5G Networks (ASX:5GN) partners with Servers Australia: Aus shares 0.9% higher at noon

Market Reports

by Ortenzia Borre

The Australian share market rose at the open and managed to maintain momentum and is now tracking 0.9 per cent higher at noon. Shares in Lake Resources (ASX:LKE) surged after the Lithium explorer confirmed battery grade lithium carbonate with 99.9 per cent purity has been produced. The best performing sector is Information Technology. The worst performing sector, as well as being the only sector in the red, is Energy.

Local economic news

ABS International Trade in Goods and Services, November 2019.

Broker moves

Citi has rated Afterpay (ASX:APT) as a Buy. Citi analysts suggest, on the basis of website traffic analysis, that Afterpay likely had a strong end to calendar year 2019. This is further reinforced by analysis of app download stats. Shares in Afterpay are trading 3.1 per cent higher at $31.02.

The S&P/ASX 200 index is 62 points up at 6,879. On the futures market the SPI is 70 points higher.

Company news

5G Networks (ASX:5GN) has partnered with Servers Australia for its recently announced indirect channel. The channel agreement includes an initial 2-year term. 5GN will provide Servers Australia with data centre capacity across its city-based data centres in Melbourne, Sydney and Adelaide. The agreement also delivers Servers Australia with the opportunity to resell the 5GN Cloud solution together with high-speed fibre networking which securely connects the geographically diverse data centres to a national high-speed network footprint. Shares in 5G Networks (ASX:5GN) are trading 7.5 per cent higher at 79 cents.

Best and worst performers

The best-performing sector is Information Technology, adding 1.8 per cent, while the worst performing sector is Energy shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 is PolyNovo (ASX:PNV) rising 6.8 per cent to $1.99, followed by shares in Pro Medicus (ASX:PME) and Pilbara Minerals (ASX:PLS).

The worst performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), dropping 3.6 per cent to $1.22, followed by shares in St Barbara (ASX:SBM) and Northern Star Resources (ASX:NST).

Commodities and the dollar

Gold is trading at US$1,556 an ounce.
Iron ore price is 1.2 per cent higher at US$96.22
Iron ore futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 68.73 US cents.