Afterpay boosts market: ASX flat at noon

Market Reports

by Rachael Jones

The ASX has seen a rebound from this morning's drop with healthcare doing well. It's now trading flat at noon. AfterPay Touch Group (ASX:APT), Appen (ASX:APX) and Wisetech Global (ASX:WTC) are all on the rise. Meanwhile the banks, Telstra and Transurban are all subtracting points with Telcos the worst performing sector. Iron ore price rose 0.1 per cent to US$68.48 and its futures are pointing to a fall of 0.7 per cent. The S&P/ASX 200 index is 1 point higher at 6144. On the futures market the SPI is 14 points lower.

US economic news

Nonfarm payrolls surged by over 200,000 jobs last month beating analyst expectations. Meantime, average hourly earnings increased 0.4 percent, lifting annual wage growth This increases the likelihood of a third interest rate rise from the Federal Reserve this year when policymakers meet later this month.

Company news

Clinical oncology company PharmAust (ASX:PAA) are thrilled to have independent confirmation of the investigational drug monepantel's (MPL's) in vitro anti-cancer activity. Researchers at Olivia Newton-John Cancer Research Institute have demonstrated the longer the cancer cell lines were exposed to MPL, the great the anti-cancer activity. Sensitivity of human brain, breast, ovarian, and prostate cancer cells were noted. Shares in PharmAust (ASX:PAA) are trading flat at $0.04

Movio, a Vista Group International company (NZX &ASX:VGL), and STX Entertainment have renewed their agreement for STX to utilize Movio Media’s data-driven movie marketing campaign solutions and research platform. The terms of the agreement are confidential. STX is the industry leader in transformation beyond traditional platform-driven content to creating talent-driven enterprises. The company has grossed over $1.2bn in global box office revenue.Vista Group International company (NZX &ASX:VGL), are trading 0.3 per cent lower at $3.72

Best and worst performers

The best performing sector is healthcare adding/ 0.8 per centwhile the worst performing sector is Telco shedding 0.7 per cent

The best performing stock in the S&P/ASX 200 isAfterPay Touch Group (ASX:APT), rising 9.1 per cent to $16.36, followed by shares in Appen (ASX:APX) and Wisetech Global (ASX:WTC).

The worst performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA),dropping 5.2 per cent to $4.23, followed by shares in Resolute mining (ASX:RSG) and Pact Group Holdings (ASX:PGH).

Asian markets 

Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has lost 1 per cent and the Shanghai Composite lost 0.7 per cent.

Commodities and the dollar

Gold is trading at $US1,195 an ounce.
One Australian dollar is buying 71.05 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 2.4 per cent to US$6370, Ethereum gained about 3.8 per cent to US$202 and EOS gained about 7.1 per cent to US$5.08