Telstra sees heavy trade after TPG news: ASX tracking 0.7 lower at noon

Market Reports

by Rachael Jones

The Australian share market opened higher and is now 0.7 per cent lower noon. Some large reports out today we have Commsec's State of States and the NAB's monthly survey. Credit Corp (ASX:CCP) has been a great performer today after releasing reports of its first half profit growth of 13 per cent and improved outlook. Their NPAT increased 13 per cent increase to $33.6 million. They also saw 71 per cent growth in US revenue and initial purchases from two new issuers. Shares not performing so well today is the Eclipx Group (ASX:ECX), Resmed (ASX:RMD) and Incitec Pivot (ASX:IPL). Telco services are leading the index today with Telstra (ASX:TLS) at a 12 week high. This boost could be on the back of the news that TPG (ASX:TPM) is cancelling its mobile network roll out. Healthcare is coming in as the worst performer.

The S&P/ASX 200 index is 44 points lower at 5862. On the futures market the SPI is 46 points lower.

Economic News

Victoria and NSW are the top economic performers in the country and the ACT is a close third. The latest CommSec ‘State of the States’ report shows strong population and jobs growth is driving increased spending and investment.
Another report out today is the NAB Monthly Survey shows business conditions fell sharply in December, slumped 9 points to under the long term average of 6. The survey guages the health of company trading, profits and employment.

Company news

Global software company LiveTiles (ASX:LVT) has seen a 232 per cent year-on-year growth. The company recently-acquired Hyperfish business who have seen their annualised recurring revenue more than triple in the last six months. Microsoft has also been generating strong awareness and demand for LiveTiles’ intelligent workplace offering. Shares in LiveTiles (ASX:LVT) is trading 2.5 per cent lower at $0.39.

IPO

Installment payment solutions company Splitit Payments (ASX:SPT) floated today.  It's issue price was 20 cents it opened at 30.5 cents currently trading at 32 cents.

Best and worst performers

The best-performing sector is Telcos adding 2.8 per cent, while the worst performing sector is Healthcare, shedding 2.1 per cent.

As mentioned The best performing stock in the S&P/ASX 200 is Credit Corp Group (ASX:CCP), rising 6.7 per cent to $22.99, followed by shares in St Barbara (ASX:SBM) and Evolution Mining (ASX:EVN).

The worst performing stock in the S&P/ASX 200 is Eclipx Group (ASX:ECX), dropping 19.2 per cent to $2.15, followed by shares in Resmed (ASX:RMD) and Incitec Pivot (ASX:IPL).

Commodities and the dollar

Gold is trading at US$1,304 an ounce.
The iron ore price has rise by 4.6 per cent to $78.13 per tonne.
Iron ore futures are pointing to a rise of 0.5 per cent.
One Australian dollar is buying 71.48 US cents.