Kathmandu and JB Hi-Fi take a dip: ASX tracking 0.9% higher at noon

Market Reports

by Rachael Jones

The Australian share market reversed their losses from yesterday's fall at the open this morning and are now tracking 0.9 per cent higher at noon. Pilbara Minerals (ASX:PLS) shot up this morning to over 14 per cent but retail fared poorly JB Hi-Fi is down as is adventure store Kathmandu (ASX:KMD). They reported earlier that sales during December have been below management expectations and also the prior year. The energy sector is leading the way and the real estate investment trust sector trailing behind. The S&P/ASX 200 index is 50 points up at 5608. On the futures market the SPI is 71 points higher.

Company news

Potash player Danakali (ASX:DNK) has made an application to the UK Listing Authority for the admission of the 8,571 new Ordinary Shares issued and to trading on the London Stock Exchange's Main Market for listed securities. It is expected that dealings will commence tomorrow. The new Ordinary Shares will rank equal in all respects with the existing Ordinary Shares in issue. Shares in Danakali (ASX:DNK) last traded at $0.74.

Best and worst performers

The best-performing sector is Energy, adding 2.94 per cent, while the worst performing sector is REITs, shedding 0.41 per cent.

The best performing stock in the S&P/ASX 200 is Pilbara Minerals (ASX:PLS), rising 14.4 per cent to $0.71, followed by shares in Healius (ASX:HLS) and Infigen Energy (ASX:IFN).

The worst performing stock in the S&P/ASX 200 is Super Retail Group (ASX:SUL), dropping 4.39 per cent to $6.53, followed by shares in Bellamy’s Australia (ASX:BAL) and JB Hi-Fi (ASX:JBH).

Commodities and the dollar

Gold is trading at US$1,287 an ounce.
Iron ore futures are pointing to a riseof 1.2 per cent.
One Australian dollar is buying 69.33 US cents.