The Australian share market dropped at the open, made some gains in early trade on news of new deals and is now tracking 0.2 per cent lower at noon. Shares in Link Administration (ASX:LNK) are on the rise after receiving a private equity bid. And shares in Bravura (ASX:BVS) are up after buying Delta Financial Systems. And the Aussie dollar is on the rise.
The S&P/ASX 200 index
The S&P/ASX 200 index is 9 points down at 6,093. On the futures market the SPI is suggesting a fall of 10 points.
Citi rates Newcrest Mining (ASX:NCM) as an Upgrade to a Buy from a Neutral. The company will move to the second stage at the Cadia expansion project. This US$175m expansion should be completed in late FY22. The miner will also spend US$65 million at Lihir to pick up more gold. Citi believes consensus expectations at Lihir have been reset and earnings momentum is now positive. Target price is $37. Shares in Newcrest Mining (ASX:NCM) are currently tracking almost 2 per cent higher at $31.88.
Heairing solutions company Nuheara (ASX:NUH) has a phase II extension of the collaboration agreement with multinational technology company HP Inc (NYSE:HPQ). On successfully completing a Proof of Concept (POC), Nuheara has now been awarded a $2 million Phase II Purchase Order for works associated with the development and engineering of an ear bud variant specific to HP’s confidential use case. Phase I was previously awarded for accompanying software services. Nuheara (ASX:NUH) tracking 1.9 per cent lower at $0.05.
Best and worst performers
The best-performing sector is Infotech adding 2 per cent, while the worst performing sector is Energy shedding 1.2 per cent.
The best performing stock in the S&P/ASX 200 is Link Administration (ASX:LNK) rising 22.8 per cent to $4.90, followed by shares in Bravura Solutions (ASX:BVS) and ZIP Co (ASX:Z1P).
The worst performing stock in the S&P/ASX 200 is Orica (ASX:ORA) dropping 3.5 per cent to $16.07, followed by shares in Whitehaven Coal (ASX:WHC) and Crown Resorts (ASX:CWN).
Commodities and the dollar
Gold is trading at US$1,925 an ounce.
Iron ore has gained 1.8 per cent to $125.72
It’s futures are suggesting a rise of 0.4 per cent.
One Australian dollar is buying 72.19US cents.