The Australian share market shot up at the open and is now tracking almost 0.2 per cent higher at noon. Shares in Collins Foods (ASX:CKF) are on the up after releasing their year results showing revenue is up 8.9 per cent to $981.7million.Shares in Wisetech Global (ASX:WTC) dropped after RealWise Holdings, a company controlled by WiseTech Global Founder and CEO, Richard White, sold 2.4 million shares (approximately 0.76 per cent of the total issued capital of WiseTech Global).The Energy sector is leading the way with healthcare falling behind.
The S&P/ASX 200 index
The S&P/ASX 200 index is 71 points up at 5,886. On the futures market the SPI is 63points higher.
Local economic news
Figures released by the Australian Bureau of Statistics today show total payroll jobs increased 1.0 per cent between mid-May and mid-June.
Macquarie rates St Barbara (ASX:SBM) as a Downgrade to an Underperform from a Neutral. Macquarie assesses a strengthening Australian dollar has taken the gloss off the gold sector, putting a brake on earnings growth. This is exacerbated by expectations for a disrupted June quarter and production growth in FY21 is likely to be limited. Target is steady at $2.60. Shares in St Barbara (ASX:SBM) are currently 0.95 per cent lower at $3.13.
Infigen (ASX:IFN) Board unanimously recommends investors accept the Takeover Offer from Iberdrola at 89 cents per Infigen Stapled Security in the absence of a superior proposal. The Spanish energy giant increased its conditional offer after rival bidder UAC Energy Holdings made its 86 cents a share offer unconditional. Shares in Infigen (ASX:IFN) are currently 0.6 per cent higher at $0.92.
Best and worst performers
The best-performing sector is Energy gaining 2.9 per cent, while the worst performing sector is healthcare losing at 0.4 per cent.
The best performing stock in the S&P/ASX 200 is Collins Foods (ASX:CKF) rising 14.8 per cent to $9.60, followed by shares in Avita Medical (ASX:AVH) and NRW Holdings (ASX:NWH).
The worst performing stock in the S&P/ASX 200 is Jumbo Interactive (ASX:JIN) dropping 3 per cent to $9.60, followed by shares in Saracen Mineral Holdings (ASX:SAR) and Wisetech Global (ASX:WTC).
Commodities and the dollar
Gold is trading at US$1,771 an ounce.
Iron ore price is 3.4 per cent lower at US$99.85.
Iron ore futures are suggesting a fall of 0.4 per cent.
One Australian dollar is buying 68.80US cents.