Huon Aquaculture (ASX:HUO) lose thousands of fish after pen fire: ASX tracking 1.2% higher at noon

Market Reports

by Rachael Jones

The Australian share market has remained steady throughout the morning and is now tracking 1.2 per cent higher at noon. Contractor NRW Holdings (ASX:NWH) shares are up after looking to buy the Primero Group. Shares in Saracen Mineral Holdings (ASX:SAR) are down though.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 76 points up at 6,637. On the futures market the SPI is suggesting a rise of 76 points.

Local economic news

The preliminary figures from the Australian Bureau of statistics show the value of exports increased 6 per cent to $30.53 billion in October while imports rose by 8 per cent to $25.69 million.

Broker moves

Morgan Stanley rates Ampol (ASX:ALD) as a Downgrade to an Equal-weight from Overweight.The company has announced a $300 million off-market buy-back and a further -$40 milion cost-out. Despite factoring in some solid growth next year in the higher-value parts of the business, Morgan Stanley reduces the rating. Target price is $31.00. Shares in Ampol (ASX:ALD are currently 1.5 per cent higher at $30.19.

Company news

Huon Aquaculture Group Limited (ASX:HUO) are estimating that they have lost between 50,000 and 52,000 4kg fish after a fire broke out at one of the company’s fish pens in Tasmania. The fire damage was limited to approximately a third of the pen, burning through and melting the pen infrastructure above and just below the waterline. The damage to the pen resulted in fish escaping. The cause of the fire is being investigated. Huon believes there will be minimal impact on the results of the Company. Shares in Huon Aquaculture Group Limited (ASX:HUO) are currently steady at $2.73.

Best and worst performers

The best-performing sector is Energy adding 2.9 per cent, while the worst performing sector is Real Estate Investment Trust with the fewest gains adding almost 0.1 per cent.

The best performing stock in the S&P/ASX 200 is Beach Energy (ASAX:BPT) rising 9 per cent to $1.87, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Mesoblast (ASX:MSB).

The worst performing stock in the S&P/ASX 200 is Saracen Mineral Holdings (ASX:SAR) dropping 6.7 per cent to $4.86, followed by shares in Northern Star Resources (ASX:NST) and Silver Lake Resources (ASX:SLR).

Commodities and the dollar

Gold is trading at US$1,833 an ounce.
Iron Ore Price has lost 1.2 per cent at $127.24.
Iron ore futures are pointing to a fall of 0.1 per cent.
One Australian dollar is buying 73.04US cents.