Gold Road Resources see a boost after releasing their quarterlies: ASX tracking 0.3% lower at noon

Market Reports

by Rachael Jones

The Australian share market drifted lower following soft leads from Wall Street and is now tracking 0.3 per cent lower at noon. Gold Road Resources (ASX:GOR) was a standout today after releasing their quarterly production report. Whitehaven Coal (ASX:WHC) and Wisetech Global (ASX:WTC) also saw rises today. Meanwhile, Galaxy Resources (ASX:GXY) saw a decline today. As for the sectors REITS is leading the way and the healthcare sector is trailing behind in the first two hours of trade.

The S&P/ASX 200 index is 22 points down at 6,650. On the futures market the SPI is 20 points lower.

Broker moves

UBS has upgraded its rating for Inghams (ASX:ING) to Neutral from a Sell. Target price is $3.10 Current Price is $3.09. The company is still targeting growth in FY20, although oversupply from poultry export bans will put pressure on earnings in the first half. Shares in Inghams (ASX:ING) are 0.7 per cent higher/lower at $3.xx.

Company news

Bubs Australia (ASX:BUB) has appointed Dennis Lin as Executive Chairman of the Bubs Australia Board. He joined the Board in January 2017 when the company was re-listed on the ASX and appointed Non-Executive Chairman in August 2017. He will be actively involved in driving their China strategy. Shares in Bubs Australia (ASX:BUB) are currently 0.8 per cent lower at $1.20.

Aurelia Metals (ASX:AMI) has appointed Dan Clifford as Managing Director and Chief Executive Officer (CEO) effective from 25 November 2019. He is a Mining Engineer with more than 25 years of experience across the industry. He was most recently the Managing Director and CEO of Stanmore Coal Limited (ASX:SMR). Prior to this, he was CEO of Solid Energy New Zealand. Aurelia Metals also announced the appointment of Peter Trout as Chief Operating Officer (COO) effective from late November 2019. Shares in Aurelia Metals (ASX:AMI) are currently trading 17.7 per cent higher at $0.48.

Best and worst performers

The best-performing sector is Real Estate Investment Trust, adding 0.3 per cent, while the worst performing sector is Healthcare, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 is Gold Road Resources (ASX:GOR), rising 12.7 per cent to $1.16, followed by shares in Wisetech Global (ASX:WTC) and Saracen Mineral Holdings (ASX:SAR).

The worst performing stock in the S&P/ASX 200 is Galaxy Resources (ASX:GXY), dropping 7.1 per cent to $0.85, followed by shares in Pro Medicus (ASX:PME) and Service Stream (ASX:SSM).

Commodities and the dollar

Gold is trading at US$1,489 an ounce.
Iron ore price rose 1.5 per cent to US$86.68
Iron ore futures are pointing to a rise of 2.03 per cent.
One Australian dollar is buying 68.60 US cents.