The Australian share market is on track to notch its fourth day of straight gains, with most sectors in profit territory and over 1 per cent higher, which has fuelled the local bourse to hit a new four-month high.
It comes despite sheepish US leads overnight, with Wall Street retreating as investors absorbed President Donald Trump's second State of the Union address and mixed US earnings results.
The S&P/ASX 200 index is 64 points or 1.1 per cent higher at 6,090 points, with the smaller tech sector leading, while Financials and Miners continue to lead the larger sectors higher. On the futures market the SPI is 76 points higher.
CYBG Plc (ASX:CYB)
shares are 16.6 per cent higher with the company breaking out of its long term trend, rising above its 50-day average, and is now in fresh three-month high territory. It comes after the company reported a rise in customer lending growth and a fall in underlying operating costs.Company news
Auto retailer and logistics group, in Australia and NZ, Automotive Holdings Group (ASX:AHG)
has advised it shouldn’t be impacted this financial year, by the Financial Services Royal Commission and there will be minimal ‘if any, impact in the following year’. If the RC is implemented it would involve regulating thousands of finance and insurance consultants in new car dealerships across Australia and thousands more in credit-lending roles in the furniture, appliance and electronics industries. AHG says its well placed to manage the change. Shares in Automotive Holdings Group (ASX:AHG)
are trading 1.5 per cent higher at $1.70 at noon.
IDP Education (ASX:IEL)
announced its net profit (attributable to shareholders) rose over 30 per cent in first half of the 2019 financial year (1HFY19), to $40.8 million, while its revenue (from ordinary activities) rose 25 per cent compared to the same period in FY17, hitting $304.3 million. IDP’s IELTS volumes rose about 20 per cent for the period, while India continued to be a key driver of growth. Shares in IDP Education (ASX:IEL)
are trading 23.1 per cent higher at $14.02 at noon.Best and worst performers
The best performing sector is Financials adding 1.3 per cent, while the worst performing sector is Utilites, shedding 0.9 per cent.
The best performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL)
, rising 23.01 per cent to $14.02, followed by shares in CYBG PLC (ASX:CYB)
and Ausdrill (ASX:ASL)
after its subsidiary won an extra $100 million worth of work in underground mining in India.
The worst performing stock in the S&P/ASX 200 is Downer EDI (ASX:DOW)
, dropping 4.2 per cent to $7.24, followed by shares in AGL Energy (ASX:AGL)
and Coca-Cola Amatil (ASX:CCL)
.Commodities and the dollar
Gold is trading at US$1,308 an ounce.
Iron ore price is steady at US$85.53
Iron ore futures are pointing to a rise of 6.3 per cent.
One Australian dollar is buying 70.98 US cents.