ABS - Wage Price Index up 0.5 per cent: ASX 0.4 per cent lower at noon

Market Reports

by Ortenzia Borre

The Australian share market opened higher this morning before falling and continuing to track down at noon closing 0.4 per cent lower. Bingo Industries led the way after soaring almost 12 per cent while Beach Energy saw the biggest decline at noon dropping 5.1 per cent.

The S&P/ASX 200 index is 24 points down at 6,729. On the futures market the SPI is eyeing a fall of 20 points.

Local Economic news

The ASB has today reported the Wage Price Index (WPI) rose 0.5 per cent in the September quarter and 2.2 per cent through the year with Victoria recording the highest growth.

Broker moves

Morgans has rated Catapult (ASX:CAT) from a hold to an add. Catapult Group has renewed and expanded its deal with Rugby Australia, in the wake of renewing its deal with the NRL. The broker notes the key to Rugby Australia's renewal was its new Vector technology platform, not the price, suggesting investment in research and development is paying dividends. Morgans now expects Catapult to achieve its sales, earnings and cash flow targets for the financial year. Shares in Catapult (ASX:CAT) are trading 5.2 per cent higher at noon at $1.81.

Company news

Bingo Industries (ASX:BIN) has confidently forecasted its earnings would be 50 per cent higher in this financial year than they were the previous year. The announcement made at today’s AGM resulted in Bingo shares soaring as high as 15.4 per cent to $2.92 this morning. The Sydney based waste management company also revealed that the reconfiguration of its NSW network is now largely complete and its new recycling facility at Eastern Creek has commenced construction and is on track to be operational by mid next year. Shares in Bingo Industries (ASX:BIN) are trading 12.3 per cent higher at $2.84 at noon.

Best and worst performers

The best-performing sector is Info Tech, adding 0.8 per cent, while the worst performing sector is Energy, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN) rising 12.3 per cent to $2.84, followed by shares in Nanosonics (ASX:NAN) and Appen (ASX:APX).

The worst performing stock in the S&P/ASX 200 is Beach Energy (ASX:BPT). The stock dropped 5.1 per cent to $2.33. This is followed by shares in OZ Minerals (ASX:OZL) and Mayne Pharma Holdings (ASX:MYX).

Commodities and the dollar

Gold is higher trading at US$1,458 an ounce.
Iron ore price is up 3.2 per cent at US$81.48
Iron ore futures are pointing to a rise of 1.2 per cent.
One Australian dollar is buying 68.55 US cents.