Rally continues with all sectors in the black: ASX tracking 1.3% higher at noon

Market Reports

by Rachael Jones

The Australian share market has continued its rally throughout the morning and is now tracking 1.3 per cent higher at noon. Shares in Virgin Money UK (ASX:VUK) and accounting software company Xero (ASX:XRO) did well today. Shares in JB Hi-Fi (ASX:JBH) fell lower. All sectors are in the black.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 79 points up at 6,420. On the futures market the SPI is suggesting a rise of 72 points.

Broker moves

Macquarie rates Wesfarmers (ASX:WES) as a Downgrade to a Neutral from an Outperform. In a response to the vaccine news with regard consumer stocks, Macquarie suggests that while virus winners will have a positive 2020, consumer behaviour will return to normal in 2021. To that end the broker has reverted to pre-covid sum-of-the-parts valuations. Wesfarmers' target is lowered to $49.70 from $51.00. Shares in Wesfarmers (ASX:WES) are currently 0.5 per cent lower at $47.18.

Company news

Synlait Milk Limited (ASX:SM1) has successfully completed the bookbuild for its approximately NZ$180 million underwritten placement, announced on 10 November 2020. The Placement was strongly supported, attracting bids well in excess of the NZ$180 million placement amount. The Placement was fully subscribed at the fixed price of NZ$5.10 per share. Shares in Synlait Milk Limited (ASX:SM1) are 7.8 per cent lower at $5.11.

Best and worst performers

The best-performing sector is Infotech adding 2.9 per cent, while the worst performing sector is Consumer Discretionary the one with the fewest gains added 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Virgin Money UK (ASX:VUK) rising 13.8 per cent to $2.39, followed by shares in Xero (ASX:XRO) and ALS (ASX:ALQ).

The worst performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS) dropping 5.2 per cent to $1.93, followed by shares in JB Hi-Fi (ASX:JBH) and Westgold Resources (ASX:WGX).

Commodities and the dollar

Gold is trading at US$1,879 an ounce.
Iron Ore has added 0.4 per cent to $112.27.
It’s futures has gained 0.4 per cent.
One Australian dollar is buying 72.87US cents.

And finally a quick reminder our next online event is Nov 17. 5 companies presenting starting 12:30pm, details here https://www.finnewsnetwork.com.au/page/investor-events. Please register to secure a spot.