Miners muster up, copper lifts: Aus shares 0.5% higher at noon

Market Reports

by Jessica Amir

The Australian share market has clawed back some of yesterday’s losses, and is now 0.6 per cent higher at noon, with most of the sectors making a profit except Consumer Discretionary stocks.

Healthcare, IT, and Miners are up by 1 per cent or more with Ramsay Health Care (ASX:RMD) up 2.8 per cent at noon and miners are flexing their muscle again for the second day on the back of the Copper price lifting to its highest price level in 2 weeks on China and US trade talk hopes. Fortescue Metals (ASX:FMG) and BHP (ASX:BHP) are up by 1.7 per cent. 

Broker moves

Bell Potter re-rated Huon Aquaculture (ASX:HUO) as a hold with a price target of $4.85, (a rise from their previous target of $4.75). It's trading 1.6 per cent higher. 

Citi marked Harvey Norman (ASX:HVN) as a sell. Its trading 0.2 per cent higher.

The S&P/ASX 200 index is 0.5 per cent higher or 30 points up at 6,159 at noon. On the futures market the SPI is 30 points higher.

Company news

Primary Health Care (ASX:PRY) announced the Fair Work Commission’s draft workplace determination, supporting its Dorevitch Victorian pathology business employees, will have a $4.5 million post-tax impact on its underlying net profit after tax in FY19 guidance. That’s before considering mitigation. But, the company says it’s aiming to offset this with a range of strategies. As for FY18 the impact on underlying and reported earnings is tipped to be $4.8 million. Shares in Primary Health Care (ASX:PRY) are trading 0.3 per cent higher at $2.91 at noon.

Funds management business, Contango Asset Management (ASX:CGA) officially completed the $2.87 million takeover of Switzer Asset Management, (which equated to paying $0.40 per share for about 7.17 million shares). Peter Switzer will remain on a Chairman of Switzer Asset Management, continuing to oversee the entity and its products. Contango Asset Management (ASX:CGA) shares are trading flat at $0.61 at noon.

Best and worst performers

The best performing sector is Health Care adding 1.2 per cent, while the worst performing sector is Consumer Discretionary, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Pilbara Minerals Limited (ASX:PLS), rising 3.9 per cent to $0.80, followed by shares in Afterpay Touch Group Limited (ASX:APT) and Speedcast International Limited (ASX:SDA).

The worst performing stock in the S&P/ASX 200 is Seven West Media Limited (ASX:SWM), dropping 2.5 per cent to $0.98, followed by shares in Janus Henderson Group PLC (ASX:JHG) and AMP Limited (ASX:AMP).

Asian markets

Mixed: Japan’s Nikkei has added 0.7 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,204 an ounce.
Iron ore price rose 0.6 per cent to US$68.26 and its futures are pointing to a rise of 0.4 per cent.
One Australian dollar is buying 71.83 US cents.

Cryptocurrencies

Higher: Bitcoin has gained 1.2 per cent to US$6,499, Ethereum gained about 14 per cent to US$216