Iron ore price pushes up Fortescue Metals Group (ASX:FMG): ASX tracking 0.3% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 0.3 per cent higher at noon. Shares in Fortescue Metals Group (ASX:FMG) are on the rise today after a boost in the price of iron ore. Shares in Elders (ASX:ELD) are on the slide. 

The S&P/ASX 200 index

The S&P/ASX 200 index is 21 points up at 6,611. On the futures market the SPI is suggesting a rise of 17 points.

Local economic news

The trade surplus increased $1.6 billion to $7.45 billion in October.

Broker moves

Citi rates Qube Holdings (ASX:QUB) as a Buy. Qube Holdings expects growth in full-year net profit versus FY20. Citi, having taken a conservative view given the uncertainty around the pandemic, has turned more optimistic and now forecasts net profit of $126 million. Raises the target rising to $3.50 from $3.40. Shares in Qube Holdings (ASX:QUB) tracking 0.2 per cent higher at $2.93.

Company news

Installment payment platform Sezzle (ASX:SZL) report record trading for November with Black Friday and Cyber Monday. They reported their highest monthly Underlying Merchant Sales performance since the Company’s started with an increase of 188.5 per cent year on year growth. Active Consumers crossed the 2 million mark for the first time as the Company added over 1 million Active Consumers since February 2020. Shares in Sezzle (ASX:SZL) are 1.8 per cent lower at $6.19.

Best and worst performers

The best-performing sector is Materials adding 3 per cent, while the worst performing sector is Utilities shed 0.8 per cent.

The best performing stock in the S&P/ASX 200 is Fortescue Metals Group (ASX:FMG) rising 11.6 per cent to $20.34, followed by shares in Whitehaven Coal (ASX:WHC) and Perenti (ASX:PRN).

The worst performing stock in the S&P/ASX 200 is Elders (ASX:ELD) dropping almost 3 per cent to $10.39, followed by shares in Healius (ASX:HLS) and Super Retail Group (ASX:SUL).

Commodities and the dollar

Gold is trading at US$1,829 an ounce.
Iron Ore Price has gained 3.1 per cent at $136.29.
Iron ore futures are pointing to a rise of 0.8 per cent.
One Australian dollar is buying 74.02US cents.