Property prices rose 0.8% in September quarter: ASX tracking 0.3% higher at noon

Market Reports

by Rachael Jones

The Australian share market is now tracking 0.3 per cent higher at noon. Shares in Link Administration Holdings (ASX:LNK) shot up today after they received a conditional, nonbinding indicative proposal from NASDAQ-listed SS&C Technology Holdings. Shares in G8 Education (ASX:GEM) have dropped today.

The S&P/ASX 200 index

The S&P/ASX 200 index is 18 points up at 6,693. On the futures market the SPI is suggesting a rise of 20 points.

Local economic news

Residential property prices rose 0.8 per cent in the September quarter 2020, according to figures released today by the Australian Bureau of Statistics (ABS).

The ANZ consumer confidence survey showed its 13th gain in 14 weeks and reached its highest level in 12 months.

Broker moves

UBS rates Metcash (ASX:MTS) as a Downgrade to a Neutral from a Buy. First half net profit was ahead of UBS estimates. The pandemic has structurally benefited Metcash, the broker observes, through a "shop local" emphasis and increased at-home consumption. Nevertheless, UBS finds the risk/reward balanced given the valuation. Scope for capital returns exists, the broker notes, given the business is net cash to the tune of $120m. Rating is downgraded to Neutral from Buy and the target is raised to $3.70 from $3.25. Shares in Metcash (ASX:MTS) are 0.6 per cent lower at $3.53.

Company news

Woodside (ASX:WPL) CEO Peter Coleman is set to retire in the second half of 2021, by which time he will have served more than ten years in the role. Woodside has started an internal and external search for the company’s next CEO. Mr Coleman said it is the right time to retire and transition leadership, with the company well-positioned for the future. Shares in Woodside (ASX:WPL) are currently 0.02 per cent higher at $23.16.

IPO

Ready-made meals company Youfoodz Holdings Limited (ASX:YFZ) started trading today, issue price was $1.50, it started trading at $1.32. And is currently at $1.16.

Best and worst performers

The best-performing sector is Infotech adding 1.2 per cent, while the worst performing sector is Energy shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 is Link Administration Holdings (ASAX:LNK) rising 14.1 per cent to $5.66, followed by shares in Perseus Mining (ASX:PRU) and Lynas Corporation (ASX:MSB).

The worst performing stock in the S&P/ASX 200 is G8 Education (ASX:GEM) dropping 5 per cent to $1.23, followed by shares in Whitehaven Coal (ASX:WHC) and ZIP Co (ASX:Z1P).

Commodities and the dollar

Gold is trading at US$1,865 an ounce.
Iron Ore Price has gained 1.3 per cent at $146.93.
Iron ore futures are pointing to a rise of 3 per cent.
One Australian dollar is buying 74.18US cents.