Dwelling approvals continue to decline: ASX tracking 0.4% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened at a record high despite mixed leads from Wall Street. It is now tracking 0.4 per cent higher at noon. The National Australia Bank (ASX:NAB) announced the appointment of Susan Ferrier as Group Chief People Officer. Shares in Resolute mining are on the rise after they released their quarterly activities report. Shares in Janus Henderson meanwhile have seen a fall. Dwelling approvals across Australia declined in June. As for the sectors, the Communication Services sector is leading the way and the Information Technology sector trailing behind.

The S&P/ASX 200 index is 26 points up at 6,852. On the futures market the SPI is 0.4 per cent higher.

Local economic news

The number of dwellings approved in Australia fell by 1.3 per cent in June, in trend terms, that's according to data released by the Australian Bureau of Statistics (ABS) today.. The trend series for total dwellings has fallen for 19 consecutive months. The decrease in June was driven by private dwellings excluding houses, which fell 2.5 per cent in trend terms. Approvals for private houses were also down 0.8 per cent.

Company news

Resolute Mining (ASX:RSG) showed in its Quarterly Activities Report for the period ended 30 June 2019 that they have exceeded production guidance and outperforming cost guidance. 12-month gold production of over 305 thousand ounces exceeds guidance of 300,000 ounces. Commercial production rates at the new Syama Underground Mine mean the company expect to see increased production at lower costs in line with our development expectations. Shares in Resolute Mining (ASX:RSG) are trading 2.2 per cent higher at noon at $1.78.

IPO

A new buy now pay later platform, Sezzle (ASX:SZL) started trading today. It issued shares at $1.22 and started trading on the ASX at $2.50 and is currently trading at $2.10.

Best and worst performers

The best-performing sector is Communication Services, adding 1.7 per cent, while the worst performing sector is Information Technology, shedding 1 per cent.

The best performing stock in the S&P/ASX 200 is Credit Corp (ASX:CCP), rising 5.04 per cent to $26.05, followed by shares in Orica (ASX:ORI) and TPG Telecom (ASX:TPM).

The worst performing stock in the S&P/ASX 200 is Janus Henderson Group (ASX:JHG), dropping 3.2 per cent to $32.02, followed by shares in Wisetech Global (ASX:WTC) and Lynas (ASX:LYC).

Asian markets

Japan’s Nikkei has added 0.7 per cent, Hong Kong’s Hang Seng has gained 0.3 per cent and the Shanghai Composite has added 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,424 an ounce.
Iron ore price fell 0.3 per cent to US$117.99
Iron ore futures are pointing to a rise of 2.2 per cent.
One Australian dollar is buying 69.01 US cents.