The Australian share market opened higher and has been making ground this morning. It is tracking 0.4 per cent higher at noon. All of the sectors except Healthcare are up, with real Estate and Utilities leading the charge. The Healthcare sector continues to provide a drag on the market as the Royal Commission into the aged care sector carries on. Despite the release of some positive quarterly results this morning, Helathcare company Resmed (ASX:RMD) is the worst performing stock on the ASX. AMP (ASX:AMP) is also on the worst performers list following the release of their FY18 results which show estimated underlying profit to be down on the same corresponding period last year.
The S&P/ASX 200 index is 26 points up at 5892. On the futures market the SPI is 24 points higher.
Bell Porter has revised its 12 month price target for Coles Group (ASX:COL)
from $14.50 to $14.40. They have retained their recommendation to buy and reiterated their preference for Coles over Woolworths Group (ASX:WOW)
, noting that the two new distribution centers that Coles proposes to build are estimated to be approximately 35 per cent more expensive than Woolworths’ recently constructed distribution centre in Dandenong. Shares in Coles Group (ASX:COL)
are trading 0.6 per cent higher at $12.53.
Bell Porter has maintained its recommendation to buy OZ Minerals (ASX:OZL)
and has downgraded its 12 month price target from $12.30 to $11.85. This follows its analysis that the major risks to OZ Minerals's bottom line will be movements in the copper price and the Australian dollar. Shares in Oz Minerals (ASX:OZL)
are trading 0.9 per cent higher at $9.55.Company news
Wealth management company Netwealth Group (ASX:NWL)
has reported a $300 million decrease in their flow of net funds under administration for the fourth quarter of 2018. It attributes this to negative market movement and additional sales and IT expenses. Despite this result, Netwealth continues to win an outsized share of net funds under management relative to its market share at 23 times its market share percentage of 2.2 per cent. Shares in Netwealth Group are trading 8.9 per cent lower at $7.35.Best and worst performers
The best-performing sector is Real Estate Investment Trusts, adding 1.5 per cent, while the worst performing sector is Healthcare, shedding 1.2 per cent.
The best performing stock in the S&P/ASX 200 is Iluka Resources (ASX:ILU)
, rising 7.9 per cent to $8.11, followed by shares in SIMS Metal Management (ASX:SGM)
and Costa Group Holdings (ASX:CGC)
The worst performing stock in the S&P/ASX 200 is Resmed (ASX:RMD)
, dropping 10.8 per cent to $14.67, followed by shares in AMP (ASX:AMP)
and Australian Pharmaceutical Industries (ASX:API)
.Commodities and the dollar
Gold is trading at US$1,281 an ounce.
Iron Ore price rose 0.3 per cent to $74.71
Iron ore futures are pointing to a rise of 0.6 per cent.
One Australian dollar is buying 70.87 US cents.