and the dollar
Gold is trading at $US1,223 an ounce.
One Australian dollar is buying 73.80 US cents
Some of the most traded cryptocurrencies are trading lower: Bitcoin has dropped 3.4 per cent to US$7,913, Ethereum has lost 2.4 per cent to US$464 and EOS lost 4 per cent to US$8.21