Market within 100 points of an all-time high: ASX 0.6% higher at noon

Market Reports

by Rachael Jones

The Australian share market is around 100 points away at noon from reaching an all time high of 6,828.7 (1 November 2007). Shares were trading at a fresh 11.5 year high at the open this morning. It's now tracking 0.6 per cent higher at noon. Shares in investment company HUB24 (ASX:HUB) are on the rise after entering into a trading halt yesterday to address an article in The AFR regarding interest rate cuts. Shares in retirement company Aveo Group (ASX:AOG) are on the rise after releasing an update on the Strategic Review process. The Healthcare sector is leading the way and the Materials sector trailing behind.

The S&P/ASX 200 index is 39 points up at 6,725. On the futures market the SPI is 40 points higher.

Local economic news

Further slowing in job vacancies in May. In seasonally adjusted terms, the number of job vacancies decreased by 1.1 per cent in the May 2019 quarter, and increased by 1.8 per cent over the year.

Australian retail turnover rose 0.1 per cent in May 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a fall of 0.1 per cent in April 2019.

Company news

Retirement communities company Aveo Group (ASX:AOG) has confirmed that Canada's Brookfield Asset Management has begun takeover negotiations. Last month the company said it had received a non-binding and conditional indicative takeover offer, without naming the party or putting a value on the offer. Aveo continues to negotiate with Brookfield and will provide a further update on or after 22 July 2019. Shares in Aveo Group (ASX:AOG) are up 3.1 per cent to $2.00.

Best and worst performers

The best-performing sector is Healthcare, adding 1.1 per cent, while the worst performing sector is Materials, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA), rising 6.8 per cent to $1.84, followed by shares in Eclipx Group (ASX:ECX) and HUB24 (ASX:HUB).


The worst performing stock in the S&P/ASX 200 is Pilbara Minerals (ASX:PLS), dropping 4.8 per cent to $0.49, followed by shares in Bravura Solutions (ASX:BVS) and Sims Metal Management (ASX:SGM).

Asian markets

Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has gained 0.5 per cent and the Shanghai Composite has added 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,421 an ounce.
Iron ore price fell 0.8 per cent to US$$124.75
Iron ore futures are pointing to a fall 0.2 per cent.
One Australian dollar is buying 70.48 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.