The local bourse rose at the open and has remained steady in the first two hours of trade. The S&P/ASX 200 index is 33 points up or 0.5 per cent higher at 6,775. On the futures market the SPI is suggesting a rise of 37 points. Shares in PolyNovo (ASX:PNV) went up today after they announced they are moving into Poland and Turkey. Meanwhile shares in Megaport (ASX:MP1) have dropped.Broker call
Local economic news
The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 4.5% to 107 in January from 112.0 in December.
UBS rates Centuria Industrial REIT (ASX:CIP)
as an Upgrade to a Buy from a Neutral on the basis that the direct market for industrial assets remains strong in 2021 and will drive cap rate compression. The broker sees the REIT offering a more defensive exposure as compared to BWP Trust with better growth prospects and a higher weighted average lease expiry.
Target rises to $3.38 from $3.23. Shares in Centuria Industrial REIT (ASX:CIP)
are currently steady at $3.01.Company news
Nickel Mines (ASX:NIC)
has negotiated to acquire an additional 10 per cent of Angel Nickel, for $70 million US increasing Nickel Mines’ total ownership to 80 per cent. Angel Nickel is located within the Indonesia Weda Bay Industrial Park (‘IWIP’) will more than double Nickel Mines’ attributable nickel metal production based on nameplate capacities of its Rotary Kiln Electric furnace projects. Shares in Nickel Mines (ASX:NIC)
are trading 3.7 per cent higher at $1.27.Best and worst performers
The best-performing sector is Infotech gaining 2.1 per cent while the sector trailing behind is Real Estate Investment Trust losing 0.1 per cent.
The best performing stock in the S&P/ASX 200 is Polynovo (ASX:PNV)
rising 6.5 per cent to $2.64, followed by shares in Netwealth Group (ASX:NWL)
and Wisetech Global (ASX:WTC)
The worst performing stock in the S&P/ASX 200 is Megaport (ASX:MP1)
dropping 6.7 per cent to $11.96, followed by shares in Pro Medicus (ASX:PME)
and Whitehaven Coal (ASX:WHC)
Gold is trading at US$1,846 an ounce.
Iron ore has gained 0.4 per cent to $170.03.
Futures are suggesting a fall of 0.7 per cent.
One Australian dollar is buying 77.07 US.