TerraCom (ASX:TER) mine investigated by ASIC: ASX 0.1% lower at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open but started to fall soon after now tracking 0.1 per cent lower at noon. The S&P/ASX 200 index is 8 points down at 6,792. On the futures market the SPI is 5 points lower.

Local economic news

Between the weeks ending 27 February and 13 March 2021, payroll jobs increased 0.2 per cent. The largest changes were in Western Australia and the Northern Territory, both up 0.7 per cent.

Broker moves

Morgan Stanley rates Telstra (ASX:TLS) as an Upgrade to an Overweight from an Underweight. The move comes after recent news of the separation into three operating companies and the injection of external investors into Mobile Towers. Additional options are now emerging to create value including but not limited to InfraCo and the NBN and the analyst thinks additional changes in structure across other operating units are also possible. The price target is raised to $4 from $3. Shares in Telstra (ASX:TLS) are currently 1.6 per cent higher at $3.45.

Company news

TerraCom (ASX:TER) confirmed today that their Blair Athol Coal Mine in Queensland was attended by investigators from the Australian Securities and Investments Commission (ASIC) yesterday. Their mine was investigated after allegations of fake coal testing. The company says neither TerraCom nor the Blair Athol mine are ‘at the centre’ of the fake coal sampling saga. They will continue to co-operate with ASIC, as required. Shares in TerraCom (ASX:TER) are 1.1 per cent lower at $0.09.

IPO

Mining exploration company Kincora Copper (ASX:KCC) started trading today. It issued shares at $0.20 and started trading on the ASX at $0.25 and is currently trading at $0.25.5.

Best and worst performers

The best-performing sector is Information Technology, adding 1.5 per cent, while the worst performing sector is Materials, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 is Xero (ASX:XRO), rising 3.7 per cent to $127.48, followed by shares in Nufarm (ASX:NUF) and Megaport (ASX:MP1).

The worst performing stock in the S&P/ASX 200 is Pointsbet Holdings (ASX:PBH), dropping 8.1 per cent to $12.43, followed by shares in Blackmores (ASX:BKL) and Silver Lake Resources (ASX:SLR).

Commodities and the dollar

Gold is trading at US$1,714 an ounce.
Iron ore price rose 4.1 per cent to US$167.88.
Iron ore futures are pointing to a fall of 1.3 per cent.
One Australian dollar is buying 76.33 US cents.
 

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