Wage growth slips to record lows: ASX tracking 0.4% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 0.4 per cent higher at noon. Shares in Unibail-Rodamco-Westfield (ASX:URW) are continuing to do well but shares in the A2 Milk Company (ASX:A2M) slip after they maintained its lowered September guidance.

The S&P/ASX 200 index

The S&P/ASX 200 index is 26 points up at 6,524. On the futures market the SPI is suggesting a rise of 22 points.

Economic news

Australian wage growth has fallen to its lowest level on record during the third quarter, slipping to 1.4 per cent year-on-year, from the previous record low of 1.8 per cent during the second quarter.

Company news

Decmil Group Limited (ASX:DCG) been awarded approximately $51 million in works as part of the balance of plant contract at the Ryan Corner Windfarm in Victoria. The Ryan Corner balance of plant contract is a $71 million contract that has been awarded to a joint venture between Decmil and RJE Global, on a split scope basis, with RJE to receive the remaining $20 million. Ryan Corner is located approximately 300 kilometres west of Melbourne, near Port Fairy. Shares in Decmil Group Limited (ASX:DCG) are 6.6 per cent higher at $0.65.

Best and worst performers

The best-performing sector is Financials adding 1.2 per cent, while the worst performing sector is Energy shedding 0.5 per cent.

The best performing stock in the S&P/ASX 200 is Unibail-Rodamco-Westfield (ASX:URW) rising almost 5 per cent to $4.88, followed by shares in Whitehaven Coal (ASX:WHC) and United Malt Group (ASX:UMG).

The worst performing stock in the S&P/ASX 200 The A2 Milk Company (ASX:A2M) dropping 3.8 per cent to $14.13, followed by shares in Oz Minerals (ASX:OZL) and Sandfire Resources ASX:SFR).

Commodities and the dollar

Gold is trading at US$1,882 an ounce.
Iron Ore Price has added 1.1 per cent at $125.44.
Iron ore futures are pointing to a rise of 1.5 per cent.
One Australian dollar is buying 72.82US cents.