Perenti (ASX:PRN) shares down after deadly ambush near mine: ASX tracking 0.7% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and continued to rise and is now tracking 0.7 per cent higher at noon. Shares in James Hardie (ASX:JHX) are on the up today after they announced an increase in 22 per cent in their group adjusted net operating profit for the quarter compared to the prior corresponding period. Shares in mining support services firm Perenti Global (ASX:PRN) have fallen sharply today after the company reported an attack near the Semafo’s Bongou mine site in Burkina Faso has resulted in several fatalities, including Semafo employees. As for the sectors, the Information technology sector is leading the way and Energy sector falling behind– the only sector that made a loss today.

The S&P/ASX 200 index is 44 points up at 6,704. On the futures market the SPI is 50 points higher.

Economic News

Australia's Trade Surplus expanded to 7.18 billion in September, according to the Australian Bureau of Statistics (ABS).

Broker moves

Citi has downgraded Boral (ASX:BLD) to neutral from a buy, with a 12-month price target of $5.00. While the company maintained FY20 guidance, Citi notes a weak first half is placing increasing reliance on a strong second half. Shares in Boral (ASX:BLD) are 0.4 per cent higher at $4.92 at noon.

Company news

NetLinkz (ASX:NET) has announced the expansion of its Australian rollout of the NetLinkz VIN product with Onyx Projects, based in Perth, Western Australia. Onyx personnel require CAD design software, simulation systems and accounting systems. The VIN leading to a fullscale NetLinkz VIN pilot to provide remote access to key business services for multiple staff at multiple locations across Western Australia. Shares in NetLinkz (ASX:NET) are trading 3.5 per cent higher at $0.15.

Perenti (ASX:PRN) shares have falled after they reported an attack close to Bongou Mine Site in Burkina Faso involving members of our workforce from African Mining Services (AMS). A convoy of five buses, escorted by military police, came under attack. The convoy included local AMS employees, Semafo employees and other suppliers of Semafo. There have been a number of fatalities and injuries, however, details are as yet unconfirmed. Shares in Perenti (ASX:PRN) are trading 11.8 per cent lower at $2.06.

IPOs

Cronos (ASX:CAU) started trading today. The supplier and seller of medicinal cannabis products floated with an issue price of $0.50, opened at $0.36 and is currently trading at $0.41

Best and worst performers

The best-performing sector is Information technology, adding 2.7 per cent, while the worst performing sector is Energy, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 is James Hardie Industries (ASX:ASX:JHX) rising 6.03 per cent to $26.19, followed by shares in Xero (ASX:XRO) and Metcash (ASX:MTS).

The worst performing stock in the S&P/ASX 200 is Perenti (ASX:PRN), dropping 11.8 per cent to $2.06, followed by shares in Flightcentre Travel Group (ASX:FLT) and Pilbara Minerals (ASX:PLS).

Commodities and the dollar

Gold is trading at US$1,491 an ounce.
Iron ore price rose 0.2 per cent to US$83.47
Iron ore futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 68.77 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.