Increase in imports driven by road vehicles: ASX tracking 0.4% higher at noon

Market Reports

by Rachael Jones

The Australian share market dropped in early morning trade and is now tracking 0.4 per cent higher at noon. The S&P/ASX 200 index is 29 points up at 6,774. On the futures market the SPI is suggesting a rise of 31 points.

Local economic news

Australia recorded a goods trade surplus of $8.1 billion, the first time in history Australia’s trade surplus recorded three consecutive months above $8 billion, according to preliminary trade data released today by the Australian Bureau of Statistics (ABS).

Broker moves

Macquarie rates Bendigo and Adelaide Bank (ASX:BEN) as an Upgrade to an Outperform from a Neutral. Macquarie believes the regional banks are more leveraged to improving deposit pricing and following a period of underperformance upgrades the bank. Target price is $11.00. Shares in Bendigo and Adelaide Bank (ASX:BEN) are currently flat at cent $9.63.

Company news

Genex Power (ASX:GNX) has today secured the final piece of the $777 million project financing package for the 250MW Kidston Pumped Storage Hydro Project through the launch of a fully underwritten Capital Raising to raise $90 million. Shares in Genex Power (ASX:GNX) last traded at $0.28.

Best and worst performers

The best-performing sector is Healthcare, adding 1.4 per cent, while the worst performing sector is Energy, shedding 0.7per cent.

The best performing stock in the S&P/ASX 200 is Costa Group Holdings (ASX:CGC), rising 5.8 per cent to $4.82, followed by shares in REA Group (ASX:REA) and Champinion Iron (ASX:CIA).

The worst performing stock in the S&P/ASX 200 is Lynas Rare Earths (ASX:LYC), dropping 7.4 per cent to $5.73, followed by shares in Webjet (ASX:WEB) and Perseus Mining (ASX:PRU).

Commodities and the dollar

Gold is trading at US$1,727 an ounce.
Iron ore price fell 0.2 per cent to US$167.01.
Iron ore futures are pointing to a rise of 0.9 per cent.
One Australian dollar is buying 76.13 US cents.