November trade balance falls: ASX tracking 0.4% higher at noon

Market Reports

by Rachael Jones

The Australian share market started to work its way up from 11 am this morning and is now tracking 0.4 per cent higher at noon. Telco services performed well, but consumer staples saw a small dip. Bingo Industries (ASX:BIN) shares did well today after it offered to divest a waste processing plant because of anti-competition concerns regarding its acquisition of Dial A Dump. The $578 million takeover could make Bingo the biggest waste collector in Sydney. Meanwhile, Resolute Mining (ASX:RSG) is down as is Saracen Mineral Holdings (ASX:SAR).

The S&P/ASX 200 index is 23 points up at 5706. On the futures market the SPI is 69 points higher.

Economic News

Australia has recorded a lower than expected trade surplus, below $2 billion, with the previous month's result also downwardly revised. The Bureau of Statistics show that Australia exported about $1.9 billion more than it imported in November, down from a $2 billion surplus in October and $2.8 billion in September. A trade surplus of $2.2 billion, only marginally down on the previous month's original result of $2.3 billion. The Australian dollar dipped on the release of the data

Company news

Oventus Medical (ASX:OVN) has launched a new nylon O2Vent® Optima oral device in Australia. This is an important addition to the Company’s sleep treatment platform. It offers a new treatment alternative for the potentially fatal condition, obstructive sleep apnoea (OSA). It’s a customised 3D printed nylon oral appliance that advances the jaw forward to open the airway and incorporates the Oventus proprietary Airway Technology to improve the effectiveness of oral appliance therapy. Shares in Oventus Medical (ASX:OVN) are trading 10 per cent higher at $0.33.

Best and worst performers

The best-performing sector is Telcos adding 1.6 per cent, while the worst performing sector is Consumer Staples, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN), rising 6.3 per cent to $1.96, followed by shares in Bravura Solutions (ASX:BVS) and New Hope Corp (ASX:NHC).

The worst performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), dropping 4.2 per cent to $1.15, followed by shares in Independence Group (ASX:IGO) and Saracen Mineral Holdings (ASX:SAR).

Commodities and the dollar

Gold is trading at US$1,289 an ounce.
Iron ore is 0.6 per cent up to $US73.51 a tonne and its futures are pointing to a rise of 0.7 per cent.
One Australian dollar is buying 71.44 US cents.