Zip Co see customer boost: ASX 0.27% higher at noon

Market Reports

by Rachael Jones

The Australian share market shot up at the open, managed to maintain momentum and is now currently 0.27 per cent higher at noon. The Flight Centre Travel Group (ASX:FLT) have seen a rise in their shares today after reporting their NPAT up 0.1 per cent within guidance due to a subdued trading cycle. CSL (ASX:CSL) has also risen along with Ooh!Media (ASX:OML) and Wisetech Global (ASX:WTC). Webjet (ASX:WEB) and Bingo Industries (ASX:BIN) saw a drop in shares today. As for the sectors the Information Technology sector is leading the way and the Utilities sector trailing behind. And on the commodities from the iron ore price has fallen almost 6 per cent.

The S&P/ASX 200 index is 17 points up per cent higher at 6,501. On the futures market the SPI is 0.3 per cent higher.

Company news

Digital finance company Zip Co (ASX:Z1P) today announced its full year results for the year ended 30 June 2019 showing revenue up 138 per cent to $84.2 million. Reported cash EBTDA of $9.2 million in FY19, compared to a loss of $8.8 million in FY18.Customer numbers increased by 80 per cent to over 1.3 million. Shares in Zip Co (ASX:Z1P) are up 5.7 per cent at $3.55.

IPO

Telecommunications networks servicing company Opticomm (ASX:OPC) started trading today. It issued shares at $2.00 and started trading on the ASX at $3.10 and is currently trading at $3.01.

Best and worst performers

The best-performing sector is Information Technology, adding 1.6 per cent, while the worst performing sector is Utilities, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 is Pro medicus (ASX:PME), rising 14.3 per cent to $30.10, followed by shares in Vocus Group (ASX:VOC) and Flight Centre Travel (ASX:FLT).

The worst performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL), dropping 20/6 per cent to $15.54, followed by shares in Webjet (ASX:WEB) and Bingo Industries (ASX:BIN).

Asian markets

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

Commodities and the dollar

Gold is trading at US$1,504 an ounce.
Iron ore price fell 5.8 per cent to US$82.83
Iron ore futures are pointing to a fall of 0.5 per cent.
One Australian dollar is buying 67.74 US cents.