Commodity-based stocks fire ASX up to record high: Aus shares trading 1.2% higher at noon

Market Reports

by Michael Luu

The Australian sharemarket shot up at the open, as blue-chip companies received a positive handover from Wall Street. The ASX200 gained ground in unknown territory to notch a record high of 7182, powered by advances in mining and energy stocks.

Materials was in bullish mode, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) all edged over 3 per cent higher by lunchtime. The mining sector’s optimistic sentiment constrasted with the overnight fall in iron ore prices, as the steel-making commodity’s futures are forecasting a strong rise.

At noon, the S&P/ASX 200 is 1.19 per cent or 84.20 points higher at 7179.10.

The SPI futures are pointing to a rise of 86 points.

Best and worst performers

The best-performing sector is Materials, up 2.24 per cent. The worst-performing sector is Information Technology, down 0.22 per cent.

The best-performing stock in the S&P/ASX 200 is Inghams Group (ASX:ING), trading 8.28 per cent higher at $3.40. It is followed by shares in South32 (ASX:S32) and IGO (ASX:IGO).

The worst-performing stock in the S&P/ASX 200 is CSR (ASX:CSR), trading 5.10 per cent lower at $5.58. It is followed by shares in Nuix (ASX:NXL) and Nearmap (ASX:NEA).

Commodities and the dollar

Gold is trading at US$1895.83 an ounce.
Iron ore is 1.60 per cent lower at US$189.73 a ton.
Iron ore futures are pointing to a rise of 3.08 per cent.
One Australian dollar is buying 77.49 US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.