Clawing back, mixed eco news: Aus shares 0.4% higher at noon

Market Reports

by Jessica Amir

The Australian share market is clawing back from its two-day slide, with most of the sectors making gains today

The gold price has jumped back over US$1,200 which has seen the gold players rally with the likes of St Barbara (ASX:SBM) trading 7.4 per cent higher. 

Saracen Mineral Holdings (ASX:SAR) and Newcrest Mining (ASX:NCM) are following.

The S&P/ASX 200 index is 22 points/0.4 per cent up at 6,148. On the futures market the SPI is 20 points higher.

Economic news

Dwelling approvals fell in August by 9.4 per cent in seasonally adjusted terms, surprising the market and economist who thought total dwellings would rise 1 per cent

It comes as private dwellings excluding houses, dropped 17.2 per cent, while private house approvals dropped 1.9 per cent (seasonally adjusted).

Australia’s services sector rose 0.3 points to 52.5 in September, marking the 19 straight months of positive conditions. The index was expected to rise to 53.8 points. Despite that, it’s still above 50 points, indicating expansion.

Company news

Ardent Leisure Group (ASX:AAD) announced a restructure proposal, which involves a new company, Ardent Leisure Group (NewCo) in place of the current structure. Ardent Leisure Chairman says it will increase shareholder value and make the group more attractive. Subject to approvals, eligible shareholders will hold shares in the new company, instead of their existing ones by the end of 2018. Ardent Leisure Group (ASX:AAD) are trading 0.3 per cent higher at $1.75 at noon.

Wave energy company, Carnegie Clean Energy Limited (ASX:CCE) has responded to ABC’s news story, saying it met with the WA State Government Minister MacTieranan yesterday and will give an update within the week about the Albanay Wave Farm project and a $2.65 million milestone payment. Shares in Carnegie Clean Energy Limited (ASX:CCE) are trading 5 per cent higher at $0.01 at noon.

Best and worst performers

The best performing sector is S&P/ASX Materials adding 1 per cent, while the worst performing sector is S&P/ASX Real Estate Investment Trusts, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is St Barbara Limited (ASX:SBM), rising 7.4 per cent to $3.62, followed by shares in Saracen Mineral Holdings Limited (ASX:SAR) and Northern Star Resources Ltd (ASX:NST).

The worst performing stock in the S&P/ASX 200 is Fortescue Metals Group Ltd (ASX:FMG), dropping 4 per cent to $3.73, followed by shares in Bellamy's Australia Limited (ASX:BAL) and Speedcast International Limited (ASX:SDA).

Asian markets

Lower: Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has lost 0.3 per cent and the Shanghai Composite is not trading.

Commodities and the dollar

Gold is trading at US$1,208 an ounce.
Iron ore price is steady at US$69.24.
One Australian dollar is buying 71.87 US cents.

Cryptocurrencies

Bitcoin has fallen 0.8 per cent to US$6,539 Ethereum has fallen 2.6 per cent to US$224.