Materials and tech lead the market: ASX 0.2% higher

Market Reports

by Rachael Jones

The Australian share market opened higher. The Materials sector is leading the way and the Consumer Discretionary sector trailing behind. Technology stocks also fared well today. Horticultural company Costa Group Holdings (ASX:CGC) is one of the best performers today after signing an conditional agreement for the acquisition of a fruit farm in North West Victoria. Macquarie (ASX:MQG) is trading higher after reports Quandrant Energy being bought by Santos (ASX:STO). They own 21.8 per cent of the company. NAB (ASX:NAB) is the market's biggest weight, down 0.7 per cent after releasing their corporate governance statement.

The S&P/ASX 200 index is 0.2 per cent higher that's 12 points up at 5748. On the futures market the SPI is 7 points higher. 

Company news

Natural gas and electricity company, APA Group (ASX:APA) has inked a deal that will generate the company about $45 million over five years. The contract is an extension of its services to Western Australia’s Goldfields region, with gas to travel across 1,200 kilometres of APA’s West Coast Grid. The contract period starts mid-November this year. Shares in Apa Group (ASX:APA) are trading 1.1 per cent lower at $8.97 at noon.

Charter Hall Long WALE REIT (ASX:CLW) has confirmed the completion of the Security Purchase Plan announced to the ASX on 17 October 2018 in connection with their $60 million institutional placement. A total of over $11 million was raised under the SPP, with new securities issued on Wednesday, 21 November 2018 at an issue price of $4.04 per security.

Property giant Lendlease (ASX:LLC) today announced a wide ranging strategic review and external advisors for its engineering arm after a $350 million write-down.The Group began the 2019 financial year in a strong financial position with cash and cash equivalents of $1.2 billion and gearing of eight per cent. Chairman David Crawford presided over his last annual meeting.

Best and worst performers

The best performing sector is Materials adding 0.9 per cent, while the worst performing sector is Consumer Discretionary, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 is Costa Group Holdings (ASX:CGC), rising 11.9 per cent to $6.90, followed by shares in Infigen Energy (ASX:IFN) and G8 Education (ASX:GEM).

The worst performing stock in the S&P/ASX 200 is CYBG PLC (ASX:CYB),dropping
7.96 per cent to $4.51, followed by shares in Orocobre (ASX:ORE) and IOOF Holdings (ASX:IFL).

Commodities and the dollar

Gold is trading at US$1214 an ounce.
Iron ore price fell 1.3 per cent to US$74.93 and its futures are pointing to a rise of 2.3 per cent.
One Australian dollar is buying 72.84 US cents.

Cryptocurrencies

Bitcoin has fallen 1.7 per cent to US$5628, Ethereum fallen about 1 per cent to US$180 and EOS 0.4 per cent higher at US$4.66