The Australian share market opened higher but slumped in the first 2 hours of trade following mixed leads from Wall Street. All of the sectors are down, except Real Estate Investment Trusts. The S&P/ASX 200 index is 59 points down or 0.9 per cent lower at 6,611. On the futures market the SPI is 49 points lower.Broker moves
Citi rates QBE Insurance Group (ASX:QBE)
as a Buy, with a 12 month price target of $10.60. Citi is concerned QBE’s reserves are inadequate, and was disappointed by its latest profit warning. Despite this, the broker considers the stock relatively inexpensive against the "strongest" premium rate backdrop in nearly 20 years. Shares in QBE Insurance Group (ASX:QBE)
are trading 0.3 per cent lower at $8.72.Company news
has appointed Lachlan Freeman as Chief Financial Officer. Lachlan will begin in the role on 11 January 2021. He has held senior finance positions at PwC and DuluxGroup. Shares in MyDeal.com.au (ASX: MYD) are trading 1.2 per cent lower at $1.21 at noon.
Syrah Resources (ASX:SYR)
has signed an agreement with Solar Century Africa to progress a solar and battery storage hybrid power system. The system will work in conjunction with the existing diesel generation power plant at Balama in Mozambique. The solar and battery storage system aims to reduce CO2 emissions and operating costs at Balama. Shares in Syrah Resources (ASX: SYR) are trading 1.6 per cent lower at $0.90 at noon.Best and worst performers
The best-performing sector is REITs, adding 0.2 per cent, while the worst performing sector is Energy, shedding 2.3 per cent.
The best performing stock in the S&P/ASX 200 is Netwealth Group (ASX:NWL)
, rising 1.7 per cent to $16.24, followed by shares in a2Milk Company (ASX:A2M)
and Scentre Group (ASX:SCG)
The worst performing stock in the S&P/ASX 200 is Ramelius (ASX:RMS)
,dropping 7.1 per cent to $1.64, followed by shares in Silver Lake Resources (ASX:SLR)
and Perseus Mining (ASX:PRU)
.Commodities and the dollar
Gold is trading at US$1,879 an ounce.
Iron ore price rose 7.3 per cent to US$176.45.
Iron ore futures are pointing to a rise of 1.9 per cent.
One Australian dollar is buying 75.69 US cents.