The energy sector pushes the market higher: ASX tracking 2.2% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 2.2 per cent higher at noon. Shares in the Janus Henderson Group (ASX:JHG) are on the up as Newcrest Mining (ASX:NCM) and Ramelius Resources (ASX:RMS) see their shares fall. Meanwhile, the energy sector is on the rise.

The S&P/ASX 200 index

The S&P/ASX 200 index is 128 points up at 5,920. On the futures market the SPI is suggesting a rise of 118 points.

Broker moves

Credit Suisse rates HUB24 (ASX:HUB) as a Downgrade to an Underperform from Neutral. They believe there is now also downside risk to earnings if the Reserve Bank of Australia cuts official rates. Target is steady at $16.30. Shares in HUB24 (ASX:HUB) trading 2.4 per cent lower at $17.41.

Company news

Family Zone (ASX:FZO) collected a record $4.4 million from customers, that’s 250 per cent rise year on year, ending the quarter with $8.7 million in cash. They contracted a record of 704 new schools, that’s 317 per cent year on year growth and 370 thousand student licenses (355% YoY growth). They now service in excess of 2.5 per cent of US school districts across 37 US states and with a continued strong sales pipeline. The company works to protect a child’s digital journey. Shares in Family Zone (ASX:FZO) are currently trading 8.2 per cent lower at $0.48.

Best and worst performers

The best-performing sector is Energy rising 4.1 per cent, while the worst performing sector is Information Technology the sector with the fewest gains adding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is Janus Henderson Group (ASX:JHG) rising 6.6 cent to $34.95, followed by shares in Mesoblast (ASX:MSB) and Oil Search (ASX:OSH).

The worst performing stock in the S&P/ASX 200 is Megaport (ASX:MP1) dropping 2.3 per cent to $15.64, followed by shares in Newcrest Mining (ASX:NCM) and Ramelius Resources (ASX:RMS).

Commodities and the dollar

Gold is trading at US$1,901 an ounce.
Iron ore futures are suggesting a rise of 4.99 per cent.
One Australian dollar is buying 71.84US cents.