The Australian share market has set a new 11.5 year high, for the second day in a row, extending yesterday’s gains of 1.6 per cent and at noon is 0.2 per cent higher at 6,562 points. On the futures market the SPI is 15 points higher.
Most of the sectors are higher today with Materials/miners out in front after the iron ore price mustered up 5 per cent and Fortescue Metals (ASX:FMG) a stand out in its sector.
In terms of other standout stocks, Emeco Group (ASX:EHL) shares are trading 13.6 per cent higher after it announced it will see an earnings lift of 40 per cent, and its EBIT margin to be up to 47 per cent in FY19.
Afterpay Touch Group (ASX:APT) shares have seen some bounce rising 5.6 per cent to $25.53 after it raised $317.2 million via an institutional placement, initially only planning to raise $300 million. At the same time, co-founders, Nicholas Molnar and Anthony Eisen, along with co-director, David Hancock have sold down $103.5 million in the company to US cornerstone investors, Tiger Management and Woodson Capital at $23.00 per share.
Insurance Australia Group (ASX:IAG) announced George Savvides will join the board an a new independent non-executive director. George has served as chief executive officer of Medibank (2002-2016), and Sigma Company (now Sigma Healthcare (ASX:SHL) (1996-2001). He is now non-executive chairman of Next Science (ASX:NXS) and is deputy chairman of Special Broadcasting Service (SBS). He also worked also as a non-executive chair of Macquarie University Hospital and was the chairman of World Vision Australia. Shares in Insurance Australia Group Limited (ASX:IAG) are trading 0.9 per cent higher at $7.74 at noon.
Fractional property ownership company DomaCom (ASX:DCL) has entered a trading halt pending an announcement about the completion of a capital raising. The halt will either be lifted upon the announcement or at the commencement of trading on Friday 14th June 2019. Shares DomaCom (ASX:DCL) last traded a $0.12.
Wagering services operator, Pointsbet Holdings Limited (ASX:PBH) came onto the ASX today after issuing shares ar $2.00. It opened at $2.20 and is trading at $2.23 after having Bell Potter underwrite the offering. It expected raise $75 million.
Best and worst performers
The best-performing sector is S&P/ASX Materials, adding 1.8 per cent, while the worst performing sector is S&P/ASX Health Care, shedding 1.2 per cent.
The best performing stock in the S&P/ASX 200 is Emeco Holdings (ASX:EHL), rising 13.6 per cent to $1.88, followed by shares in Afterpay Touch Group (ASX:APT) and Fortescue Metals Group (ASX:FMG).
The worst performing stock in the S&P/ASX 200 is Mayne Pharma Group (ASX:MYX),dropping 3.2 per cent to $0.52, followed by shares in Bapcor (ASX:BAP) and Janus Henderson Group (ASX:JHG).
Tokyo’s Nikkei added 0.03 per cent, Hong Kong’s Hang Seng has last 1.3 per cent and China’s Shanghai Composite slipped 0.3 per cent.
Commodities and the dollar
Gold is trading at US$1,329 an ounce.
Iron ore price rose 5 per cent to US$106.61
Iron ore futures suggest a 3.2 per cent gain.
One Australian dollar is buying 69.54 US cents.