Fortescue Metals Group on the up: ASX tracking 0.1% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher yet took a dip as the morning progressed and is now tracking 0.1 per cent higher at noon. Fortescue Metals Group (ASX:FMG) shares shot up almost 5 per cent this morning. Subsidiary, FMG Resources along with the Tasman Group (ASX:TAS) announced a JV over Tasman’s wholly owned Exploration Licence that hosts the Vulcan iron oxide-copper-gold-uranium prospect. AMP (ASX:AMP) saw their shares drop today after releasing a statement to the ASX this morning saying they would fully implement the directions and conditions set out by APRA regarding compliance orders on AMP Super. The Energy sector is leading the way and the Financials sector trailing behind.

The S&P/ASX 200 index is 5 points up after midday at 6,547. On the futures market the SPI is 3 points higher.

Company News

Volpara Health Technologies (ASX:VHT) has completed its acquisition of Seattle-based MRS Systems. Volpara is a medical technology company whose AI imaging algorithms assist the early detection of breast cancer. CEO Dr Ralph Highnam says they are excited to work alongside MRS Systems in the United States and to grow Volpara’s service to a number of US breast clinics. MRS Systems is a medical software company that provides comprehensive patient tracking and communication. Shares in Volpara Health Technologies (ASX:VHT) are up 2.5 per cent at $1.65.

Best and worst performers

The best-performing sector is Energy, adding 1.6 per cent, while the worst performing sector is Financials, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Fortescue Metals Group (ASX:FMG), rising 4.9 per cent to $8.76, followed by shares in Nanosonics (ASX:NAN) and Ausdrill (ASX:ASL).

The worst performing stock in the S&P/ASX 200 is AfterPay Touch Group (ASX:APT), dropping 5.3 per cent to $21.35, followed by shares in Challenger (ASX:CGF) and AMP (ASX:AMP).

Asian Markets are mixed. Tokyo's Nikkei is up 0.2 per cent, Hong Kong's Hang Sang is down 0.5 per cent, and China's Shanghai Comp is done 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,346 an ounce.
Iron ore price rose 3.3 per cent to US$110.16
Iron ore futures are pointing to a rise of 3.7 per cent.
One Australian dollar is buying 68.99 US cents.