Broncos (ASX:BBL) farewell only female board member: Aus shares 0.8% higher at noon

Market Reports

by Katrina Bullock

The Australian share market opened slightly higher echoing positive performances from the Unites States and European markets. It bucked in the first 10 minutes of trade and has been tracking sideways over the morning. The S&P/ASX200 is 0.8 per cent higher at noon. All of the sectors except for REITs have advanced this morning. The first female director of the Brisbane Broncos (ASX:BBL) has resigned signalling a return to an all-male board.

The S&P/ASX 200 index is 52 points higher at 6,600. On the futures market the SPI is 0.8 per cent or 52 points higher.

Broker moves

Citi maintains a buy rating on transport and logistics company, Brambles (ASX:BXB) with a 12 month price target of $13.30. The broker says the latest trading update demonstrate top-line strength despite a soft global environment. Brambles reported revenue growth of 5 per cent. This was largely attributed to price increases which appear to be sticking and new contracts gained across major geographies. Shares in Brambles (ASX:BXB) are trading 1.6 per cent higher at $11.58 at noon.

Citi has downgraded Domino’s Pizza Enterprises (ASX:DMP) from a buy to a neutral, with a 12 month price target of $46.40. Following a 28 per cent rise in the share price, the broker says the business has good prospects, but they have been factored into the share price. Shares in Domino’s Pizza Enterprises (ASX:DMP) are trading 2.3 per cent higher at $48.77 at noon.

Company news

Katie Bickford has resigned from the board of Brisbane Broncos (ASX:BBL), effective from 10 December 2019. Her appointment in 2011 made her the first female on the board. Her resignation signals a return to an all-male board of directors at the club. This announcement comes on the same day that the club announces that CEO Paul White’s position has been extended until the 31 October 2020 on substantially the same terms, conditions and remuneration. Shares in Brisbane Broncos (ASX:BBL) last traded at 46 cents.


Global equities investment trust, Magellan High Conviction Trust (ASX:MHH) started trading today. It issued shares at $1.50 and started trading on the ASX at $1.50 and is currently trading at $1.50.

Best and worst performers

The best-performing sector is Health Care adding 1.5 per cent, while the worst performing sector is Real Estate Investment Trusts, shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Silver Lake Resources (ASX:SLR), rising 9.8 per cent to $1.01, followed by shares in CYBG (ASX:CYB) and Viva Energy Group (ASX:VEA).

The worst performing stock in the S&P/ASX 200 is Netwealth Group (ASX:NWL),dropping 5.7 per cent to $8.68, followed by shares in Nufarm (ASX:NUF) and Clinuvel (ASX:CUV)

Commodities and the dollar

Gold is trading flat at US$1,494 an ounce.
Iron ore price rose 2.9 per cent to US$93.68.
Iron ore futures are pointing to a rise of 1.5 per cent.
One Australian dollar is buying 67.64 US cents.

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