ASX upgrade results in technical hitch: ASX tracking 1.2% higher at noon

Market Reports

by Rachael Jones

The Australian share market came to a standstill around 10.30 this morning due to a technical issue that the ASX is still yet to resolve. A system upgrade was due to go live this morning with dress rehearsals already conducted. The market is currently at 1.2 per cent higher at noon.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 79 points up at 6,484. On the futures market the SPI is suggesting a rise of 73 points.

Broker moves

Citi rates Lovisa (ASX:LOV) as an Upgrade to a Neutral from a Sell as the Beeline acquisition will diversify the global roll-out and boost growth in Europe.This provides instant access to six new markets. Nevertheless, downside risk could exist to investor expectations as the "next to nothing consideration" signals the network was underperforming. Target is raised to $11.60 from $6.70. Shares in Lovisa (ASX:LOV) are currently 1.1 per cent higher at $11.60.

Company news

Aurelia Metals Limited (ASX:AMI) has completed both the institutional placement and the institutional component of its 1 for 4.2 accelerated non-renounceable entitlement offer announced on Friday, 13 November 2020. Approximately $93 million was raised across the Placement and Institutional Entitlement Offer at an offer price of $0.43 per share. Shares in Aurelia Metals Limited (ASX:AMI) are trading 9.3 per cent lower at $0.45.

Best and worst performers

The best-performing sector is REITS 1.9 per cent higher, while the worst performing sector is Infotech shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is Unibail-Rodamco-Westfield (ASX:URW) rising 9.3 per cent to $4:00, followed by shares in News Corp (ASX:NWS) and Graincorp (ASX:GNC).

The worst performing stock in the S&P/ASX 200 SkyCity Entertainment (ASX:SKC dropping 4.1 per cent to $2.84, followed by shares inPolynovo (ASX:PNV) and AusNet Services (ASX:AST)

Commodities and the dollar

Gold is trading at US$1,898 an ounce.
Iron ore futures point to a fall of 0.8%.
One Australian dollar is buying 72.93 US cents.