The Australian share market opened higher this morning and is now trading 1.3 per cent higher at noon. Credit Corp Group (ASX:CCP) is leading the top 200 gains at midday, up over 15 per cent with Northern Star Resources (ASX:NST) coming in last. The S&P/ASX 200 index is 72 points up at 5,465. On the futures market the SPI is 84 points up.
UBS has rated Regis Resources (ASX:RRL) as a buy. The broker notes the March quarter production was slightly weaker than they expected and production guidance is unchanged. UBS says, first stopping ore and commercial production is expected at the Rosemont underground in the June quarter, which will provide a higher grade ore source and should lift production to 380-400,000 ounces per annum by FY22. UBS considers the valuation attractive and target is raised to $6.00 from $5.60. Shares in Regis Resources (ASX:RRL) are trading 0.2 per cent higher at $4.52 at noon.
Splitit (ASX:SPT) will raise $16 million to strengthen its balance sheet to accelerate high growth strategy. The proceeds of the placement will enable Splitit to continue to execute its high-growth strategy by investing in go-to-market and technology resources, support existing merchant credit facilities and for general working capital. Splitit has received firm commitments to subscribe for 39,024,391 shares at an issue price of $0.41 per placement share. CEO and Managing Director, Brad Paterson says the funds will provide greater flexibility to grow our merchant funded model as the number of new merchants is ramping up in line with our growth plans and given the uncertain environment, bolstering the balance sheet now was imperative to ensure we are well set to deliver growth for our shareholders over the medium to long term. Shares in Splitit (ASX:SPT) are trading 6.7 per cent lower at 48 cents.
Best and worst performers
The best-performing sector is Energy, adding 4.7 per cent, while the worst performing sector is Health Care shedding 1.1 per cent.
The best performing stock in the S&P/ASX 200 is Credit Corp Group (ASX:CCP), rising 15.8 per cent to $16.37, followed by shares in AP Eagers (ASX:APE) and Ohh! Media (ASX:OML).
The worst performing stock in the S&P/ASX 200 is Northern Star Resources (ASX:NST) dropping 3.7 per cent to $12.51, followed by shares in Netwealth Group (ASX:NWL) and Gold Road Resources (ASX:GOR).
Commodities and the dollar
Gold is trading at US$1,713 an ounce.
Iron ore price is up 0.4 per cent to US$82.50.
Iron ore futures are pointing to a rise of 2.4 per cent.
One Australian dollar is buying 65.44 US cents.