Strong start for post-Christmas trading: ASX tracking 0.6% higher

Market Reports

by Rachael Jones

The Australian sharemarket made a firm start to post-Christmas trading this morning. opening higher with the S&P/ASX 200 Index 41 points up or 0.6 per cent higher at 6,705. Futures are pointing to a rise of 41 points. Shares in Platinum Asset Management (ASX:PTM) fell as it was reported Joseph Lai resigned as head of its Asia strategy. Travel companies surprisingly did well today despite no end in sight for quarantine. Webjet (ASX:WEB) and Flight Centre (ASX:FLT) both saw rises.

Company news

Peninsula Energy (ASX:PEN) and its wholly owned US subsidiary Strata Energy pleased to report that the United States President Donald Trump has approved the Omnibus Budget Bill which amongst other priorities funds the establishment of a US National Strategic Uranium Reserve. The approved Budget directs the US Department of Energy to allocate US$75 million toward the establishment of a program to operate a uranium reserve. This program provides a welcome boost for the uranium mining sector, and Washington is expected to build on this program over the coming years. Shares in Peninsula Energy (ASX:PEN) are 9.5 per cent higher at $0.12.

Best and worst performers

The best-performing sector is Real Estate Investment Trust gaining 1 per cent while the sector trailing behind is Healthcare with the fewest gains 0.2 per cent higher.

The best performing stock in the S&P/ASX 200 is Flight Centre Travel Group (ASX:FLT) rising 4.1 per cent to $16.74, followed by shares in The A2 Milk Company (ASX:A2M) and Webjet (ASX:WEB).
The worst performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL) dropping 2.2 per cent to $20.10, followed by shares in GUD Holdings (ASX:GUD) and Bingo Industries (ASX:BIN).

Commodities

Gold is trading at US$1,879 an ounce.
Iron ore is 0.7 per cent lower at $162.24
Futures are suggesting a fall of 0.5 per cent.
One Australian dollar is buying 75.92US.