The Australian share market is currently on the rise is now tracking 0.2 per cent higher at noon. Amp (ASX:AMP) shares are on the rise today despite posting a huge full-year loss yesterday and noting that shareholders will not receive a dividend. Promedicus (ASX:PME) shares continue to fall along with Breville (ASX:BRG). The best-performing sector is Financials, while the worst performing sector is Energy.
The S&P/ASX 200 index is 12 points up at 7,115. On the futures market the SPI is 16 points higher.
Citi has upgraded AGL Energy (ASX:AGL) to a Neutral from a Sell. Wholesale gas gross margin in particular helped the utility with significantly outperforming market consensus and projections at Citi. Citi also observes AGL has been opportunistically buying in the relatively cheaper gas spot market. Price target jumps to $20.12 from $17.35. Shares in AGL Energy (ASX:AGL) are trading 2.2 per cent higher at $20.66
Ridley Corporation (ASX:RIC) has settled the legal proceedings started against it by Baiada whereby Baiada has immediately terminated its legal proceedings. Under the terms of the settlement agreement, Ridley will pay $1.935 million to Baiada in three instalments over a twelve month period. As part of the settlement, the current supply agreement between them has been amended to provide production efficiencies for Ridley with changes to the fee structure, and the term of the agreement has been extended for a further two years to expire on 30 November 2025. Shares in Ridley Corporation (ASX:RIC) are trading 1.5 per cent lower at $0.98.
thedocyard (ASX:TDY) started trading today. They are a globally recognised leading end-to-end transaction management solution company, on a mission to becoming a leading provider of deal technology to the world’s legal and financial services sectors. They were issued at $0.20, opened at $0.25 and are currently trading at $0.24.
Best and worst performers
The best-performing sector is Financials, adding 0.9 per cent, while the worst performing sector is Energy at 0.7 per cent lower.
The best performing stock in the S&P/ASX 200 is AMP (ASX:AMP) rising 3.4 per cent to $1.88, followed by shares in Pinnacle Investment Management Group (ASX:PNI) and Washington H Soul Pattinson (ASX:SOL).
The worst performing stock in the S&P/ASX 200 is Breville Group (ASX:BRG), dropping 5.9 per cent to $23.99, followed by shares in Pro Medicus (ASX:PME) and Unibail Rodamco Westfield (ASX:URW).
Commodities and the dollar
Gold is trading at US$1,577 an ounce.
Iron ore price is 1 per cent higher at US$88.56.
Iron ore futures are pointing to a rise of 0.4 per cent.
One Australian dollar is buying 67.20US cents.