The Australian share market is trading higher following positive leads from Wall Street and is now tracking 1 per cent higher at noon. The S&P/ASX 200 index is 8 points up at 6,846. On the futures market the SPI is suggesting a rise of 65 points. The Energy sector is leading the way while the Industrials sector is behind. The Reserve Bank announced today that they will continue to purchase three year government bonds to ensure that the yield remains consistent its target.Local economic news
The Australian Bureau of Statistics has released data for the December quarter for actual and expected private new capital expenditure on buildings and equipment.
Total new capital expenditure rose by 3 per cent, buildings and structures rose by 0.7 per cent and equipment, plant and machinery rose by 5.7 per cent.Broker moves
Macquarie has downgraded Seek (ASX:SEK)
as an underperform from a neutral. Their 1H21 EBITDA of $245.9 million is down 1 per cent on the previous corresponding period. The broker notes that the arrival of new CEO Ian Narev in July will see some new developments. Seek has also announced a reduction of its stake in Zhaopin to 23.5 per cent from 61.1 per cent. Target price falls to $23.60 from $28.20. Shares in Seek (ASX:SEK)
are trading 0.04 per cent higher at $26.Company news
has expanded into the Danish, Norwegian and Icelandic medical device markets with the appointment of MedinaMedical to distribute NovoSorb® BTM. MedinaMedical specialises in reconstruction, complex wounds and burns with over 13 years’ experience in these fields across the Nordic region. Based in Copenhagen in Denmark, Medinamedical will support throughout the region where there is already great interest in NovoSorb BTM. Shares in PolyNovo (PNV) are trading 3.7 per cent higher at $2.51.Best and worst performers
The best-performing sector is Energy, adding 2.2 per cent, while the worst performing sector is Industrials shedding 0. 2 per cent.
The best performing stock in the S&P/ASX 200 is Nanosonics (ASX:NAN)
, rising 9.5 per cent to $6.09, followed by shares in IDP Education (ASX:IEL)
and Clinuvel Pharmaceuticals (ASX:CUV)
The worst performing stock in the S&P/ASX 200 is A2 Milk Company (ASX:A2M)
following their half year results dropping 15 per cent to $8.88, followed by shares in Service Stream (ASX:SSM)
and ZipCo (ASX:Z1P)
.Commodities and the dollar
Gold is trading at US$1,802 an ounce.
Iron ore price fell 0.2 per cent to US$172.71.
Iron ore futures are pointing to a rise of 1.9 per cent.
One Australian dollar is buying 79.67 US cents.