A2 Milk (ASX:A2M) shares take a tumble: ASX tracking 0.1% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open then slumped in mid morning trade and is now tracking 0.1 per cent higher at noon. Shares in Seven Group Holdings (ASX:SVW) are doing well today as did Janus Henderson Group (ASX:JHG). Shares in the A2 Milk (ASX:A2M) company fell this morning.

The S&P/ASX 200 index

The S&P/ASX 200 index is 8 points up at 5,960. On the futures market the SPI is suggesting a rise of 7 points.

Broker moves

Citi rates Boral (ASX:BLD) as an Upgrade to a Buy from a Neutral. They say Boral is in an earnings trough, although construction markets are rebounding. Most upside is envisaged in detached housing in Australia and the US, which is partially offset by sharp declines in commercial building. Target is raised to $5.30 from $4.35. Shares in Boral (ASX:BLD) are currently tracking 0.9 per cent higher at $4.58.

Company news

Jervois Mining (ASX:JRV) is pleased to announce it has agreed to acquire 100 per cent of the São Miguel Paulista nickel and cobalt refinery (“SMP Refinery”) in the Brazilian State of São Paulo from Companhia Brasileira de Alumínio. This transaction will transform Jervois into a vertically integrated producer when Idaho Cobalt Operations starts commercial production, capable of supplying refined nickel and cobalt products to customers across a range of industries including specialty stainless steels, nickel and cobalt superalloys, cathode precursor, lithium ion battery and electric vehicles manufacturers. Shares in Jervois Mining (ASX:JRV) are trading 5 per cent higher at $0.32.

Best and worst performers

The best-performing sector is Infotech rising 1.8 per cent, while the worst performing sector is Consumer Staples losing almost 1.1 per cent.

The best performing stock in the S&P/ASX 200 is Seven Group Holdings (ASX:SVW) rising 3.9 cent to $18.61, followed by shares in Janus Henderson Group (ASX:JHG) and Clinuvel Pharmaceuticals (ASX:CUV).

The worst performing stock in the S&P/ASX 200 is The A2 Milk Company (ASX:A2M) dropping 4.1 per cent to $14.58, followed by shares in Bank of Queensland (ASX:BOQ) and Costa Group Holdings (ASX:CGC).

Commodities and the dollar

Gold is trading at US$1,885 an ounce.
Iron ore price is 0.8 per cent higher at US$116.15.
Iron ore futures are suggesting a rise of 0.2 per cent.
One Australian dollar is buying 70.80US cents.