Galaxy Resources revenue up 60%: ASX flat

Market Reports

by Katrina Bullock

The Australian share market opened flat this morning following mixed leads from Wall Street and has been on a roller coaster ride today. It is tracking flat and is 0.03 per cent higher at noon. Healthcare is leading the way and the Consumer Staples sector is trailing behind after the first two hours of trade.

The S&P/ASX 200 index is 2 points up at 6,152. On the futures market the SPI is eyeing a fall of 18 points.

Economic news

Private capital expenditure in Australia was up a seasonally adjusted 2.0 per cent on the last quarter in the fourth quarter of 2018, according to the Australian Bureau of Statistics. The trend volume estimate for total new capital expenditure rose by 1.3% in the December quarter 2018. This exceeded expectations.

Company news

Galaxy Resources (ASX:GXY) has reported its net profit after tax (NPAT) excluding POSCO which was recently divested, is $US3.5 million for the half year ending 31 December 2018. Its revenue strengthened and lifted 60 per cent to $US153.9 million. Its earnings before interest, tax, depreciation and amortization (EBITDA) increased 90 per cent to US$58.1 million. Shares in Galaxy Resources (ASX:GXY) are trading 3.2 per cent lower to $2.15 at noon.

Cromwell Property Group (ASX:CMW) has reported operating profit of $82.6 million, up 7.6 per cent in its half year results to 31 December 2018. Cromwell 's total assets under management come in at $11.5 billion The company's distributions were 3.63 cents per share, on track to their full year guidance of 7.25 cents per share. Shares in Cromwell Property Group are trading 1.6 per cent higher at $1.11 at noon

Best and worst performers

The best performing sector is Healthcare adding 1.6 per cent, while the worst performing sector is Consumer Staples, shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN), rising 15.2 per cent to $1.67, followed by shares in Ramsay Healthcare (ASX:RHC) and Wisetech Global (ASX:WTC).

The worst performing stock in the S&P/ASX 200 is Inghams Group (ASX:ING), dropping 7.5 per cent to $4.07, followed by shares in Lynas Corporation (ASX:LYC) and Platinum Assets Management (ASX:PTM).

Commodities and the dollar

Gold is trading at $US1,320 an ounce.
Iron ore price fell 0.3 per cent to US$83.54.
Iron ore futures are pointing to a rise of 0.9 per cent.
One Australian dollar is buying 71.37 US cents.