Imports of goods up 11% in November: ASX tracking 0.5% higher at noon

Market Reports

by Rachael Jones

The Australian share market opened higher this morning with the S&P/ASX 200 Index 35 points up or 0.5 per cent higher at 6,635. Futures are pointing to a rise of 50 points. Shares in the Smart Group Corp (ASX:SIQ) are on the up today after reporting their operating EBITDA is expected to be approximately $47 million for the second half. Shares in Ramelius Resources (ASX:RMS) are currently dropping. Materials is the only sector to make losses so far this morning.

Economic News

Exports of goods in November 2020 increased $166 million that’s up 1 per cent. Imports of goods in November 2020 increased $2,892 million that’s up 11%.

Broker call

Citi rates Nib (ASX:NHF) as a Downgrade to a Neutral from a Buy. The federal government has approved premium rate increases from April 1, 2021 that are better than Citi anticipated. This is expected to provide support for gross margins in the short term. The broker downgrades to Neutral from Buy, given a strong rally in the share price.
Target price is $5.90. Shares in Nib (ASX:NHF) are 0.2 per cent higher at $5.84.

Company news

City Chic Collective (ASX:CCX) has completed the acquisition of the Evans brand and eCommerce and wholesale businesses for £23.1 million ($41.0 million) from Evans Retail and certain other entities within the Arcadia group. City Chic Collective is a global omni-channel retailer specialising in plus-size women’s apparel, footwear and accessories. Evans is UK based with a long history and significant online customer following. Shares in City Chic Collective (ASX:CCX) are currently 5.9 per cent higher at $3.79.

Best and worst performers

The best-performing sector is Real Estate Investment Trust gaining 1.8 per cent while the sector trailing behind is Materials shedding 0.6 per cent.
The best performing stock in the S&P/ASX 200 is Smart Group Corp (ASX:SIQ) rising 7.9 per cent to $6.80, followed by shares in Mesoblast (ASX:MSB) and Unibail Rodamco Westfield (ASX:VEA).
The worst performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS) dropping 4.5 per cent to $1.58, followed by shares in Resolute Mining (ASX:RSG) and Westgold Resources (ASX:WGX).

Commodities

Gold is trading at US$1,865 an ounce.
Iron ore is 6.8 per cent lower at $164.53.
Futures are suggesting a fall of 4.8 per cent.
One Australian dollar is buying 75.33US.