Trade balance data disappoints: ASX 0.7% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher following positive leads from Wall Street and is now tracking 0.7 per cent higher at noon. Shares in Wisetech Global (ASX:WTC) have risen over 4 per cent today after they released their investor conference and briefing materials today showing their position in an industry worth $14 trillion in annual revenues. Meanwhile shares in AfterPay Touch (ASX:APT) are down despite reporting their underlying sales are up 143 per cent on the prior comparable period. The Real Estate Investment Trust sector is leading the way and the Materials sector trailing behind.

The S&P/ASX 200 index is 41 points up at 6,400. On the futures market the SPI is 39 points higher.

Local economic news

The latest trade balance data has disappointed market expectations. Australia's April balance on goods and services showed a $4,871 million surplus, a decrease of $16 million on the surplus in March 2019.

Company news

The Afterpay Touch Group (ASX:APT) has reported today that their underlying sales were approximately $4.7 billion in the 11 months to 31 May 2019 (unaudited), up 143 per cent on the prior comparable period. At the end of May there were over 4.3 million active customers transacting with Afterpay, growing at an average of almost 8,000 new customers per day since 31 December 2018.They also show that growth continues to remain strong in the US where they have been operating for one year. Afterpay has acquired over 1.5 million active customers. Shares in the Afterpay Touch Group (ASX:APT) are trading 3.6 per cent lower at noon at $23.03.

AF Legal Group (ASX:AFL) will re-commence trading on the Australian Securities Exchange after a successful capital raising of $5.9 million led by Bell Potter Securities. The capital raising was strongly supported by a range of existing and new investors. The company lists on the ASX with a market capitalisation of approximately $12 million. Shares in AF Legal Group (ASX:AFL) last traded at 16 cents as Navigator Resources.

IPO

Healthcare technology business PKS Holdings (ASX:PKS) started trading today. It was issued at 20 cents, opened at 20 cents and is now trading at 19 cents. The company completed a $20.9 million capital raising (which includes oversubscriptions of approximately $1.5 million) with Bell Potter Securities and Shaw and Partners Limited as Joint Lead Managers.

Best and worst performers

The best-performing sector is Real Estate Investment Trust adding 1.9 per cent, while the worst performing sector is Materials, shedding 0.6 per cent.

The best performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC), rising 4.2 per cent to $25.89, followed by shares in Charter Hall Group (ASX:CHC) and Altium (ASX:ALU).

The worst performing stock in the S&P/ASX 200 is AfterPay Touch Group (ASX:APT), dropping 3.6 per cent to $23.03, followed by shares in Bingo Industries (ASX:BIN) and Emeco Holdings (ASX:EHL).

Asian Markets

Japan's Nikkei added 0.2 per cent, Hang Sang lost 0.2 per cent and China's Shanghai Composite has lost 0.6 per cent.

Commodities and the dollar

Gold is trading at US$1,329 an ounce.
Iron ore price is flat at US$100.38
Iron ore futures are pointing to a fall of 1.9 per cent.
One Australian dollar is buying 69.66 US cents.