ASX extends gains, CSL up 4.2%: Aus shares 0.8% higher at noon

Market Reports

by Jessica Amir

The Australian share market has extended is two-day run, with most of the sectors trading higher and Healthcare charging up over 2 per cent after CSL rallied up 4.2 per cent, with Materials and Staples following taking the top 200 index to  the 5,711 mark, after it gained 0.8 per cent, with the S&P/ASX 200 index rising 46 points. On the futures market the SPI is 33 points higher.

Broker moves

Reece (ASX:REH) has been upgraded to a buy by Citi with the broker citing an upbeat AGM and guidance in line with Citi’s forecast, with organic growth up 6 per cent and growth including M&A up 12 per cent. It’s trading 1.5 per cent higher at $10.29.

Company news

Lynas Corp (ASX:LYC) has advised the regulator is considering Lynas’s action plan in relation to the management and disposal of the solid residue known as NUF at its Malaysian plant. It’s non- toxic to humans, animals, vegetation and aquatic life, and it’s not explosive, or a health hazard. Lynas is also obtaining extra approvals including an Environment Impact Assessment, while it has temporary permission to store NUF at the site. Shares in Lynas Corp (ASX:LYC) are trading 1.1 per cent higher at $1.79 at noon.

ResMed (ASX:RMD) had its neutral rating maintained by Citi, while the international broking house Citi, upgraded its price target for ResMed to $15.20. It noted its recent results were strong, with a 13 per cent lift in revenue (on a constant currency basis), 4 per cent ahead of Citi's expectation. Today it also released results to the US, via a 10-Q, reiterating its revenue rose 12 per cent to $588.3 million in the three months ending 30 September 2018, compared to the same time last year. Shares in ResMed (ASX:RMD) are trading 2.5 per cent higher at $14.61 at noon.

Best and worst performers

The best performing sector is S&P/ASX Health Care adding 2.6 per cent, while the worst performing sector is S&P/ASX Consumer Discretionary, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 is Mayne Pharma Group Limited (ASX:MYX), rising 5.5 per cent to $1.11, followed by shares in Syrah Resources Limited (ASX:SYR) and CSL (ASX:CSL).

The worst performing stock in the S&P/ASX 200 is Pendal Group (ASX:PDL), dropping 5.1 per cent to $7.58, followed by shares in Primary Health Care (ASX:PRY) and Bravura Solutions (ASX:BVS).

Commodities and the dollar

Gold is trading at US$1,233 an ounce.
Iron ore price rose 0.6 per cent to US$76.48 and its futures are pointing to a rise of 1.1 per cent.
One Australian dollar is buying 70.91 US cents.

Cryptocurrencies

Bitcoin is steady at US$6,482, Ethereum has gained 0.3 per cent to US$205 and EOS added 0.4 per cent to US$5.41.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.