The Australian share market rose at the open, took a dip in midmorning trade, and is now tracking almost 0.1 per cent lower at noon. Shares in Western Areas (ASX:WSA)
shot up today after reports of significant widths of nickel and copper in South Australia. Shares in investment management company Challenger (ASX:CGF)
dropped today after they successfully completed the $270 million fully underwritten institutional placement.
The S&P/ASX 200 index is 4 points down at 5,940. On the futures market the SPI is 13 points lower.Local economic news
The value of imports and exports of goods both declined in May 2020, according to the latest Australian Bureau of Statistics (ABS) preliminary international trade in goods figures. The value of imports fell $2.2 billion or 9 per cent from the revised April figure of $24.1 billion to $21.9 billion, and also declined $4.8 billion or 18 per cent on the May 2019 figure. The decline in imports was driven by a large drop in the value of imports of both road vehicles and petroleum.Broker moves
Ord Minnett rates HelloWorld (ASX:HLO)
as a Downgrade to a Hold from a Buy. They say following a market update in May, the share price has risen sharply. At the same time the market has focused on the opening up of the domestic travel market and what earnings could look like in a post-pandemic world.While comfortable with the long-term investment view, Ord Minnett downgrades to Hold from Buy, based on the rise in the share price. Target is raised to $2.58 from $1.98.
Shares in HelloWorld (ASX:HLO)
are trading 2.6 per cent lower at $2.67.Company news
Cromwell Property Group (ASX:CMW)
advises that ARA Asset Management has announced its intention to make a proportional off market takeover bid to acquire 29 per cent of all Cromwell stapled securities that ARA does not already hold. They want to acquire 29 out of every 100 stapled securities in Cromwell for $0.90 per stapled security. Cromwell securityholders are advised to TAKE NO ACTION in relation to the Proportional Offer. Shares in Cromwell Property Group (ASX:CMW)
are trading 7.5 per cent higher at $0.94.Best and worst performers
The best-performing sector is Consumer Discretionary gaining 0.6 per cent, while the worst performing sector is Utilities losing at 0.7 per cent.
The best performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA)
rising 15.2 per cent to $2.66, followed by shares in AMP (ASX:AMP)
and Cromwell (ASX:CMW)
The worst performing stock in the S&P/ASX 200 is Challenger (ASX:CGF)
dropping 8.4 per cent to $4.88, followed by shares in Mesobalst (ASX:MSB)
and Avita Medical(ASX:AVH)
.Commodities and the dollar
Gold is trading at US$1,754 an ounce.
Iron ore price is 0.7 per cent lower at US$101.75.
Iron ore futures are suggesting a fall of 0.5 per cent.
One Australian dollar is buying 69.18US cents.