A narrow victory for Biden looks likely: ASX is tracking 1% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 1 per cent higher at noon. Shares in Ingham’s (ASX:ING) increased today after they reported poultry demand has strengthened.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 62 points up at 6,124. On the futures market the SPI is suggesting a rise of 56 points.

Economic News

The seasonally adjusted balance on goods and services surplus increased $3.012 billion to $5.630 billion in September.

Broker moves

Citi rates Treasury Wine Estates (ASX:TWE) as a Neutral from an outperform. In an initial update, Citi notes heightened concerns around China's actions against Treasury Wines. The stock is expected to remain volatile till there is some clarity, which the broker expects over the next four weeks. The company announced China is asking for retrospective tariffs which could include 2-3 months of tariffs (August onwards). Shares in Treasury Wine Estates (ASX:TWE) are currently 6.6 per cent lower at $8.10.

Company news

Synlait Milk (ASX:SM1) has signed a manufacturing supply agreement with an established, global category leader. Under the agreement, Synlait will manufacture, blend, and package nutrition products which include plantbased products. Processing and packaging customisation will be required at Synlait Pokeno and Synlait Auckland, with expected capital expenditure of $70 million spread over two years. Commercial production is currently projected to start mid-2022, expected to have a positive impact on earnings from FY23. Shares in Synlait Milk (ASX:SM1) are currently 0.8 per cent lower at $4.88.

Best and worst performers

The best-performing sector is Healthcare rose 2.8 per cent, while the worst performing sector is Energy the sector shedding 0.6 per cent.

The best performing stock in the S&P/ASX 200 is Ingham’s (ASX:ING) rising 14.4 per cent to $3.26, followed by shares in Iress (ASX:IRE) and Flight Centre Travel Group (ASX:FLT).

The worst performing stock in the S&P/ASX 200 Treasury Wine Estates (ASX:TWE) dropping 6.6 per cent to $8.10, followed by shares in Pendal Group (ASX:PDL) and SIMS (ASX:SGM).

Commodities and the dollar

Gold is trading at US$1,905 an ounce.
Iron Ore Price has lost 0.2 per cent at $116.91.
Iron ore futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 71.65US cents.