TPG (ASX:TPM) shares soar on ACCC merger decision: ASX tracking 1.8% higher at noon

Market Reports

by Rachael Jones

The Australian share market shot up at the open and is now tracking 1.8 per cent higher at noon. Shares in TPG Telecom (ASX:TPM) rose after the ACCC said they would not appeal the merger with Vodafone. Jumbo Interactive (ASX:JIN) saw their shares fall this morning as did Corporate Travel Management (ASX:CTD).

The S&P/ASX 200 index is 115 points up at 6,441. On the futures market the SPI is 1.6 per cent higher.

Local economic news

January’s balance of goods and services was a surplus of $5.21 billion in seasonally adjusted terms, down on the revised December balance of $5.376 billion – ahead of expectations.

Broker moves

UBS has upgraded the Breville Group (ASX:BRG) to a Buy from a Neutral, given strong top-line growth. The broker believes a premium multiple is justified because of the growth profile and business quality. Europe is now the second largest market for Breville and the broker forecasts more than $300m in sales by FY23. Target is raised to $22.70 from $17.85. Shares in the Breville Group (ASX:BRG) are up 4.6 per cent at $19.47.

Company news

Azerbaijan International Operating Co. has awarded Worley (ASX:WOR) a contract for engineering, procurement and construction services as part of a gas lift project. Azerbaijan International Operating Co. is operated by BP. Under the contract, Worley will provide engineering, procurement and construction services to support production operations on the Chirag platform in the Caspian Sea. Shares in Worley (ASX:WOR) are up 3.3 per cent to $12.59.

Best and worst performers

The best-performing sector is Healthcare adding 3.3 per cent, while the worst performing sector is Financials gaining the least at 1.03 per cent.

The best performing stock in the S&P/ASX 200 is TPG Telecom (ASX:TPM) rising 7.97 per cent to $8.13, followed by shares in Fortescue Metals Group (ASX:FMG).
And Elders (ASX:ELD).

The worst performing stock in the S&P/ASX 200 is Jumbo Interactive (ASX:JIN) dropping 4.1 per cent to $10.26, followed by shares in Silver Lake Resources (ASX:SLR) and Corporate Travel Management (ASX:CTD).

Commodities and the dollar

Gold is trading at US$1,641 an ounce.
Iron ore price is 2.8 per cent up at US$90.99.
Iron ore futures are pointing to a rise of 1.9 per cent.
One Australian dollar is buying 66.22US cents.